Description:
Contents: Foreword / by Jeong Pyo Choi -- 1. Introduction and overview / Robert Clark, YoungWook Lee and Andrew Mason -- Part 1 Fiscal sustainability and accountability: 2. An evaluation of fiscal sustainability in Korea / SeongTae Kim -- 3. Implications of delaying US social security financing reform: A look at the measurement, structural and generational issues / Sylvester J. Schieber -- Part II: Improving fiscal accountability: 4. Enhancing accountability of Korea's government funds system through consolidated management of surplus money in budget-type funds / Yongok Choi -- 5. The long-term impact of aging on the federal budget / Louise Sheiner -- 6. Improving fiscal accountability of tax expenditure: The case of the earned income tax credit in Korea / YoungWook Lee -- Part III: Fiscal soundness and accountability: 7. The future of public employee pensions in the United States / Andrew G. Biggs -- 8. Fiscal implications of the 2015 government employees pension reform in Korea / Dohyung Kim, Taesuk Lee and Yongok Choi -- Part IV: Fiscal accountability sector: 9. Medicare financing and affordability / Marilyn Moon -- 10. SME financial policy in Korea: Evaluation and recommendations / Chang Gyun Park -- 11. Enhancing economic growth and productivity through efficient public infrastructure management / Kang-soo Kim and Weh-Sol Moon -- Index.
"Focusing on the developing economic challenges confronting Korea and the US in response to the aging of their populations, this timely book examines how public policies are evolving in light of demographic changes, the impact of aging on governmental expenditures, and transitions in the labor force associated with aging. International contributors comparatively analyze government approaches to population aging, illustrating the similar challenges faced across nations. Chapters draw attention to those particular issues that public policy plans must surmount, including funding pressures on retirement plans and the effects of an aging labor force on economic growth and productivity. They offer evidence on the scale of these challenges in Korea and the US and empirically evaluate how governments, employers, and individuals may respond to these issues in the years to come. Addressing fiscal sustainability and key social security programs, including the implications of the 2015 Korean pension reform and the economic difficulties entailed by the future of Medicare, this book investigates the implications of managing and sustaining welfare for an aging population. This cutting-edge book will be ideal reading for economists focusing on public policy and welfare programs, benefiting from the comparative approach to fiscal accountability and sustainability. It will also appeal to practitioners and policymakers seeking insights into the consequences of an aging population and hoping to develop innovative methods and approaches to welfare"--