level of government debt, favourable outlook for output growth, and long-term fiscal costs of ageing which are estimated to … needed pension reform, would have substantial longer-term costs in terms of higher taxes and additional debt service costs …, including an increase in the risk premium paid on government debt. In addition, this would heavily skew the tax burden towards …

regime, a health care system, non ageingrelated public spending and a stock of debt to be repaid) is used to compare the … macroeconomic impact of four scenarios: a) increasing taxes to finance unchanged pensions and repay public debt, b) lowering future … pension replacement rates and repaying public debt through a lower ratio of non ageing-related outlays to GDP, c) raising the …

At moderate levels, debt improves welfare and enhances growth. But high levels can be damaging. When does debt go from … and household debt in 18 OECD countries from 1980 to 2010. Our results support the view that, beyond a certain level, debt … is a drag on growth. For government debt, the threshold is around 85% of GDP. The immediate implication is that countries …

the sustainability of public debt and theories addressing the repayability of debt. It presents the possibilities of a … fiscal Ponzi game, which would allow the financing of the debt burden from borrowings and enable succeeding generations to … roll over public debt. Sustainability depends greatly on the relationship between interest rates and economic growth, and …

regime, a health care system, non ageingrelated public spending and a stock of debt to be repaid) is used to compare the … macroeconomic impact of four scenarios: a) increasing taxes to finance unchanged pensions and repay public debt, b) lowering future … pension replacement rates and repaying public debt through a lower ratio of non ageing-related outlays to GDP, c) raising the …