Fiscal Accountability and Population Aging

Edited by Robert L. Clark, Professor of Economics and Professor of Management, Innovation and Entrepreneurship, North Carolina State University, US, YoungWook Lee, Fellow, Department of Public Finance and Social Policy, Korea Development Institute (KDI), South Korea and Andrew Mason, Professor Emeritus of Economics, University of Hawaii at Manoa and Adjunct Senior Fellow, East-West Center, Hawaii, US

Contents:

Foreword by Jeong Pyo Choi ix

1 Introduction and overview 1
Robert Clark, YoungWook Lee and Andrew Mason

PART 1 FISCAL SUSTAINABILITY AND ACCOUNTABILITY
2 An evaluation of fiscal sustainability in Korea 13
SeongTae Kim
3 Implications of delaying US Social Security financing reform:
a look at the measurement, structural and generational issues 35
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 73
Yongok Choi
5 The long-term impact of aging on the federal budget 93
Louise Sheiner
6 Improving fiscal accountability of tax expenditure: the case of
the Earned Income Tax Credit in Korea 118
YoungWook Lee

PART III FISCAL SOUNDNESS AND ACCOUNTABILITY
7 The future of public employee pensions in the United States 137
Andrew G. Biggs
8 Fiscal implications of the 2015 government employees pension
reform in Korea 155
Dohyung Kim, Taesuk Lee and Yongok Choi

PART IV FISCAL ACCOUNTABILITY SECTOR
9 Medicare financing and affordability 183
Marilyn Moon
10 SME financial policy in Korea: evaluation and
recommendations 198
Chang Gyun Park
11 Enhancing economic growth and productivity through efficient
public infrastructure management 224
Kang-soo Kim and Weh-Sol Moon

Index 239