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Japan faces the problem of how to finance retirement, health, and long-term care expenditures as the population ages. This paper analyzes the impact of policy options intended to address this problem by employing a dynamic general equilibrium overlapping generations model, specifically parameterized to match both the macroeconomic and microeconomic level data of Japan. We find that financing the costs of aging through gradual increases in the consumption tax rate delivers a better macroeconomic performance and higher welfare for most individuals than other financing options, including those of raising social security contributions, debt financing, and a uniform increase in health and long-term care copayments.
Book Synopsis On Financing Retirement, Health, and Long-term Care in Japan by : Ellen R. McGrattan
Download or read book On Financing Retirement, Health, and Long-term Care in Japan written by Ellen R. McGrattan and published by International Monetary Fund. This book was released on 2018-11-28 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Japan faces the problem of how to finance retirement, health, and long-term care expenditures as the population ages. This paper analyzes the impact of policy options intended to address this problem by employing a dynamic general equilibrium overlapping generations model, specifically parameterized to match both the macroeconomic and microeconomic level data of Japan. We find that financing the costs of aging through gradual increases in the consumption tax rate delivers a better macroeconomic performance and higher welfare for most individuals than other financing options, including those of raising social security contributions, debt financing, and a uniform increase in health and long-term care copayments.
Book Synopsis On Financing Retirement, Health Care, and Long-term Care in Japan by : Ellen R. McGrattan
Download or read book On Financing Retirement, Health Care, and Long-term Care in Japan written by Ellen R. McGrattan and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Ageing population poses a set of complex policy and dilemmas for social security systems, intensifying the concerns about rising expenditures in health care and long-term care for elderly. In this context, ageing societies has many valuable lessons to learn by studying Japan's experience dealing with its hyper-aged society and particularly from its strategies to ensure the financial sustainability of the Long-Term Care Insurance (LTCI) system. Based on an exhaustive literature review, and the results from six original researches on long-term care expenditures in Japan (LTCE) conducted during a doctoral program, the book provides a comprehensive view in analyzing trends and factors associated with increasing expenditures in the Long-Term Care Insurance system in Japan. The book address relevant topics such as; the main socio-demographic changes experienced by the Japanese society during the last three decades, predictors of the LTCE, measuring efficiency in nursing homes, the impact of the LTCI 2005-reform to contain expenditures, cost-effectiveness of the in-home and community based services and institutional LTCE in the last year of life. The book end with a discussion on futures challenges and strategies oriented to contribute with the sustainability of LTCI system in Japan.
Book Synopsis Trends and Factors in Japan's Long-Term Care Insurance System by : Pedro Olivares-Tirado
Download or read book Trends and Factors in Japan's Long-Term Care Insurance System written by Pedro Olivares-Tirado and published by Springer Science & Business Media. This book was released on 2013-11-19 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ageing population poses a set of complex policy and dilemmas for social security systems, intensifying the concerns about rising expenditures in health care and long-term care for elderly. In this context, ageing societies has many valuable lessons to learn by studying Japan's experience dealing with its hyper-aged society and particularly from its strategies to ensure the financial sustainability of the Long-Term Care Insurance (LTCI) system. Based on an exhaustive literature review, and the results from six original researches on long-term care expenditures in Japan (LTCE) conducted during a doctoral program, the book provides a comprehensive view in analyzing trends and factors associated with increasing expenditures in the Long-Term Care Insurance system in Japan. The book address relevant topics such as; the main socio-demographic changes experienced by the Japanese society during the last three decades, predictors of the LTCE, measuring efficiency in nursing homes, the impact of the LTCI 2005-reform to contain expenditures, cost-effectiveness of the in-home and community based services and institutional LTCE in the last year of life. The book end with a discussion on futures challenges and strategies oriented to contribute with the sustainability of LTCI system in Japan.
Japan faces the problem of how to finance retirement, health, and long-term care expenditures as the population ages. This paper analyzes the impact of policy options intended to address this problem by employing a dynamic general equilibrium overlapping generations model, specifically parameterized to match both the macroeconomic and microeconomic level data of Japan. We find that financing the costs of aging through gradual increases in the consumption tax rate delivers a better macroeconomic performance and higher welfare for most individuals than other financing options, including those of raising social security contributions, debt financing, and a uniform increase in health and long-term care copayments.
Book Synopsis On Financing Retirement, Health, and Long-term Care in Japan by : Ellen R. McGrattan
Download or read book On Financing Retirement, Health, and Long-term Care in Japan written by Ellen R. McGrattan and published by International Monetary Fund. This book was released on 2018-11-28 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Japan faces the problem of how to finance retirement, health, and long-term care expenditures as the population ages. This paper analyzes the impact of policy options intended to address this problem by employing a dynamic general equilibrium overlapping generations model, specifically parameterized to match both the macroeconomic and microeconomic level data of Japan. We find that financing the costs of aging through gradual increases in the consumption tax rate delivers a better macroeconomic performance and higher welfare for most individuals than other financing options, including those of raising social security contributions, debt financing, and a uniform increase in health and long-term care copayments.
"As the Japanese population structure changes, health care and long-term care costs will steadily increase. The current style of financing (pay-as-you-go) will create a large increase in future burden of these costs. This paper studies an alternative policy that prefunds the social insurance benefits for the elderly. During a transition process, the proposed scheme maintains a higher contribution rate in order to accumulate sufficient funds. Under our baseline scenario, the sum of the contribution rates toward health insurance and long-term care insurance increases from 5.06 percent of earnings to 12.41 percent of the same. The rate of increase in overall burdens, including taxes and subsidies, is 63 percent. Our sensitivity analysis has shown that the quantitative implications of the increase in total burdens depend on social cost scenarios, the labor force, and the interest rate. However, labor force scenarios do not have a considerable impact on the rate of burden. As against this, the setting of social costs has a significant impact on the same. Even under the most optimistic scenario, the rate of increase in total burden is 34 percent. Even though we cannot predict the exact amount of the necessary contribution rate that is capable enough to transfer the funded system, what we are sure of is that a significant increase in the contribution rate is inevitable"--National Bureau of Economic Research web site.
Book Synopsis Policy Options for Financing the Future Health and Long-term Care Costs in Japan by : Tadashi Fukui
Download or read book Policy Options for Financing the Future Health and Long-term Care Costs in Japan written by Tadashi Fukui and published by . This book was released on 2006 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: "As the Japanese population structure changes, health care and long-term care costs will steadily increase. The current style of financing (pay-as-you-go) will create a large increase in future burden of these costs. This paper studies an alternative policy that prefunds the social insurance benefits for the elderly. During a transition process, the proposed scheme maintains a higher contribution rate in order to accumulate sufficient funds. Under our baseline scenario, the sum of the contribution rates toward health insurance and long-term care insurance increases from 5.06 percent of earnings to 12.41 percent of the same. The rate of increase in overall burdens, including taxes and subsidies, is 63 percent. Our sensitivity analysis has shown that the quantitative implications of the increase in total burdens depend on social cost scenarios, the labor force, and the interest rate. However, labor force scenarios do not have a considerable impact on the rate of burden. As against this, the setting of social costs has a significant impact on the same. Even under the most optimistic scenario, the rate of increase in total burden is 34 percent. Even though we cannot predict the exact amount of the necessary contribution rate that is capable enough to transfer the funded system, what we are sure of is that a significant increase in the contribution rate is inevitable"--National Bureau of Economic Research web site.
Japanese and American economists assess the present economic status of the elderly in the United States and Japan, and consider the impact of an aging population on the economies of the two countries. With essays on labor force participation and retirement, housing equity and the economic status of the elderly, budget implications of an aging population, and financing social security and health care in the 1990s, this volume covers a broad spectrum of issues related to the economics of aging. Among the book's findings are that workers are retiring at an increasingly earlier age in both countries and that, as the populations age, baby boomers in the United States will face diminishing financial resources as the ratio of retirees to workers sharply increases. The result of a joint venture between the National Bureau of Economic Research and the Japan Center for Economic Research, this book complements Housing Markets in the United States and Japan (1994) by integrating research on housing markets with economic issues of the aged in the United States and Japan.
Book Synopsis Aging in the United States and Japan by : Yukio Noguchi
Download or read book Aging in the United States and Japan written by Yukio Noguchi and published by University of Chicago Press. This book was released on 2008-04-15 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: Japanese and American economists assess the present economic status of the elderly in the United States and Japan, and consider the impact of an aging population on the economies of the two countries. With essays on labor force participation and retirement, housing equity and the economic status of the elderly, budget implications of an aging population, and financing social security and health care in the 1990s, this volume covers a broad spectrum of issues related to the economics of aging. Among the book's findings are that workers are retiring at an increasingly earlier age in both countries and that, as the populations age, baby boomers in the United States will face diminishing financial resources as the ratio of retirees to workers sharply increases. The result of a joint venture between the National Bureau of Economic Research and the Japan Center for Economic Research, this book complements Housing Markets in the United States and Japan (1994) by integrating research on housing markets with economic issues of the aged in the United States and Japan.
Thirty years ago, when compared to the U.S., England, France, and Sweden, Japan had the lowest life expectancy for males and females. Today, Japan has the highest life expectancy and is the world’s most rapidly aging society. Public Policy and the Old Age Revolution in Japan captures the vitality of Japanese policymakers and the challenges they face in shaping a modern society responding to its changing needs. The rapid transition to an aging society poses a set of complex policy and resource dilemmas; the responses taken in Japan are of great value to policymakers, professionals, and students in the fields of gerontology, Asian and Japanese studies, sociology, public policy, administration and management, and anthropology in other industrial aging societies. Readers of Public Policy and the Old Age Revolution in Japan will discover the array of social and economic implications that comes with an increasingly aged society. Such a change in demographics affects pension expenditures and pension contributions, capital formation and savings rates, health costs, service systems, tax bases, labor pools, career counseling, training, advertising, and marketing. This book does not stop with these topics, however. Readers also learn about: how older Japanese workers are staying employed and employable policies in Japan for a smooth transition from work to retirement Japan’s Silver Human Resource Centers the new direction of health services in Japan the Japanese financing system for elderly health care the expansion of formalized in-home services for Japan’s aged Japanese housing policy and the concept of universal design the Gold Plan, a comprehensive ten-year plan to promote health care and welfare for the aged the concept of ikigai--promoting feelings of purpose and self-worth in the aged Public Policy and the Old Age Revolution in Japan is one of only a handful of books prepared in English by American and Japanese authors for an international audience about aging and social policy in Japan. The book’s recent collection of articles by leading scholars on the subject makes it a unique and timely source of information. Above all, Public Policy and the Old Age Revolution in Japan makes it clear that the rest of the world has many valuable lessons to learn by studying Japan’s approach to its rapidly aging society.
Book Synopsis Public Policy and the Old Age Revolution in Japan by : Scott Bass
Download or read book Public Policy and the Old Age Revolution in Japan written by Scott Bass and published by Routledge. This book was released on 2014-06-03 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thirty years ago, when compared to the U.S., England, France, and Sweden, Japan had the lowest life expectancy for males and females. Today, Japan has the highest life expectancy and is the world’s most rapidly aging society. Public Policy and the Old Age Revolution in Japan captures the vitality of Japanese policymakers and the challenges they face in shaping a modern society responding to its changing needs. The rapid transition to an aging society poses a set of complex policy and resource dilemmas; the responses taken in Japan are of great value to policymakers, professionals, and students in the fields of gerontology, Asian and Japanese studies, sociology, public policy, administration and management, and anthropology in other industrial aging societies. Readers of Public Policy and the Old Age Revolution in Japan will discover the array of social and economic implications that comes with an increasingly aged society. Such a change in demographics affects pension expenditures and pension contributions, capital formation and savings rates, health costs, service systems, tax bases, labor pools, career counseling, training, advertising, and marketing. This book does not stop with these topics, however. Readers also learn about: how older Japanese workers are staying employed and employable policies in Japan for a smooth transition from work to retirement Japan’s Silver Human Resource Centers the new direction of health services in Japan the Japanese financing system for elderly health care the expansion of formalized in-home services for Japan’s aged Japanese housing policy and the concept of universal design the Gold Plan, a comprehensive ten-year plan to promote health care and welfare for the aged the concept of ikigai--promoting feelings of purpose and self-worth in the aged Public Policy and the Old Age Revolution in Japan is one of only a handful of books prepared in English by American and Japanese authors for an international audience about aging and social policy in Japan. The book’s recent collection of articles by leading scholars on the subject makes it a unique and timely source of information. Above all, Public Policy and the Old Age Revolution in Japan makes it clear that the rest of the world has many valuable lessons to learn by studying Japan’s approach to its rapidly aging society.
Book Synopsis Policy Options for Financing the Future Health and Long-term Costs in Japan by : Tadashi Fukui
Download or read book Policy Options for Financing the Future Health and Long-term Costs in Japan written by Tadashi Fukui and published by . This book was released on 2006 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
The population of Asia is growing both larger and older. Demographically the most important continent on the world, Asia's population, currently estimated to be 4.2 billion, is expected to increase to about 5.9 billion by 2050. Rapid declines in fertility, together with rising life expectancy, are altering the age structure of the population so that in 2050, for the first time in history, there will be roughly as many people in Asia over the age of 65 as under the age of 15. It is against this backdrop that the Division of Behavioral and Social Research at the U.S. National Institute on Aging (NIA) asked the National Research Council (NRC), through the Committee on Population, to undertake a project on advancing behavioral and social research on aging in Asia. Aging in Asia: Findings from New and Emerging Data Initiatives is a peer-reviewed collection of papers from China, India, Indonesia, Japan, and Thailand that were presented at two conferences organized in conjunction with the Chinese Academy of Sciences, Indian National Science Academy, Indonesian Academy of Sciences, and Science Council of Japan; the first conference was hosted by the Chinese Academy of Social Sciences in Beijing, and the second conference was hosted by the Indian National Science Academy in New Delhi. The papers in the volume highlight the contributions from new and emerging data initiatives in the region and cover subject areas such as economic growth, labor markets, and consumption; family roles and responsibilities; and labor markets and consumption.
Book Synopsis Aging in Asia by : National Research Council
Download or read book Aging in Asia written by National Research Council and published by National Academies Press. This book was released on 2012-07-31 with total page 486 pages. Available in PDF, EPUB and Kindle. Book excerpt: The population of Asia is growing both larger and older. Demographically the most important continent on the world, Asia's population, currently estimated to be 4.2 billion, is expected to increase to about 5.9 billion by 2050. Rapid declines in fertility, together with rising life expectancy, are altering the age structure of the population so that in 2050, for the first time in history, there will be roughly as many people in Asia over the age of 65 as under the age of 15. It is against this backdrop that the Division of Behavioral and Social Research at the U.S. National Institute on Aging (NIA) asked the National Research Council (NRC), through the Committee on Population, to undertake a project on advancing behavioral and social research on aging in Asia. Aging in Asia: Findings from New and Emerging Data Initiatives is a peer-reviewed collection of papers from China, India, Indonesia, Japan, and Thailand that were presented at two conferences organized in conjunction with the Chinese Academy of Sciences, Indian National Science Academy, Indonesian Academy of Sciences, and Science Council of Japan; the first conference was hosted by the Chinese Academy of Social Sciences in Beijing, and the second conference was hosted by the Indian National Science Academy in New Delhi. The papers in the volume highlight the contributions from new and emerging data initiatives in the region and cover subject areas such as economic growth, labor markets, and consumption; family roles and responsibilities; and labor markets and consumption.
In an era of changing demographics and values, this volume provides a cross-national and interdisciplinary perspective on the question of who cares for and about the elderly. The contributors reflect on research studies, experimental programmes and personal experience in Japan and the United States to explicitly compare how policies, practices and interpretations of elder care are evolving at the turn of the century.
Book Synopsis Caring for the Elderly in Japan and the US by : Susan Orpett Long
Download or read book Caring for the Elderly in Japan and the US written by Susan Orpett Long and published by Routledge. This book was released on 2013-01-11 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: In an era of changing demographics and values, this volume provides a cross-national and interdisciplinary perspective on the question of who cares for and about the elderly. The contributors reflect on research studies, experimental programmes and personal experience in Japan and the United States to explicitly compare how policies, practices and interpretations of elder care are evolving at the turn of the century.
