Generational Accounting of Public Finances in Portugal
This report explores the implications of ageing and low fertility for the sustainability of public finances in Portugal, and for monetary costs and benefits of government policy across generations. Measuring this sustainability is a challenging task. First, the temporal horizon of a nation is in principle unlimited, so the adjustment can be delayed for a long time. Second, sustainability depends on the future evolution of the macroeconomic environment, the design of public finances, and demographics. In this work, we focus on the latter, for which long-term forecasts are generally reliable.
Luís Teles Morais, Nova SBE
Tiago Bernardino, Stockholm University
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