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2D
Table 1: Public Receipts and Expenditures in Denmark, 1995
(Millions of Dollars)
Receipts
Labour Income Taxes
Capital Income Taxes
Value Added Taxes
Alcohol and Tobacco
Gasoline Tax
Vehicle Tax
Property and Wealth
Unemployment Insurance
Other Taxes
Other Revenues
Public Deficit
54286
-5896
17000
1995
1318
786
1994
2770
15305
5532
2832
Total
97920
Expenditures
Social Secutity
Health Insurance
Unemploment Insurance
Welfare and Housing
Child and Youth Support
Education
Long-term Care
Other Transfers
Net Investments
Subsidies
Net Interest Payments
Government Consumption
Sources: Statistical Yearbook, 1996, and data provided by the Danish Ministry of Finance
18653
10362
5293
5016
5402
10267
5594
9580
1421
5072
5335
15924
97919
Table 2: Generational Accounts of Current and Future Generations (Baseline)
(Thousands of Dollars)
Generation's
Age in 1995
0
5
10
15
20
25
30
35
40
45
50
55
60
65
70
75
80
85
90
Future Generations
Education as Transfers
Average
-18
14
79
143
209
232
225
202
157
91
9
-64
-143
-172
-186
-194
-202
-202
-49
Male
Education as Government Consumption
35
77
154
229
304
330
321
297
249
172
78
0
-93
-134
-151
-155
-173
-169
-44
Female
-73
-52
1
52
110
128
123
104
62
9
-63
-128
-190
-207
-214
-224
-219
-218
-51
Average
84
134
178
211
243
251
238
214
166
99
14
-61
-143
-172
-186
-194
-202
-202
-49
Male
135
194
250
294
337
349
333
308
258
179
84
2
-93
-134
-151
-155
-173
-169
-44
Female
31
70
103
124
145
148
136
116
72
16
-57
-125
-190
-207
-214
-224
-219
-218
-51
26
-53
110
124
198
45
-1.53
-1.56
-1.56
1.52
1.52
1.52
GAt,t+1(1+r)
GAt,t(1+g)
Table 3: Sensitivity Analysis
Productivity growth (per cent)
Discount rate (per cent)
1
3
5
1.5
7
3
5
2
7
3
5
7
Generational Accounts, Education Treated as Government Consumption
Newborns in Base Year
156
66
17
183
84
27
211
105
38
Future Generations
196
103
49
224
124
61
251
147
75
1.28
1.62
2.98
1.24
1.52
2.40
1.21
1.45
2.06
GAt,t+1(1+r)
GAt,t(1+g)
Generational Accounts, Education Treated as Transfers
Newborns in Baseyear
29
-29
-56
46
-18
-51
61
-5
-46
Future Generations
74
13
-20
93
26
-13
110
42
-4
Achieving Generational Balance, Education Treated as Transfers
Cut in Government Purchases
Reducing all Transfers
Increasing all Taxes
29.2
27.3
24.4
29.9
29.0
26.0
30.6
30.7
27.7
4.4
4.0
4.2
3.8
3.8
3.4
4.4
4.0
4.5
4.0
4.1
3.6
4.4
4.0
4.7
4.2
4.3
3.8
Achieving Generational Balance, Education Treated as Government Consumption
Cut in Government Purchases
9.6
9.4
8.4
9.3
9.9
8.9
8.5
10.5
9.5
Table 4: Achieving Generational Balance
(Thousands of Dollars)
Baseline
Decrease/Increase
in Expenditure/Tax
Generation's
Age 1995
0
5
10
15
20
25
30
35
40
45
50
55
60
65
70
75
80
85
90
Future
Generations
Education Treated as Transfers
All taxes
All transfers
Government
Consumption
Education Treated as Government Consumption
Baseline
All taxes
All transfers
Government
Consumption
0.0
4.0
4.5
29.0
0.0
3.4
4.7
9.9
-18
14
79
143
209
232
225
202
157
91
9
-64
-143
-172
-186
-194
-202
-202
-49
-7
27
94
159
227
251
244
220
173
105
21
-54
-136
-166
-181
-191
-199
-200
-49
-5
28
92
155
220
243
236
213
168
103
22
-50
-128
-158
-172
-182
-190
-191
-47
-18
14
79
143
209
232
225
202
157
91
9
-64
-143
-172
-186
-194
-202
-202
-49
84
134
178
211
243
251
238
214
166
99
14
-61
-143
-172
-186
-194
-202
-202
-49
94
145
191
225
259
267
254
230
180
111
24
-52
-137
-167
-182
-191
-200
-201
-49
93
142
187
220
253
261
249
225
177
111
27
-46
-128
-157
-172
-181
-189
-190
-47
84
134
178
211
243
251
238
214
166
99
14
-61
-143
-172
-186
-194
-202
-202
-49
26
-7
-4
-18
124
95
95
86
Baseline
Generation's
Age 1995
0
5
10
15
20
25
30
35
40
45
50
55
60
65
70
75
80
85
90
Future Generations
Changes in Government
Purchase to restore
Generational Balance
-18
14
79
143
209
232
225
202
157
91
9
-64
-143
-172
-186
-194
-202
-202
-49
Table 5: Generational Accounts for Alternative Policies
(Thousands of Dollars)
Labour Market Reform
Reducing Government Activity
Higher Retirement Age
A-1
A-2
B-1
B-2
C
Endogenous Debt
Reduced Income
Endogenous Debt
Reduced Income
After 2010
Tax After 2010
After 2010
Tax After 2010
1
-11
1
-11
-10
37
22
32
17
23
106
89
96
79
90
173
157
158
141
154
241
225
224
208
221
261
247
246
232
245
251
239
240
228
238
226
216
218
209
216
176
169
174
167
170
108
102
111
106
104
22
18
31
27
23
-54
-57
-39
-42
-48
-137
-138
-117
-119
-141
-168
-169
-149
-150
-171
-182
-183
-164
-164
-185
-192
-192
-175
-175
-194
-200
-200
-185
-185
-202
-201
-201
-188
-188
-202
-49
-49
-49
-49
-49
26
-20
1
-20
1
2
-29.0
14.2
7.8
14.2
7.8
8.0
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