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Sustainability of Fiscal Policy
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Sustainability of Fiscal Policy

A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Economic and Business Aspects of Sustainability".

Deadline for manuscript submissions: closed (31 March 2021) | Viewed by 18822

Special Issue Editor

Prof. Dr. Christian Hagist

E-Mail Website
Guest Editor
Chair of Economic and Social Policy, Economics Group, WHU—Otto Beisheim School of Management, Vallendar, Germany
Interests: fiscal sustainability; health economics; economics of ageing; pensions; long-term care

Special Issue Information

Dear Colleagues,

This Special Issue will comprise papers covering a wide range of aspects related to fiscal sustainability. Papers can address fiscal rules, intergenerational fairness, impact of ageing societies, or political and/or politicoeconomical questions concerning fiscal sustainability, and may approach these from a variety of backgrounds such as economics, political science, or sociology. Especially welcome are empirical contributions discussing fiscal sustainability at the federal or other levels, like public pension systems, public health, or long-term care insurance or other subsystems of public social safety nets. This includes studies in specific countries but also international comparisons. Papers selected for this issue may also address methodological development in assessing fiscal sustainability including simulation, generational accounting, econometric, and other modeling approaches.

Prof. Dr. Christian Hagist
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • fiscal sustainability
  • demographic impact on fiscal space
  • economics of ageing
  • fiscal gap analysis
  • generational accounting

Published Papers (5 papers)

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Research

18 pages, 3035 KiB  
Article
Indicators for Measuring Intergenerational Fairness of Social Security Systems—The Case of the German Social Health Insurance
by Stefan Fetzer and Stefan Moog
Sustainability 2021, 13(10), 5743; https://0-doi-org.brum.beds.ac.uk/10.3390/su13105743 - 20 May 2021
Cited by 5 | Viewed by 2369
Abstract
The issue of fiscal sustainability is often labelled as a synonym for intergenerational fairness; however, pay-as-you-go schemes such as the German Social Health Insurance (SHI) involve a “natural” amount of intergenerational redistribution from younger net payers to older net beneficiaries. We calculate intertemporal [...] Read more.
The issue of fiscal sustainability is often labelled as a synonym for intergenerational fairness; however, pay-as-you-go schemes such as the German Social Health Insurance (SHI) involve a “natural” amount of intergenerational redistribution from younger net payers to older net beneficiaries. We calculate intertemporal balance sheets of SHI and compare two generational accounting approaches (GAC and GAIB) with an alternative measure of intergenerational fairness, SM, which we derive from Settergren and Mikula (2005). Our results indicate that the SM concept leads to similar implications concerning the amount of intergenerational redistribution as classical measures of fiscal sustainability. For the SM approach, the balance sheet of SHI shows a rate of unfunded benefits of 25 percent. Closing this gap requires an increase of the contribution rate by 30 to 40 percent. This total effect can be separated into an effect due to the current population structure (10 p.p.), the increase in life expectancy (10 p.p.), and medical technical progress (about 10 to 20 p.p.). Full article
(This article belongs to the Special Issue Sustainability of Fiscal Policy)
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19 pages, 436 KiB  
Article
Moderating Effect of Political Embeddedness on the Relationship between Resources Base and Quality of CSR Disclosure in China
by Fawad Rauf, Cosmina Lelia Voinea, Hammad Bin Azam Hashmi and Cosmin Fratostiteanu
Sustainability 2020, 12(8), 3323; https://0-doi-org.brum.beds.ac.uk/10.3390/su12083323 - 21 Apr 2020
Cited by 23 | Viewed by 4158
Abstract
This study investigates the relationship between corporate political embeddedness and the quality of corporate social responsibility (CSR) disclosure for Chinese listed A-share firms. The study applies the legitimacy theory to the diffusion of CSR in Chinese companies, which otherwise have a differentiating characteristic [...] Read more.
This study investigates the relationship between corporate political embeddedness and the quality of corporate social responsibility (CSR) disclosure for Chinese listed A-share firms. The study applies the legitimacy theory to the diffusion of CSR in Chinese companies, which otherwise have a differentiating characteristic from Western companies: part of their property being owned by the government. We used 21,295 firm-year observations from Chinese listed firms between 2010 and 2016. The findings reveal that political embeddedness moderates the relationship between firms’ resource base and CSR disclosure quality, such that the effect of resource base on CSR quality was found to be weak for firms with a higher level of political embeddedness. Furthermore, firms with a higher level of political embeddedness will disclose CSR with a lower quality, whilst firms with a higher resource base report CSR with a higher quality. The findings of this study contribute significantly to the literature on CSR disclosure by recognizing the positive impact of political embeddedness and resource base on CSR disclosure quality. Full article
(This article belongs to the Special Issue Sustainability of Fiscal Policy)
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12 pages, 477 KiB  
Article
Prediction the Contribution Rate of Long-Term Care Insurance for the Aged in China Based on the Balance of Supply and Demand
by Liangwen Zhang, Sijia Fu and Ya Fang
Sustainability 2020, 12(8), 3144; https://0-doi-org.brum.beds.ac.uk/10.3390/su12083144 - 14 Apr 2020
Cited by 7 | Viewed by 3148
Abstract
There are a large number of disabled elderly people in China, which results in huge care and financial burdens to their families and society. However, China has not yet launched a unified long-term care insurance (LTCI) system. This study aims to predict the [...] Read more.
There are a large number of disabled elderly people in China, which results in huge care and financial burdens to their families and society. However, China has not yet launched a unified long-term care insurance (LTCI) system. This study aims to predict the contribution rate of LTCI in China from 2020 to 2050 based on the long-term care (LTC) cost of the disabled elderly, aged 65 and over, in order to provide strong evidence for the establishment of a unified and sustainable national LTCI system in China. The simulations are based on data from the population census data, the Chinese statistical yearbook, and the Chinese Longitudinal Healthy Longevity Survey (CLHLS) database. Based on the International Labor Organization (ILO) financing model from the perspective of fund balance, an overall simulation model and a Monte Carlo simulation are used to estimate the contribution rate of LTCI for disabled elderly from 2020 to 2050 in China. The total financial demands will increase sharply from 538.0 billion yuan in 2020 to 8530.8 billion yuan in 2050. Of that total, 80.2% will be required in urban areas. In addition, the per capita financial demands of care in urban and rural areas in 2050 will be approximately six times and 11 times higher than in 2020, respectively. The predicted results show that the overall contribution rate of LTCI in China will increase sharply from 1.46% in 2020 to 5.14% in 2050, an increase of about 3.5 times. By comparison, the contribution rate in 2020 will be close to 1.33% in Japan in 2015 and 1.40% in Germany in 2010. According to the 1:1 payment proportion between employer and employee, each side bears 0.68% of the insurance premium. From 2020 to 2050, the financial demands of long-term care for disabled elderly in China will increase, especially in urban areas, and the burden of per capita financial demands in rural areas will increase significantly. The overall contribution rate of LTCI will increase linearly and the payment burden of policyholders will increase year by year. This study provides evidence of the need for the establishment of a sustainable financing mechanism for multiple financial supplies. Full article
(This article belongs to the Special Issue Sustainability of Fiscal Policy)
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21 pages, 342 KiB  
Article
The Implication of Fiscal Principles and Rules on Promoting Sustainable Public Finances in the EU Countries
by Mihaela Onofrei, Anca Gavriluţă (Vatamanu), Ionel Bostan, Florin Oprea, Gigel Paraschiv and Cristina Mihaela Lazăr
Sustainability 2020, 12(7), 2772; https://0-doi-org.brum.beds.ac.uk/10.3390/su12072772 - 01 Apr 2020
Cited by 18 | Viewed by 3836
Abstract
The purpose of this study was to analyze fiscal behavior in the European Union countries, to highlight the implications of institutional constraints on healthy fiscal attitudes, and to test the relationship between government decisions, fiscal responsibility instruments, and the sustainability of public finances [...] Read more.
The purpose of this study was to analyze fiscal behavior in the European Union countries, to highlight the implications of institutional constraints on healthy fiscal attitudes, and to test the relationship between government decisions, fiscal responsibility instruments, and the sustainability of public finances during the period 2000–2014. By using panel data analysis, we tested the responsiveness of primary balance to government indebtedness, as well as to some determinants of fiscal responsibility, such as the degree of public spending or fiscal rules effectiveness, and we included two different perspectives regarding fiscal rules status. First, we computed a fiscal responsibility index, which measures the applicability of or compliance with the fiscal rules, referring to legal dimensions and administrative and institutional capacity. Second, we established a fiscal responsibility convergence index, which measures the status of the EU Member States regarding the approach of numerical rules. The empirical findings indicate that fiscal authorities do not act to the existing stock of public debt and highlights a negative response of budget balances to the stock of outstanding debt. Fiscal position improves when the index of fiscal responsibility is involved and countries become more sustainable when they are related to the entire level of fiscal governance, with respect to legal framework, institutional and administrative capacity, but at the debt ratio threshold of over 90%, the effect of the overall fiscal rule comes out as less relevant for the improvement of the primary balance. Full article
(This article belongs to the Special Issue Sustainability of Fiscal Policy)
13 pages, 1676 KiB  
Article
Prediction of the Number of and Care Costs for Disabled Elderly from 2020 to 2050: A Comparison between Urban and Rural Areas in China
by Liangwen Zhang, Sijia Fu and Ya Fang
Sustainability 2020, 12(7), 2598; https://0-doi-org.brum.beds.ac.uk/10.3390/su12072598 - 25 Mar 2020
Cited by 19 | Viewed by 4053
Abstract
An aging population and an increase in the proportion of elderly people who are disabled have created an unprecedented global challenge, especially in China. This study aimed to predict the number of, and the care costs for, disabled elderly from 2020 to 2050 [...] Read more.
An aging population and an increase in the proportion of elderly people who are disabled have created an unprecedented global challenge, especially in China. This study aimed to predict the number of, and the care costs for, disabled elderly from 2020 to 2050 in China. A comparison was made between urban and rural areas, and we analyzed what must be done to maintain the sustainable development of China’s long-term care insurance (LTCI) system. An overall simulation model and a Monte Carlo simulation were used to estimate the number of disabled elderly and their related care costs, in both urban and rural areas. According to the forecast, the total disabled population will increase rapidly, rising from 43.75 million in 2020 to 91.4 million in 2050. Of that total, 69.7% are expected to be urban elderly. Starting in 2020, the growth rates of the elderly with mild, moderate, and severe disabilities will be 108%, 104%, and 120%, respectively, by 2050. Accordingly, the total care costs will increase from 538.0 billion yuan in 2020 to 8530.8 billion yuan in 2050, of which 80.2% will be required in urban areas. In addition, the per capita costs of care in urban and rural areas in 2050 will be 6 times and 11 times higher than in 2020, respectively. The predicted results show that the number of disabled elderly and the related care costs will increase sharply from 2020 to 2050, especially the growth rate of the number of severely disabled elderly. This study provides strong evidence of the need for the establishment of a unified national LTCI system in China. Full article
(This article belongs to the Special Issue Sustainability of Fiscal Policy)
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