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Population Aging and Intergenerational Transfers: Introducing Age into National Accounts

Population Aging and Intergenerational Transfers: Introducing Age into National Accounts

Chapter:
(p.89) 3 Population Aging and Intergenerational Transfers: Introducing Age into National Accounts
Source:
Developments in the Economics of Aging
Author(s):
Andrew MasonRonald LeeAn-Chi TungMun-Sim LaiTim Miller
Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226903361.003.0004

This chapter outlines key concepts and methods being used to construct National Transfer Accounts (NTAs), an accounting system for measuring intergenerational transfers at the aggregate level in a manner consistent with National Income and Product Accounts. National Transfer Accounts provide estimates of economic flows across age groups that arise primarily because children and the elderly consume more than they produce, relying on reallocations from the working ages. The chapter also compares the life cycles and support systems of Taiwan and the United States. The support systems for children are very similar in the United States and Taiwan. Almost all of the financial resources available to those under the age of twenty consist of transfers. In the United States, about 60 percent and in Taiwan about 75 percent of all transfers to children are familial transfers. The remainder consists largely of public transfers, of which support for public education is particularly important.

Keywords:   National Transfer Accounts, intergenerational transfer, economic flows, life cycle, familial support systems, Taiwan, United States

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