Comments on Intergenerational Transfers, Age Structure, and Macroeconomics
Population Aging, Intergenerational Transfers, and Saving ...€¦ · National Transfer Accounts...
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Population Aging, Intergenerational Transfers, and the Economy Amonthep Chawla Thailand Development Research Institute (TDRI) November 8, 2010 Prepared for a Presentation at Macroeconomic Policy and Development Division, ESCAP
Transcript of Population Aging, Intergenerational Transfers, and Saving ...€¦ · National Transfer Accounts...
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Population Aging, Intergenerational Transfers,
and the Economy
Amonthep Chawla
Thailand Development Research Institute (TDRI)November 8, 2010
Prepared for a Presentation at Macroeconomic Policy and Development Division, ESCAP
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Background and Motivation
• Changes in population age structure – Decreasing total fertility and rising life expectancy.
• Economic lifecycle – Extended periods of dependency.
• Complex and varied intergenerational economic systems– Families, firms, markets, the state, and civil society all play a role.
– Important implications for poverty, economic growth, and generational equity.
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Objectives
• Develop a system of economic accounts that quantifies intergenerational flows in a comprehensive fashion.
• Estimate the accounts with historical depth for economies with different cultures, levels of development, economic systems and policies.
• Analyze and explain– variation in the economic lifecycle and the intergenerational economic systems.
– macroeconomic effects of population aging.• Improve policy related to pensions, health care, education, and fertility.
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Importance of National Transfer Accounts
• Goal: Develop policies that respond effectively to the population age transition
• Requirement: a comprehensive and deep understanding of the generational economy:– Social and economic institutions– Economic flows across age groups– System of public and private obligations
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Outline
I. National Transfer Account• Basic Concepts• Economic Lifecycle• Age reallocations
II. Changes in Age Structure and Economic Growth: Demographic Dividends
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I. National Transfer Account
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National Transfer Accounts
• Measure economic flows across age groups in a systematic and comprehensive way.
• Flows are identified by the economic mechanisms and the mediating institutions.
• Accounts complement the UN System of National Accounts and are constructed in a manner consistent with macroeconomic aggregates.
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The Flow Account Identity
• Inflows– Labor Income– Asset Income– Transfer Received
• Outflows– Consumption– Saving– Transfers Paid
Inflows Outflows
( ) ( ) ( ) ( ) ( ) ( )l aY a Y a a C a S a aτ τ+ −+ + = + +144424443 144424443
Lifecycle Deficit Asset-based Reallocations Net Transfers
Age Reallocations
( ) ( ) ( ) ( ) ( ) ( )l aC a Y a Y a S a a aτ τ+ −− = − + −1442443 1442443 1442443
1444442444443
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Data
1. Aggregate Controls of the NT Flow Account are drawn from the National Income of Thailand (NESDB): 1981‐2004.
2. Age Profiles are estimated, relying on information from the household socio‐economic survey (SES): NSO. 11 survey years 1981, 1986, 1988, 1990, 1992, 1994, 1996, 1998, 2000, 2002 and 2004.
3. Data for the population by age are from population estimates and projections by the United Nations (UN): 1950‐2050.
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Compensation of Employees 1,353 Public Consumption Expenditure 470Operating Surplus 2,041 Education 144
Income from Unincorporated Enterprises 1,065 Health 44Income from Private Corporations and Property 846 Other 281
Property Income 476 Private Consumption Expenditure 2,480Less: Interest Payment on Consumer Debt 62 Education 22Less: Interest Payment on Public Debt 9 Health 164Saving of Private Corporations 252 Housing 147Corporate Income Tax 176 Other 2,147Corporate Transfer Payment 13 Net Saving 1,026
Income from Public Enterprises and Property 130 Households 278Corporations 252General Government 431
Saving of Government Enterprises 65 Government Enterprises 65Less: Indirect Taxes 573Subsidies 12Less: Net Public Current Transfers from ROW 2Less: Net Private Current Transfers from ROW 18
3,394 3,394
Income Approach
National Income
Expenditure Approach
National Expenditure
Government Income from Property and Entrepreneurship
66
National Income Account of Thailand in 1996 (Billions of Baht)
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Education Health Total
1981 44.4 66.5 127.3 3,757.8 11,894 4.41986 45.0 76.4 141.9 4,027.6 10,889 4.11988 45.5 53.0 135.7 3,699.9 11,017 3.91990 46.3 78.6 181.4 4,938.7 13,162 4.01992 46.2 112.2 221.5 6,167.7 13,432 3.71994 47.2 134.8 260.6 6,761.2 25,176 3.71996 47.8 165.9 331.2 7,936.7 25,069 3.61998 48.1 241.4 233.7 8,937.6 23,515 3.72000 48.5 244.8 261.5 8,473.2 24,705 3.52002 48.6 252.5 249.3 9,496.9 34,735 3.42004 49.7 263.8 262.1 10,809.3 34,803 3.3Mean 47.04 153.62 218.75 6,818.77 20,763.4 3.77
Wage Farm Non-farm Property
1981 25.8 345.0 153.2 244.1 14.7 52,0041986 27.2 422.2 134.3 227.7 14.6 45,0721988 27.5 335.8 212.3 140.7 13.7 42,8431990 28.3 516.4 253.8 217.9 15.2 52,8791992 28.9 766.0 264.5 313.8 35.8 50,3091994 30.2 936.0 272.2 402.3 26.6 93,7351996 30.8 1,220.4 401.7 529.5 40.0 90,1331998 31.2 1,411.0 429.6 602.0 65.9 85,8912000 32.5 1,471.2 362.0 595.9 46.4 87,2312002 32.5 1,677.5 439.3 736.9 51.6 118,5502004 33.6 1,922.4 515.1 805.0 51.7 116,317Mean 29.87 1,002.19 312.55 437.77 34.20 75,905.8
Survey Years
Individuals CharacteristicsAge of
Individuals (years)
Income (Baht/Month) No. of Observations
Household Size
(persons)
Survey Years
Household CharacteristicsAge of Head
(years)
Consumption (Baht/Month) No. of Households
Micro Data: the Socio-economic Surveys (SES)
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0.000.020.040.060.080.100.120.140.160.180.20
0 10 20 30 40 50 60 70 80 90 100
Prop
ortio
n of
pop
ulat
ion
1950
2000
2050
Population by Age
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Method: Constructing NTA
• Private Consumption– Education: regression– Health: regression and use individual health report of SES 2002
– Other: equivalence scale• Public Consumption
– Education: enrollment rate & unit cost– Health: inpatient of public hospital (to be revised using NHA)
– Other: per capita
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Method (2)
• Labor Income (tabulate from SES)– Earnings– Profits from farm & non‐farm (2/3)
• Asset Income (assign to Head – tabulate from SES)– Profits from farm & non‐farm (1/3)– Property income: rent, dividend, interest– Other: proportional to property income
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Method (3)
• Public Transfers– Inflows: in‐kind & cash ( assign to recipients of benefits)– Outflows: taxes (based on income and consumption)
• Private Transfers– Inter‐household transfers
• inflows: tabulate from the SES• outflows: tabulate from the SES
– Intra‐household transfers• Inflows: disposable inc cons
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Primary Secondary HigherEducation Consumption 71,832 41,798 27,172 3,583
(Million Baht)Number of Students 7,935 3,927 1,333 58,465
(Thousands)Unit Cost 9,052 10,644 20,388 61
(Baht)
Formal Education Informal Education
Example:Public Education Consumption of
Thailand in 1996
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Aggregate Public Education Consumption for
Thailand in 1996 (Millions of Baht)
0
2,000
4,000
6,000
8,000
10,000
12,000
0 10 20 30 40 50 60 70 80 90+Age
Baht
(Milli
on)
Estimated Results
Aggregate Control
Public formal education consumption by age is estimated by summing unit cost per student per level weighted by the number of students by age in each level
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Per capita consumption and labor income, Thailand, 2004
0
20,000
40,000
60,000
80,000
100,000
120,000
0 10 20 30 40 50 60 70 80 90+Age
Baht
Consumption
Labor Income
Lifecycle surplus
Lifecycle deficit
Lifecycle deficit
The Economic Lifecycle
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- 60,000
- 40,000
- 20,000
0
20,000
40,000
60,000
80,000
0 10 20 30 40 50 60 70 80 90+
Age
Baht
Per capita lifecycle deficit, Thailand, 2004
Lifecycle deficit is the difference between consumption and labor production at each age
Lifecycle Surplus Ages:26-57
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20
Per capita private consumption, Thailand, 2004
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
0 10 20 30 40 50 60 70 80 90+Age
Baht
Other Consumption
Housing
Health
Education
Private Consumption
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Per capita public consumption, Thailand, 2004
0
5,000
10,000
15,000
20,000
25,000
30,000
0 10 20 30 40 50 60 70 80 90+Age
Baht
Public Consumption
Health
Education
Other
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Classification of Inter‐age Flows
• Economic form– Asset‐based – Transfers
• Mediating institution– Public flows are mediated by the government– Private flows are mediated by households, families, NGOs, private individuals, etc.
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Per capita age reallocations, Thailand, 2004
- 60,000
- 40,000
- 20,000
0
20,000
40,000
60,000
80,000
0 10 20 30 40 50 60 70 80 90+
Age
Baht
Age Reallocations
TransfersAsset- based Reallocations
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Per capita net transfers received, Thailand, 2004
- 60,000
- 40,000
- 20,000
0
20,000
40,000
60,000
80,000
0 10 20 30 40 50 60 70 80 90+
Age
Baht
Transfers
Public
Private
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Per capita net intra‐household transfers, Thailand, 2004
- 80,000
- 60,000
- 40,000
- 20,000
0
20,000
40,000
60,000
0 10 20 30 40 50 60 70 80 90+
Age
Baht
Net transfers
Inflows
Outflows
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Per capita net intra‐household education transfers, Thailand, 2004
- 2,000
- 1,500
- 1,000
- 500
0
500
1,000
1,500
2,000
2,500
3,000
3,500
0 10 20 30 40 50 60 70 80 90+
Age
Baht
Net transfers
Inflows
Outflows
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Per capita net intra‐household health care transfers, Thailand, 2004
- 6,000
- 4,000
- 2,000
0
2,000
4,000
6,000
8,000
0 10 20 30 40 50 60 70 80 90+
Age
Baht
Net
Inflows
Outflows
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Per capita net public transfers, Thailand, 2004
- 30,000
- 20,000
- 10,000
0
10,000
20,000
30,000
0 10 20 30 40 50 60 70 80 90+
Age
Baht
Net transfers
Inflows
Outflows
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Per capita net public education transfers, Thailand, 2004
- 10,000
- 5,000
0
5,000
10,000
15,000
20,000
0 10 20 30 40 50 60 70 80 90+
Age
Baht
Net transfers
Inflows
Outflows
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Per capita net public health care transfers, Thailand, 2004
- 3,000
- 2,000
- 1,000
0
1,000
2,000
3,000
4,000
0 10 20 30 40 50 60 70 80 90+
Age
Baht Net transfers
Inflows
Outflows
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Research on NTA and Social Protection
• NTA can be used to improve understanding on the area of social protection– How much children and the elderly consume; what types of consumption
– Human capital development• Mechanisms that children and, particularly, the elderly use to finance their consumption– Variation of social protection across countries
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Consumption Finance by the Elderly
-40
-20
0
20
40
60
80
100
120
140
US 2003 Japan2004
Thailand2004
Taiwan1998
Austria2000
Chile1997
Finland2004
Hungary2005
Indonesia2002
Mexico2004
Slovenia2004
Uruguay1994
%
Public Transfers Familial Transfers Asset-based Reallocations Work
Intergenerational transfers are large and important for most countries
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Per Capita Lifecycle Deficits, Japan, 1984-2004
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
1.20
0 10 20 30 40 50 60 70 80 90+
1984
1989
1994
1999
2004
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USA, 2003
Austria, 2000
Sweden, 2003
Germany, 2003
0
0.3
0.6
0.9
1.2
1.5
0 10 20 30 40 50 60 70 80 90+0
0.3
0.6
0.9
1.2
1.5
0 10 20 30 40 50 60 70 80 90+0
0.3
0.6
0.9
1.2
1.5
0 10 20 30 40 50 60 70 80 90+0
0.3
0.6
0.9
1.2
1.5
0 10 20 30 40 50 60 70 80 90+
Japan, 2004
Finland, 2004
Spain, 2000
Slovenia, 2004
0
0.3
0.6
0.9
1.2
1.5
0 10 20 30 40 50 60 70 80 90+0
0.3
0.6
0.9
1.2
1.5
0 10 20 30 40 50 60 70 80 90+0
0.3
0.6
0.9
1.2
1.5
0 10 20 30 40 50 60 70 80 90+0
0.3
0.6
0.9
1.2
1.5
0 10 20 30 40 50 60 70 80 90+
Taiwan, 1998
Korea, 2000
Hungary, 2005
Mexico, 2004
0
0.3
0.6
0.9
1.2
1.5
0 10 20 30 40 50 60 70 80 90+0
0.3
0.6
0.9
1.2
1.5
0 10 20 30 40 50 60 70 80 90+0
0.3
0.6
0.9
1.2
1.5
0 10 20 30 40 50 60 70 80 90+0
0.3
0.6
0.9
1.2
1.5
0 10 20 30 40 50 60 70 80 90+
Chile, 1997
Costa Rica, 2004
Uruguay, 1994
Brazil, 1996
0
0.3
0.6
0.9
1.2
1.5
0 10 20 30 40 50 60 70 80 90+0
0.3
0.6
0.9
1.2
1.5
0 10 20 30 40 50 60 70 80 90+0
0.3
0.6
0.9
1.2
1.5
0 10 20 30 40 50 60 70 80 90+
0
0.3
0.6
0.9
1.2
1.5
0 10 20 30 40 50 60 70 80 90+
Thailand, 2004
Indonesia, 2005
China, 2002
Philippines, 1999
0
0.3
0.6
0.9
1.2
1.5
0 10 20 30 40 50 60 70 80 90+0
0.3
0.6
0.9
1.2
1.5
0 10 20 30 40 50 60 70 80 90+0
0.3
0.6
0.9
1.2
1.5
0 10 20 30 40 50 60 70 80 90+0
0.3
0.6
0.9
1.2
1.5
0 10 20 30 40 50 60 70 80 90+
India, 2004
Nigeria, 2004
Kenya, 1994
0
0.3
0.6
0.9
1.2
1.5
0 10 20 30 40 50 60 70 80 90+0
0.3
0.6
0.9
1.2
1.5
0 10 20 30 40 50 60 70 80 90+0
0.3
0.6
0.9
1.2
1.5
0 10 20 30 40 50 60 70 80 90+
0
1
2
1 11 21 31 41 51 61 71 81 91
YL
C
CF
CG Source: Tung forthcoming.
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Changes in Economic Lifecycle and Support System
Thailand
1981‐2004
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Per Capita Consumption
0
10
20
30
40
50
60
70
80
0 10 20 30 40 50 60 70 80 90+
Rel
ativ
e to
Yl(3
0-49
)
1981
2004
Education
Health
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37
Per Capita Labor Income
0
20
40
60
80
100
120
140
0 10 20 30 40 50 60 70 80 90+
Rel
ativ
e to
Yl (
30-4
9)
20041981
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Changes in Economic Lifecycle
• No change in the first crossing age: young adults start to generate lifecycle surplus at around age 25
• Gradual change in the second crossing age: individuals turn back to have lifecycle deficit at younger ages (61 in 1981 to 58 in 2004)
• Shorter lifecycle surplus period, declining from 36 years in 1981 to 33 years in 2004
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Per Capita Lifecycle Deficits, Thailand
-80
-60
-40
-20
0
20
40
60
80
0 10 20 30 40 50 60 70 80 90+
Rel
ativ
e to
Yl (
30-4
9)
615825
1981
2004
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40
Support Systems
• Three mechanisms used to close the gap between consumption and production– Public Transfers– Private Transfers– Asset‐based Reallocations
• Emphasize on Youth and the Elderly
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Public Transfers
• Public Transfers Inflows less Outflows• Children receive significantly larger public education transfers
• The elderly receive slightly increase public sector heath transfers
• The working ages pay larger taxes!
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Per Capita Net Public Transfers Received
-20
-15
-10
-5
0
5
10
15
20
25
0 10 20 30 40 50 60 70 80 90+
Rel
ativ
e to
Yl (
30-4
9)
1981
2004
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43
Private Transfers
• Slightly increase in private transfers to children
• Largely increase in private transfers to the elderly
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Per Capita Net Private Transfers Received
-80
-60
-40
-20
0
20
40
60
0 10 20 30 40 50 60 70 80 90+
Rel
ativ
e to
Yl (
30-4
9)
2004
1981
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Asset‐based Reallocations
• Asset income ‐ saving• Age profiles of asset income and saving are fluctuated during the past decades– Before the economic crisis in 1997 : the elderly rely heavily on asset income to support their consumption
– After 1997: less reliance on asset income• Age profiles are younger during 2000‐2004
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Per Capita Asset Income
0
20
40
60
80
100
120
0 10 20 30 40 50 60 70 80 90+
Rel
ativ
e to
Yl (
30-4
9) 19811986
1988
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47
Per Capita Asset Income
0
20
40
60
80
100
120
0 10 20 30 40 50 60 70 80 90+
Rel
ativ
e to
Yl (
30-4
9)
1996
1992
1994
1998
1990
-
48
Per Capita Asset Income
0
20
40
60
80
100
120
0 10 20 30 40 50 60 70 80 90+
Rel
ativ
e to
Yl (
30-4
9)
2004
2000
2002
-
49
Per Capita Saving
-20
0
20
40
60
80
100
0 10 20 30 40 50 60 70 80 90+
Rel
ativ
e to
Yl (
30-4
9)
1981
1996
2004
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50
Summary: Child Support Systems
• In general, children rely more on familial transfers than public transfers
• Transfers change overtime: children in Thailand rely less on the family and more on the public sector
• Public education transfers are larger and more important in Thailand
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Summary: Old age Support Systems
• Reallocations through assets are major source of support for the elderly
• The elderly rely less on labor income overtime• The public sector does not provide much support for the elderly
• The elderly rely more and more on the family– “familial support is not deteriorating despite economic development”
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II. Changes in Age Structure and Economic Growth:
Demographic Dividends
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Macroeconomic Effects of Demographic Changes
• Declining fertility leads to a larger share of working‐age adults– More production and higher economic growth
• Continual decline in fertility and mortality rates leads to population aging– Smaller share of labor force, lower production, slower economic growth
• Population aging may not adversely affect economic growth – Need prudent policy to prepare for this coming demographic change
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Demographic Dividends
• Changes in population age structure interact with the economic lifecycle, affecting economic growth
• Two demographic dividends– Changes in the economic support ratio– Changes in lifecycle wealth
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Demographic Dividends (2)
Changes in output per effective consumers
= Changes in productivity +
Changes in the economic support ratio
Y(t)/N(t) = Y(t)/L(t) * L(t)/N(t)
First demographic dividend
Second demographic dividend
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The First Demographic Dividend
• Change in the economic support ratio or the first demographic dividend is influenced by the economic lifecycle
• The economic lifecycle begins and ends with the dependency periods when consumption exceeds earnings (lifecycle deficit), requiring economic flows from working‐age adults (the lifecycle surplus ages) to close the gap.
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Economic Lifecycles
0
0.2
0.4
0.6
0.8
1
1.2
1.4
0 10 20 30 40 50 60 70 80 90+
rela
tive t
o m
ean labor
incom
e a
ges
30-49
Consumption, Japan
Consumption, Thailand
Labor Income, Japan
Labor Income, Thailand
Lifecycle Surplus
Lifecycle DeficitLifecycle Deficit
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Modeling the First Dividend
• Given constant productivity, changes in population age structure affects the economic support ratio
where α(a) and γ(a) are the age profiles of consumption and labor income, and P(a,t) is the population
( ) ( ) ( , )
( ) ( ) ( , )a
a
N t a P a t
L t a P a t
α
γ
=
=
∑
∑
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59
Economic Support Ratio
0.6
0.7
0.7
0.8
0.8
0.9
0.9
1.0
1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050Eff
ectiv
e w
orke
rs re
lativ
e to
eff
ectiv
e co
nsum
ers
China India Indonesia Thailand Japan Korea
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60
First Demographic Dividend
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050
perc
ent
China India Indonesia Thailand Japan Korea
Note: Growth rate of the economic support ratio is the first demographic dividend
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Summary of the First Dividend
• Declining fertility leads to a larger share of effective producers, allowing the economy to grow
• However, the first dividend is transitory; continual decline in fertility leads to population aging
• The first dividend in Thailand is depleted in 2010, whereas some countries could enjoy the first dividend for several more decades
• Will population aging unfavorably affect economic growth in the future?
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Preparation for Population Aging
• In order to avoid the adverse effect of population aging on economic growth, two approaches can be applied:– Physical capital accumulation (the second demographic Dividend)
– Human capital accumulation (Raising productivity of the future labor force)
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The Second Demographic Dividend
• Definition: The growth in productivity induced by an increase in the demand for lifecycle wealth.
• Compositional effect: population is concentrated at older, high wealth ages
• Behavioral effect: increase in duration of life and retirement lead to greater accumulation of wealth
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Modeling the Second Demographic Dividend
• Demand for capital is proportional to lifecycle wealth of those 50+
• Lifecycle wealth of those 50+– W(50+) = PV[C(50+)] – PV[Yl(50+)]– Cross‐sectional age profiles of consumption and production shift proportionately over time
– Productivity growth is constant – Assumptions: interest rate: 3%; productivity growth: 1.5%; elasticity of output wrt capital: 0.33
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Wealth Ratio
0
1
2
3
4
5
6
7
8
2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050
wea
lth re
lativ
e to
labo
r
China India Indonesia Thailand Japan Korea
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66
Second Demographic Dividend
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050
perc
ent
China India Indonesia Thailand Japan Korea
Note: growth rate of lifecycle wealth influences the second demographic dividend
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67
Summary of the Second Demographic Dividend
• The second demographic dividend is larger and more important to the economic growth than the first dividend in several countries
• The second dividend is not automatic; it requires policy that encourages capital accumulation rather than relies on pension wealth to finance consumption during retirement ages
• Population aging could benefit economic growth if capital accumulation is encouraged rather than PAYGO pension program
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First Second Total
China 0.78 0.70 1.49 7.14 5.65India 0.27 0.85 1.12 2.66 1.54Indonesia 0.50 0.72 1.22 4.26 3.04Iran 0.42 0.34 0.76 -0.36 -1.12Japan 0.21 1.51 1.72 2.61 0.89Korea 0.98 1.25 2.22 6.03 3.81Mongolia 0.48 0.09 0.56 1.72 1.15Philippine 0.48 0.43 0.91 1.11 0.20Singapore 1.15 1.08 2.23 5.66 3.43Thailand 0.99 0.35 1.34 4.61 3.27Vietnam 0.40 0.09 0.49 4.45 3.96
Demographic Dividends Actual growth in GDP/N
Actual Dividend
Notes: based on method by Mason (2005)
Effects of demographic changes on economic growth (1970‐2000)
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Summary
• Intergenerational flows are large• Magnitude and direction of IG flows are changing in unprecedented ways
• IG systems vary widely and are changing• Important implications for
– Generational equity– Standards of living – Investment in human and physical capital– Fiscal sustainability
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Summary
• Inter‐age flows are an inevitable consequence of the economic lifecycle
• Flows constraint provides an organizing principle– Transfers– Asset‐based reallocations
• Complete accounting by sector– Public (education, health, pensions, public debt)– Private (especially family)– Rest of the world (remittances, international capital flows)
• Complete NTA– Relationship between stocks and flows– Asset transfers, asset revaluations, and other net changes in assets
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Further ReadingConceptual FoundationsLee, R. (2003). “Demographic Change, Welfare, and Intergenerational Transfers: A Global Overview.” GENUS
LIX(3‐4): 43‐70.Lee, R. D. (1994). The Formal Demography of Population Aging, Transfers, and the Economic Life Cycle.
Demography of Aging. L. G. Martin and S. H. Preston. Washington, D.C., National Academy Press: 8‐49.Willis, R. J. (1988). Life cycles, institutions and population growth: A theory of the equilibrium interest rate in
an overlapping‐generations model. Economics of Changing Age Distributions in Developed Countries. R. D. Lee, W. B. Arthur and G. Rodgers. Oxford, Oxford University Press. 106‐38.
Empirical StudiesBloom, D. E. and J. G. Williamson (1998). “Demographic Transitions and Economic Miracles in Emerging Asia.”
World Bank Economic Review 12(3): 419‐56.Bloom, D. E. and D. Canning (2001). Cumulative Causality, Economic Growth, and the Demographic Transition.
Population Matters: Demographic Change, Economic Growth, and Poverty in the Developing World. N. Birdsall, A. C. Kelley and S. W. Sinding. Oxford, Oxford University Press: 165‐200.
Kelley, A. C. and R. M. Schmidt (2007). Evolution of Recent Economic‐Demographic Modeling: A Synthesis. Population Change, Labor Markets and Sustainable Growth: Towards a New Economic Paradigm. A. Mason and M. Yamaguchi. Amsterdam, Elsevier: 5‐38.
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Further Reading (Cont)Simulation StudiesCutler, D. M., J. M. Poterba, et al. (1990). “An Aging Society: Opportunity or
Challenge?” Brookings Papers on Economic Activity 1990(1): 1‐56.Lee, R., A. Mason, et al. (2003). “From Transfers to Individual Responsibility:
Implications for Savings and Capital Accumulation in Taiwan and the United States.” Scandinavian Journal of Economics 105(3): 339‐357.
Mason, A. and R. Lee (2006). “Reform and support systems for the elderly in developing countries: capturing the second demographic dividend.” GENUSLXII(2): 11‐35.
NTA FundamentalsMason, A., R. Lee, et al. (forthcoming). Population Aging and Intergenerational
Transfers: Introducing Age into National Accounts. Developments in the Economics of Aging. D. Wise. Chicago, NBER and University of Chicago Press.
Lee, R., S.‐H. Lee, A. Mason (2008). Charting the Economic Lifecycle. Population Aging, Human Capital Accumulation, and Productivity Growth, a supplement to Population and Development Review 33. A. Prskawetz, D. E. Bloom and W. Lutz. New York, Population Council: 208‐237.
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Support for this project has been provided by:
•• National Institute on Aging: R37National Institute on Aging: R37--AG025488 and R01AG025488 and R01--AG025247AG025247
•• NUPRI MEXT Academic Frontier Project, Government of JapanNUPRI MEXT Academic Frontier Project, Government of Japan
•• John D. and Catherine T. MacArthur Foundation John D. and Catherine T. MacArthur Foundation
•• International Development Research Center (IDRC)International Development Research Center (IDRC)
•• United Nations Population Fund (UNFPA)United Nations Population Fund (UNFPA)
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Research Teams for 30 Economies
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Contributing Researchers
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The National Transfer Accounts project is a collaborative effort of East-West Center, Honolulu
and Center for the Economics and
Demography of Aging, University of California - Berkeley
Lee, Ronald, Co-DirectorMason, Andrew , Co-Director Auerbach, Alan Miller, Tim Lee, Sang-Hyop Donehower, Gretchen Ebenstein, AviWongkaren, Turro
Takayesu, Ann Boe, Carl Comelatto, Pablo Sumida, Comfort Schiff, Eric Stojanovic, Diana Langer, EllenChawla, AmonthepPajaron, Marjorie Cinco
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77
Japan Key Institutions: Nihon University Population Research
Institute and the Statistics Bureau of Japan, Tokyo, Japan. Ogawa, Naohiro, Country Leader
Matsukura, Rikiya Maliki
Chawla, AmonthepObayashi, SenichiKondo, Makoto Fukui, TakehiroIhara, Hajime
Suzuki, KosukeAkasaka, Katsuya
Moriki, Yoshie Makabe, Naomi Ogawa, Maki
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78
AustraliaKey Institution: Australia National University
Jeromey Temple, Country LeaderBrazil
Turra, Cassio, Country Leader Lanza Queiroz, BernardoRenteria, Elisenda Perez
Chile Key Institution: United Nations Economic Commission for
Latin America and the Carribean, Santiago, Chile Bravo, Jorge
Mauricio Holz
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79
Taiwan Key Institution: The Institute of Economics,
Academia Sinica, Taipei, Taiwan. Tung, An-Chi, Country Leader
Lai, Mun Sim (Nicole) Liu, Paul K.C.Andrew Mason
China Key Institution: China Center for Economic
Research, Beijing, China.
Ling, Li, Country Leader Chen, Quilin
Jiang, Yu
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80
France Wolff, Francois-Charles, Country Leader
Bommier, Antoine Thailand
Key Institution: Economics Department, Thammasat University. Phananiramai, Mathana, Country Leader
Chawla, Amonthep (Beet) Soonthornchawakan, Nongnuch
Inthornon, Suntichai India
Key Institution: Institute for Social and Economic Change, Bangalore Narayana, M.R., Country Leader
Ladusingh, L.Mexico
Key Institution: Consejo Nacional de PoblaciónPartida, Virgilio, Country Leader
Mejía-Guevara, Iván
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81
Indonesia Key Institution: Lembaga Demografi, University of Indonesia, Jakarta, Indonesia.
Maliki, Country Leader Wiyono, Nur HadiNazara, Suahasil
ChotibPhilippines
Key Institution: Philippine Institute for Development Studies. Racelis, Rachel H., Country Leader
Salas, John Michael Ian S.Pajaron, Marjorie Cinco
Sweden Key Institution: Institute for Future Studies, Stockholm, Sweden.
Lindh, Thomas, Country Leader Johansson, Mats Forsell, Charlotte
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Uruguay Bucheli, Marisa, Country Leader
Furtado, Magdalena Rodrigo Ceni
Cecilia Rodriguez South Korea
An, Chong-Bum , Country LeaderChun, Young-JunLim, Byung-In
Kim, Cheol-HeeJeon, Seung-Hoon
Gim, Eul-SikSeok, Sang-Hun
Kim, Jae-Ho
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Austria Key Institution: Vienna Institute of Demography Fuernkranz-Prskawetz, Alexia, Country Leader
Sambt, Joze Costa Rica
Key Institution: CCP, Universidad de Costa Rica Rosero-Bixby, Luis, Country Leader
Maria Paola Zuniga Slovenia
Sambt, Joze, Country Leader Hungary
Key Institution: TARKI Social Research InstituteGal, Robert
Medgyesi, MartonFinland
Key institutions: The Finnish Center for Pensions And the Finnish Pension Alliance
Vanne, ReijoGröhn, Jukka
Vaittinen, Risto
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84
United States Key Institution: Center for the Economics and Demography of Aging
Lee, Ronald, Country LeaderMiller, Tim
Ebenstein, AviBoe, Carl
Comelatto, Pablo Donehower, Gretchen
Schiff, EricLanger, Ellen
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85
Kenya Mwabu, Germano
NigeriaSoyibo, Adedoyin
GermanyKluge, Fanny Annemarie
SpainPatxot, Concepció, Country Leader
Renteria, Elisenda Perez
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Thank you
Population Aging, Intergenerational Transfers, and the EconomyBackground and MotivationObjectivesImportance of �National Transfer AccountsOutlineI. National Transfer AccountNational Transfer AccountsThe Flow Account IdentityData Population by AgeMethod: Constructing NTAMethod (2)Method (3)Example:�Public Education Consumption of Thailand in 1996 Aggregate Public Education Consumption for Thailand in 1996 (Millions of Baht) Per capita consumption and labor income, Thailand, 2004Per capita lifecycle deficit, Thailand, 2004Per capita private consumption, Thailand, 2004Per capita public consumption, Thailand, 2004Classification of Inter-age FlowsPer capita age reallocations, Thailand, 2004Per capita net transfers received, Thailand, 2004Per capita net intra-household transfers, Thailand, 2004Per capita net intra-household education transfers, Thailand, 2004Per capita net intra-household health care transfers, Thailand, 2004Per capita net public transfers, Thailand, 2004Per capita net public education transfers, Thailand, 2004Per capita net public health care transfers, Thailand, 2004Research on NTA and Social ProtectionChanges in Economic Lifecycle and Support SystemChanges in Economic LifecycleSupport SystemsPublic TransfersPrivate TransfersAsset-based ReallocationsSummary: Child Support SystemsSummary: Old age Support SystemsII. Changes in Age Structure and Economic Growth: �Demographic DividendsMacroeconomic Effects of Demographic ChangesDemographic DividendsDemographic Dividends (2)The First Demographic DividendEconomic LifecyclesModeling the First DividendEconomic Support RatioFirst Demographic DividendSummary of the First DividendPreparation for Population AgingThe Second Demographic DividendModeling the Second Demographic DividendWealth RatioSecond Demographic DividendSummary of the Second Demographic DividendEffects of demographic changes on economic growth (1970-2000)SummarySummaryFurther ReadingFurther Reading (Cont)Support for this project has been provided by:��Research Teams for 30 EconomiesContributing ResearchersThank you
Population Aging, Intergenerational Transfers, and the Economy
Amonthep Chawla
Thailand Development Research Institute (TDRI)
November 8, 2010
Prepared for a Presentation at Macroeconomic Policy and Development Division, ESCAP
Background and Motivation
Changes in population age structure
Decreasing total fertility and rising life expectancy.
Economic lifecycle
Extended periods of dependency.
Complex and varied intergenerational economic systems
Families, firms, markets, the state, and civil society all play a role.
Important implications for poverty, economic growth, and generational equity.
Objectives
Develop a system of economic accounts that quantifies intergenerational flows in a comprehensive fashion.
Estimate the accounts with historical depth for economies with different cultures, levels of development, economic systems and policies.
Analyze and explain
variation in the economic lifecycle and the intergenerational economic systems.
macroeconomic effects of population aging.
Improve policy related to pensions, health care, education, and fertility.
Importance of
National Transfer Accounts
Goal: Develop policies that respond effectively to the population age transition
Requirement: a comprehensive and deep understanding of the generational economy:
Social and economic institutions
Economic flows across age groups
System of public and private obligations
Outline
National Transfer Account
Basic Concepts
Economic Lifecycle
Age reallocations
Changes in Age Structure and Economic Growth: Demographic Dividends
I. National Transfer Account
National Transfer Accounts
Measure economic flows across age groups in a systematic and comprehensive way.
Flows are identified by the economic mechanisms and the mediating institutions.
Accounts complement the UN System of National Accounts and are constructed in a manner consistent with macroeconomic aggregates.
The Flow Account Identity
Inflows
Labor Income
Asset Income
Transfer Received
Outflows
Consumption
Saving
Transfers Paid
Data
Aggregate Controls of the NT Flow Account are drawn from the National Income of Thailand (NESDB): 1981-2004.
Age Profiles are estimated, relying on information from the household socio-economic survey (SES): NSO. 11 survey years 1981, 1986, 1988, 1990, 1992, 1994, 1996, 1998, 2000, 2002 and 2004.
Data for the population by age are from population estimates and projections by the United Nations (UN): 1950-2050.
National Income Account of Thailand in 1996 (Billions of Baht)
Micro Data: the Socio-economic Surveys (SES)
Population by Age
Method: Constructing NTA
Private Consumption
Education: regression
Health: regression and use individual health report of SES 2002
Other: equivalence scale
Public Consumption
Education: enrollment rate & unit cost
Health: inpatient of public hospital (to be revised using NHA)
Other: per capita
Method (2)
Labor Income (tabulate from SES)
Earnings
Profits from farm & non-farm (2/3)
Asset Income (assign to Head – tabulate from SES)
Profits from farm & non-farm (1/3)
Property income: rent, dividend, interest
Other: proportional to property income
Method (3)
Public Transfers
Inflows: in-kind & cash ( assign to recipients of benefits)
Outflows: taxes (based on income and consumption)
Private Transfers
Inter-household transfers
inflows: tabulate from the SES
outflows: tabulate from the SES
Intra-household transfers
Inflows: disposable inc < cons
outflows: disposable inc > cons
Example:
Public Education Consumption of Thailand in 1996
Primary
Secondary
Higher
Education Consumption
71,832
41,798
27,172
3,583
(Million Baht)
Number of Students
7,935
3,927
1,333
58,465
(Thousands)
Unit Cost
9,052
10,644
20,388
61
(Baht)
Formal Education
Informal
Education
Aggregate Public Education Consumption for Thailand in 1996 (Millions of Baht)
Public formal education consumption by age is estimated by summing unit cost per student per level weighted by the number of students by age in each level
Per capita consumption and labor income, Thailand, 2004
Lifecycle surplus
Lifecycle deficit
Lifecycle deficit
The Economic Lifecycle
Per capita lifecycle deficit, Thailand, 2004
Lifecycle deficit is the difference between consumption and labor production at each age
Lifecycle Surplus Ages:26-57
Per capita private consumption, Thailand, 2004
Per capita public consumption, Thailand, 2004
Classification of Inter-age Flows
Economic form
Asset-based
Transfers
Mediating institution
Public flows are mediated by the government
Private flows are mediated by households, families, NGOs, private individuals, etc.
A Classification of NTA Reallocations.
Asset-based Age ReallocationsTransfers
Capital and Other Non-Financial AssetsCredit
PublicPublic infrastructurePublic land and sub-soil mineralsPublic debtStudent loansMoneyPublic educationPublic health careUnfunded pension plans
PrivateHousingConsumer durablesFactories, FarmsPrivate land and sub-soil mineralsInventoriesConsumer creditFamilial support of children and parentsBequestsCharitable contributions
Source: Mason, Lee et al. (2009); adapted from Lee (1994).
Per capita age reallocations, Thailand, 2004
Per capita net transfers received, Thailand, 2004
Per capita net intra-household transfers, Thailand, 2004
Per capita net intra-household education transfers, Thailand, 2004
Per capita net intra-household health care transfers, Thailand, 2004
Per capita net public transfers, Thailand, 2004
Per capita net public education transfers, Thailand, 2004
Per capita net public health care transfers, Thailand, 2004
Research on NTA and Social Protection
NTA can be used to improve understanding on the area of social protection
How much children and the elderly consume; what types of consumption
Human capital development
Mechanisms that children and, particularly, the elderly use to finance their consumption
Variation of social protection across countries
Consumption Finance by the Elderly
Intergenerational transfers are large and important for most countries
-40
-20
0
20
40
60
80
100
120
140
US 2003
Japan
2004
Thailand
2004
Taiwan
1998
Austria
2000
Chile
1997
Finland
2004
Hungary
2005
Indonesia
2002
Mexico
2004
Slovenia
2004
Uruguay
1994
%
Public Transfers
Familial Transfers
Asset-based Reallocations
Work
Chart1
00.28305012180.28552900480.31138476780.3250489227
10.27969208480.28232958110.3064366920.3211000075
20.27633404780.27913015750.30148861620.3171510923
30.29265117870.30129088420.32720281280.3544507466
40.3306676680.33849977430.36692229170.3874097749
50.355501830.36051069330.38061925920.3975475754
60.47873293920.49673304780.55639993570.5881976033
70.47228910910.48849479250.5421581670.5705862381
80.48842534580.50399818360.54943599520.5810256791
90.50275194520.51532716950.56489945240.6017760229
100.52128708390.5316377580.58430266790.6104710947
110.53934321260.54969720450.59955331480.6378854075
120.56934779840.5894059350.63242504340.6782705141
130.59586071860.61791050070.65514306770.7047877385
140.62933894910.65290474240.68301769860.7340725018
150.61751504240.64887238540.68453026820.7407263553
160.64069193080.66697583460.69382489140.7522929116
170.63921233920.68388788640.73317061840.7919814875
180.50917036530.55159336740.59279088290.6404048774
190.43449277240.48856874270.53028562170.5926260618
200.34619137550.38396409710.44589966010.5373794837
210.25231344140.29859162710.36947716430.4718360546
220.11705608890.16573871310.22558538780.3053220999
230.04697057750.09670004610.1267120630.1954240273
24-0.00742159680.03231822990.04313438270.099680151
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33-0.2295439177-0.206575555-0.2077126194-0.1738291981
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50-0.5315286623-0.5555686808-0.5391273182-0.5608192763
51-0.5238608238-0.54418857-0.5304551523-0.5231687146
52-0.4947470389-0.5150823407-0.5203574822-0.4932520661
53-0.4587249923-0.4830446908-0.490521221-0.459766152
54-0.4156410872-0.4493314931-0.4603709508-0.4389847202
55-0.3881937631-0.4316893817-0.4281598617-0.3955553113
56-0.3227770431-0.3766764376-0.3756177503-0.351585353
57-0.250198538-0.3066960101-0.3091372635-0.2968248007
58-0.1327505537-0.2012666225-0.1931266703-0.1912384867
590.0029114305-0.0757404732-0.0560681327-0.0696110078
600.12078093220.04679460220.0917155520.0603036176
610.19263566720.16394931220.21978150540.1916765169
620.27588342110.26944538120.34720439440.3280254072
630.32770331020.33406004650.40896377930.4338024842
640.34627394740.3809243770.45023361790.5014434047
650.37645179230.43751062310.4775080550.5513870115
660.4196388320.4774917890.52586008220.6052196893
670.45481384210.50612477040.55211674840.643113697
680.47651465690.54135063460.58670828320.6722944705
690.51772031570.56307371510.61032828210.6953034235
700.54638670990.58607057490.64447396580.7035603623
710.57006777420.61260989260.65705531640.7131492095
720.58276920560.62778464720.6755403180.7328055398
730.58896905090.63833806790.68395206520.7344596593
740.58009283960.64099901660.69180698270.7540352645
750.59421629790.63161184050.69470018110.7796077674
760.60537287140.62823134450.69906368420.7932888056
770.60760190960.6338352050.71116600780.8099704152
780.62771821190.63526532610.71177779160.8296141158
790.6534698940.64744518570.72380346240.8351818696
800.65307188830.66498632440.72355969550.8443720032
810.66816949620.67970821820.73118650440.8458503327
820.68485955390.68993140250.73381852450.855429464
830.68496326890.71529542140.74876835230.8759720471
840.69537918310.7314199140.76583015070.8907776189
850.70720943110.74919799060.78536759890.9033993527
860.71650959710.75935629650.79218503590.9217145575
870.72989287490.7794529810.79615915190.9738644345
880.73880413340.76597658610.80641834331.0019843749
890.73950319040.76003634450.79761633531.026743092
90+0.74020224750.7540961030.78881432721.0515018091
1984
1989
1994
1999
2004
Per Capita Lifecycle Deficits, Japan, 1984-2004
0.280938922
0.2771169467
0.2732949714
0.2894127921
0.3259140462
0.352852849
0.4516939199
0.4415082555
0.4558100748
0.4756048032
0.4918183637
0.5088447836
0.5647943407
0.5857585878
0.6096693947
0.6275277567
0.6514709147
0.593449196
0.4607031318
0.3821063653
0.272141095
0.1767049649
0.0646146009
0.0011862762
-0.0409557069
-0.0644678884
-0.0823068384
-0.0989494317
-0.1145573489
-0.1479469719
-0.1716302231
-0.2048204412
-0.2414153216
-0.2803727858
-0.3080111253
-0.3531992664
-0.3874787418
-0.4236458319
-0.4534806558
-0.475825982
-0.4957310293
-0.514282243
-0.5302742551
-0.5407968193
-0.5548499759
-0.5580569063
-0.546743849
-0.5412616764
-0.5167602224
-0.4823917445
-0.4408327511
-0.4151814952
-0.3639532907
-0.3354871214
-0.2925261928
-0.2536784866
-0.1859815496
-0.1215895499
-0.032870897
0.0559677755
0.1415834687
0.1993296439
0.2606379472
0.2956422892
0.3182122153
0.3456144433
0.3715309785
0.3891598317
0.4122864223
0.4347445698
0.4471296934
0.4571046578
0.4753245912
0.4938468932
0.5048776098
0.5244356675
0.5444696328
0.5535763066
0.5692551069
0.5857700521
0.5958911349
0.601505458
0.6211703774
0.6395087921
0.6668581727
0.6817027511
0.7061821734
0.7103202045
0.71083023
0.7008569139
0.6908835979
Notes
Notes
1Results are based on methodology JNTA04.0408.
2Results are per capita nominal as well as normaized by mean labor income ages 30-49 with aggregate controls.
3Asset income and saving are not fully presented here. Details are shown in asset-based reallocations sheets.
4Please note that unsmoothed private saving is zero for non-heads (particularly children). I am still trying to find a way to make smoothed private saving be zero for non-heads.
5Per capita profiles are smoothed using R super smooth with span=0.05 (except interest, dividend and rent age profiles in 1989 using span = 0.1)
6In the future work, we need to estimate public transfers in more details, i.e., beneficiaries for public cash transfers and other social security benefits have not yet analyzed in details. In addition, social security contributions for self-employed and f
7Inter-household transfer inflows and outflows need more attention to analyze.
8Please note that there is no sample weight in the data set for the year 1984.
Any comments, please email toBeet
Revised (2)
4/30/08: Adjust for macro controls for public pension and other cash transfers
Beet
1984
yen (per year)
19840123456789101112131415161718192021222324252627282930313233343536373839404142434445464748495051525354555657585960616263646566676869707172737475767778798081828384858687888990+Total
Lifecycle Deficit794,813784,000773,187818,787922,054998,2671,277,9011,249,0851,289,5461,345,5481,391,4191,439,5891,597,8771,657,1881,724,8351,775,3581,843,0971,678,9461,303,3901,081,029769,923499,922182,8033,356-115,869-182,388-232,857-279,941-324,098-418,561-485,564-579,464-682,996-793,211-871,404-999,247-1,096,228-1,198,550-1,282,956-1,346,174-1,402,488-1,454,972-1,500,215-1,529,985-1,569,743-1,578,816-1,546,810-1,531,300-1,461,982-1,364,749-1,247,174-1,174,603-1,029,672-949,137-827,595-717,690-526,166-343,993-92,996158,340400,558563,930737,379836,411900,264977,7891,051,1101,100,9841,166,4121,229,9491,264,9891,293,2091,344,7561,397,1581,428,3651,483,6971,540,3761,566,1401,610,4971,657,2201,685,8541,701,7381,757,3721,809,2541,886,6291,928,6261,997,8822,009,5892,011,0321,982,8161,954,600
Consumption794,813784,000773,187818,787922,054998,2671,277,9011,249,0851,289,5461,345,5481,391,4191,439,5891,597,8771,657,1881,724,8351,775,3581,843,0971,828,7781,727,2291,775,8771,774,8141,796,5161,712,3581,698,1141,691,6301,695,4731,696,2631,676,6851,649,6271,619,8801,593,2331,575,7921,567,1951,561,6961,565,2781,571,5801,574,0901,578,1151,583,2051,590,8371,594,8101,599,3151,605,7441,618,4351,628,6731,648,1911,670,0721,692,1951,724,5311,762,7811,788,9111,827,6001,850,1061,872,8181,894,1651,908,0201,915,4741,918,2851,904,1771,884,0141,865,9231,839,8641,816,8091,790,3111,764,3651,750,1741,732,8961,714,6491,711,4621,720,6701,725,4921,718,7271,724,1811,730,9171,722,1521,725,1661,743,2371,754,1491,777,4881,797,5381,807,1691,803,8931,829,9071,861,4461,924,6881,959,7302,008,4852,017,8022,018,8161,987,1241,955,431
Public Consumption205,460205,460205,460212,374256,815286,875597,699596,340592,949597,100587,314578,620660,691655,459657,739626,518605,789530,985354,438320,017302,651317,088228,978228,295213,395214,822218,111216,372214,290214,676215,065215,453215,852217,133218,402219,716221,115222,208224,021225,521226,941228,514229,936234,638239,777244,649249,589254,888260,704266,759272,742278,721284,744288,070291,412294,743298,081301,401310,878320,731330,590340,316350,185358,362367,196375,926384,519394,001413,922433,969454,122474,265493,814511,226528,957546,764564,991581,931601,872622,130642,061662,540682,268709,454739,205769,759800,059827,697827,697827,697827,697
Education0008,28954,08385,501397,685397,689396,789403,410396,149389,962474,438468,621470,317438,515417,173341,812162,230124,867104,581116,05124,91522,2335,3814,8286,1722,470000000000000000000000000000000000000000000000000000000000000000
Health48,04148,04148,04146,66545,31143,95442,59441,23138,74136,27133,74531,23828,83329,41830,00330,58431,19631,75334,78837,73040,65043,61746,64448,64350,59452,57454,51956,48256,87057,25657,64558,03458,43259,71360,98262,29663,69664,78866,60168,10169,52171,09472,51677,21882,35787,22992,16997,469103,284109,339115,323121,301127,324130,650133,992137,323140,661143,981153,458163,311173,170182,897192,765200,942209,776218,506227,099236,581256,502276,549296,702316,845336,394353,806371,537389,345407,571424,511444,452464,710484,641505,120524,848552,034581,785612,339642,639670,277670,277670,277670,277
Other157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420
Private Consumption589,353578,540567,727606,413665,239711,392680,203652,745696,597748,448804,105860,969937,1871,001,7291,067,0951,148,8401,237,3081,297,7931,372,7911,455,8601,472,1621,479,4281,483,3801,469,8191,478,2351,480,6511,478,1521,460,3141,435,3371,405,2041,378,1681,360,3391,351,3431,344,5631,346,8761,351,8641,352,9741,355,9071,359,1841,365,3161,367,8691,370,8001,375,8081,383,7971,388,8961,403,5431,420,4831,437,3061,463,8261,496,0221,516,1681,548,8791,565,3621,584,7481,602,7531,613,2771,617,3931,616,8841,593,2991,563,2831,535,3331,499,5481,466,6241,431,9491,397,1701,374,2481,348,3781,320,6481,297,5401,286,7011,271,3701,244,4621,230,3671,219,6911,193,1951,178,4011,178,2461,172,2181,175,6161,175,4091,165,1091,141,3531,147,6391,151,9931,185,4831,189,9711,208,4271,190,1051,191,1201,159,4271,127,735
Education00052,119106,667139,78684,79224,73622,96826,45736,65549,41478,85898,035118,798154,266189,022189,093190,279208,325157,299108,20165,75022,8588,3929901,95802120593106191009000000002160000122000390000000000000000000000000000000000000
Health102,09292,19182,29060,56147,36033,53621,7449,09310,56312,07313,64115,32116,78516,84716,74516,75016,78616,96021,32125,63730,75835,67840,48746,66353,00757,48562,91968,12266,70365,65764,78363,29963,14565,08366,31768,73870,81772,49274,11976,71377,23979,26081,32879,57177,40577,69375,07973,04174,86976,57576,09678,86479,14982,20386,77692,28795,21698,917101,517101,857102,230101,394101,58294,68588,48583,68879,55873,83971,03068,75267,50263,64562,34761,95659,38757,55559,48255,59153,74053,18051,75749,90851,93559,04861,68364,21363,44263,19158,97458,02157,068
Housing50,19052,98155,77159,23763,12968,38373,61680,15086,10093,573100,432107,409114,603121,897128,210134,122140,893146,088149,923150,946151,009148,058144,621140,356135,797133,097132,226131,310132,756135,601137,986141,426145,725150,240155,551160,931164,589168,791171,075174,191175,292176,714177,924179,369179,598182,969185,173186,505189,366192,930194,588198,491200,960204,843208,062210,987213,501216,104216,654216,541214,823212,337210,035205,801201,423197,699194,077190,075186,619185,008183,086179,728176,397174,215169,123167,109164,676162,829161,755162,530159,822159,544159,376159,735162,357163,688167,221170,738168,380165,530162,681
Durable39,18837,89336,59936,10637,07038,63841,29344,79648,09652,10955,55258,93962,33165,97168,96272,39876,39783,32392,124100,179108,383118,455122,847125,971127,072128,481123,656119,124113,180107,895101,25998,07696,28794,52094,77994,55193,99794,75694,70694,68294,97195,14195,74898,945100,395103,551106,334108,728111,169114,014117,516122,718125,263128,745131,075131,230131,506127,984122,271119,155115,385109,241107,805105,06199,64596,72794,80892,28689,42989,93189,55987,36787,69089,23288,57387,78588,89786,88486,37887,44884,55383,28887,46990,39393,65395,76999,19696,16994,50092,80191,102
Other451,248448,389445,529451,442465,722488,397519,814559,753599,318639,491677,600713,991753,368792,379832,467874,319922,951977,7921,042,6171,101,5351,163,0621,214,0281,260,1651,287,8071,310,3791,317,9941,313,8081,295,7091,273,3591,243,0511,216,9901,198,5181,185,4651,172,5991,167,5921,164,6521,160,0251,155,9631,155,2991,155,7981,156,5481,155,8041,157,1371,163,2551,169,4591,178,8741,195,5591,212,8361,234,8911,262,1221,280,0391,304,0571,316,9181,327,3611,336,5351,338,7231,336,9571,332,8351,308,5481,277,7291,251,6461,221,3621,188,2261,164,5531,142,8121,129,5701,111,1591,093,4741,077,4301,069,1311,055,8591,035,9541,025,0081,014,375993,898982,402981,684983,371990,972989,428985,401962,397963,183956,760985,180983,768997,951976,754986,941957,344927,747
Net Indirect Tax on Consumption-53,366-52,914-52,462-53,051-54,710-57,348-61,056-65,783-70,447-75,255-79,776-84,105-88,758-93,399-98,087-103,015-108,742-115,463-123,474-130,762-138,349-144,991-150,489-153,837-156,413-157,395-156,414-153,952-150,873-147,000-143,442-141,086-139,471-137,879-137,362-137,017-136,453-136,094-136,016-136,068-136,181-136,119-136,330-137,343-138,176-139,544-141,662-143,803-146,468-149,741-152,072-155,251-156,928-158,443-159,695-159,949-159,787-158,956-155,691-151,999-148,750-144,786-141,025-138,150-135,195-133,437-131,224-129,026-126,969-126,121-124,636-122,232-121,076-120,086-117,787-116,450-116,493-116,457-117,229-117,178-116,425-113,784-114,324-113,944-117,391-117,467-119,383-116,748-117,674-114,269-110,864
Labor Income00000000000000000149,832423,840694,8481,004,8911,296,5951,529,5551,694,7581,807,4991,877,8621,929,1191,956,6261,973,7242,038,4422,078,7982,155,2562,250,1902,354,9072,436,6822,570,8272,670,3182,776,6642,866,1612,937,0122,997,2983,054,2863,105,9593,148,4203,198,4163,227,0083,216,8823,223,4953,186,5133,127,5313,036,0843,002,2032,879,7772,821,9552,721,7602,625,7102,441,6402,262,2781,997,1731,725,6741,465,3651,275,9341,079,430953,900864,101772,386681,786613,665545,050490,720460,503425,518379,425333,759293,787241,468202,861188,009166,990140,318121,315102,15672,53552,19238,05931,10410,6038,2137,7844,308831
Compensation of Employees00000000000000000149,710423,374694,1741,003,2341,293,0341,523,6061,687,0021,795,6581,860,3391,906,4671,926,1801,934,8751,986,1072,013,2912,070,1942,145,7442,223,6912,288,9182,402,4112,486,5452,579,7782,658,7792,707,5262,750,0652,789,1512,823,4592,844,6292,884,0452,897,5112,874,8312,869,1232,821,0552,758,7952,664,6862,631,8882,512,0872,459,5832,354,9422,265,3872,084,6021,900,9761,649,4611,393,2381,138,565957,936778,835659,435582,807510,211426,871371,139315,547270,544250,066235,182208,869180,453153,687120,05194,42387,57181,53077,60071,55853,50840,59928,98116,35015,47310,6038,2137,7844,308831
Self-employed Income000000000000000001224656741,6573,5615,9497,75511,84117,52322,65330,44638,84952,33565,50785,062104,447131,216147,764168,416183,773196,886207,382229,486247,233265,135282,500303,791314,371329,496342,051354,372365,458368,735371,398370,315367,690362,372366,818360,322357,038361,302347,712332,436326,800317,999300,595294,465281,295262,175254,916242,527229,503220,177210,437190,336170,556153,306140,100121,418108,438100,43885,46062,71849,75748,64731,93623,21221,70915,63100-000
Age Reallocations794,813784,000773,187818,787922,054998,2671,277,9011,249,0851,289,5461,345,5481,391,4191,439,5891,597,8771,657,1881,724,8351,775,3581,843,0971,678,9461,303,3901,081,029769,923499,922182,8033,356-115,869-182,388-232,857-279,941-324,098-418,561-485,564-579,464-682,996-793,211-871,404-999,247-1,096,228-1,198,550-1,282,956-1,346,174-1,402,488-1,454,972-1,500,215-1,529,985-1,569,743-1,578,816-1,546,810-1,531,300-1,461,982-1,364,749-1,247,174-1,174,603-1,029,672-949,137-827,595-717,690-526,166-343,993-92,996158,340400,558563,930737,379836,411900,264977,7891,051,1101,100,9841,166,4121,229,9491,264,9891,293,2091,344,7561,397,1581,428,3651,483,6971,540,3761,566,1401,610,4971,657,2201,685,8541,701,7381,757,3721,809,2541,886,6291,928,6261,997,8822,009,5892,011,0321,982,8161,954,600
Asset-based Reallocations-23,882-9,244-11,705-8,751-2,4274,543-15,792-19,447-13,869-13,346-12,644-12,321-16,109-15,831-15,983-11,61820,9628,703-36,549-50,415-62,682-65,991-56,273-48,431-36,870-23,646-18,075-10,8287,61210,17215,28725,28635,65847,06266,50076,14186,804107,383109,679125,823157,793187,640207,268236,095248,872250,597262,687256,133244,194237,953205,021146,598108,72484,459110,368134,074216,444262,366305,793339,983385,428364,206387,425366,849333,828311,142295,893279,260281,471304,505305,301292,995281,940282,686209,160190,720196,903189,305215,647244,346213,872180,515136,68472,18048,32850,85281,06491,53993,86378,04462,224
Private Asset-based Reallocations-15,107-544-3,079-286,56913,972-5,753-8,630-2,285-9724741,508-1,514-4731455,32038,84233,009-956-3,470-2,4797,21127,57643,41160,63877,19584,48892,674111,265116,235123,173136,863151,724168,739193,218209,720227,442256,692263,982285,327325,115361,458386,870421,954440,779446,432462,536460,592451,645450,411416,685358,990317,421294,865322,908349,351429,227470,310502,356520,937553,183518,683530,997502,410460,477429,684408,632387,199383,127404,690401,511382,890365,150363,101280,401259,702267,121258,826284,834314,208275,304231,950180,287106,52476,26879,970112,730122,273124,377106,80889,239
Private Asset Income00000000000000000-897-2,273-3,380-3,6934,33713,22422,60737,93255,31266,63986,374111,447149,733189,277245,749298,450369,476427,933488,131549,322618,679642,848678,504743,435805,071857,696921,199974,762997,5821,039,4431,080,1891,122,7771,197,0701,230,9151,226,5471,237,5961,282,3311,389,4551,493,7321,628,0231,731,2051,785,2981,769,1841,794,3481,739,5921,688,6551,654,9851,572,9871,477,8541,432,5741,402,3161,319,9771,313,1421,250,1311,155,9971,049,0791,006,970871,185850,876868,052846,498831,946835,135692,268543,602416,823268,700151,112172,233210,607200,590195,436175,768156,101
Capital share of self-employed00000000000000000271913637181,5192,5103,2114,8327,4669,97413,73417,84324,81132,05942,10452,53365,82874,94385,63094,643100,685106,317116,960124,963133,138142,388152,566158,629166,323172,241178,647184,551185,326186,038184,905183,124180,914183,003180,903179,294181,288173,704164,571160,587155,769146,574142,788136,624127,033123,167117,640111,486107,495102,01991,81481,71473,25167,16160,74254,38049,50342,18138,00530,56029,95324,12820,60314,29413,3818,3516,7998,2498,1117,972
HH Operating Surplus00000000000000000351714739711,8393,3745,0547,49612,05318,71625,52534,10844,15153,83564,56576,04888,857101,220113,998125,032137,107145,586154,146160,541166,903170,953175,012178,718183,910185,332188,308188,164185,939181,264180,659175,104175,498175,129176,553173,828173,240167,352162,662153,739146,239138,159134,411129,007126,583120,324117,796110,211106,183100,62097,63488,69483,25973,87366,23858,79752,70045,89542,00033,78729,34424,89320,12415,98816,06817,58017,37017,16216,22515,289
Corporate Operating Surplus00000000000000000481893691,8088,75315,11422,32532,70542,14747,84956,87269,02186,710103,669129,176152,677186,507214,931244,513275,866315,623323,824336,718376,190413,694442,857479,465513,795521,465546,399572,181601,484658,623686,497687,253700,553739,021816,256894,969995,3181,067,6761,109,7911,104,4481,127,7121,091,1961,063,9641,041,515986,423922,865895,438877,568826,207826,863789,299729,128662,345641,771550,906544,638568,615561,822561,424570,903474,972365,592276,939171,45390,105106,962138,786132,626127,713113,59599,477
Other property income00000000000000000-1,012-2,842-4,619-7,355-8,578-9,165-10,035-10,107-10,229-14,300-14,986-15,871-13,912-9,818-1,9723,15411,13617,07821,50928,41736,24537,34739,72247,15253,30060,78070,07376,37977,93885,23388,44493,276106,626113,997110,542114,402118,950140,018159,021188,070210,835232,412235,957248,624246,060242,133240,510230,237216,522211,315208,626196,109196,575185,622170,382155,427149,682128,594129,182133,980130,817130,826131,737109,27885,09965,40140,75522,44125,98733,13031,60130,57027,39324,217
Indirect Tax on Capital Income00000000000000000417341668051,3902,0533,0073,8754,3995,2296,3467,9729,53211,87714,03817,14819,76222,48125,36429,02029,77430,95934,58838,03740,71844,08447,24047,94550,23852,60855,30360,55663,11963,18964,41167,94875,05082,28791,51398,166102,038101,547103,686100,32997,82595,76190,69584,85282,33080,68775,96576,02572,57167,03960,89859,00750,65250,07652,28151,65651,61952,49143,67133,61425,46315,7648,2859,83412,76012,19411,74210,4449,146
Less: Private Saving15,1075443,07928-6,569-13,9725,7538,6302,285972-474-1,5081,514473-145-5,320-38,842-33,906-1,31791-1,214-2,874-14,353-20,804-22,706-21,883-17,849-6,30018333,49866,105108,886146,726200,737234,715278,411321,880361,987378,866393,177418,319443,613470,826499,246533,983551,150576,907619,596671,132746,659814,230867,558920,175987,4661,066,5471,144,3801,198,7951,260,8951,282,9421,248,2481,241,1651,220,9081,157,6581,152,5751,112,5091,048,1701,023,9421,015,117936,850908,452848,620773,107683,929643,869590,784591,174600,931587,671547,111520,927416,964311,652236,537162,17674,84492,26397,87778,31771,05968,96166,862
Public Asset-based Reallocations-8,775-8,700-8,626-8,723-8,996-9,430-10,039-10,817-11,583-12,374-13,117-13,829-14,594-15,357-16,128-16,939-17,880-24,523-36,236-47,862-61,438-74,715-85,590-93,730-99,485-102,917-104,593-105,464-105,542-107,827-109,257-112,843-117,050-122,403-127,300-134,400-141,601-150,268-155,289-160,367-167,852-173,246-178,863-184,794-191,069-194,360-199,096-203,128-206,513-211,112-210,456-210,479-207,341-209,307-211,524-215,362-214,127-209,326-196,952-181,305-167,152-153,278-142,101-134,252-125,220-116,976-110,999-105,833-99,567-97,955-93,809-87,417-80,841-77,875-68,883-66,705-68,033-67,295-66,939-67,550-59,464-49,593-42,204-33,366-27,093-28,409-31,079-30,039-29,784-28,010-26,235
Public Asset Income-4,302-4,266-4,229-4,277-4,410-4,623-4,922-5,303-5,679-6,067-6,431-6,780-7,155-7,529-7,907-8,304-8,766-12,023-17,765-23,465-30,121-36,630-41,962-45,953-48,775-50,457-51,279-51,706-51,744-52,864-53,565-55,323-57,386-60,011-62,411-65,892-69,423-73,672-76,133-78,623-82,293-84,937-87,691-90,599-93,675-95,289-97,611-99,587-101,247-103,501-103,180-103,191-101,653-102,617-103,703-105,585-104,980-102,626-96,559-88,888-81,950-75,147-69,667-65,820-61,392-57,350-54,419-51,887-48,814-48,024-45,991-42,858-39,634-38,180-33,771-32,703-33,354-32,993-32,818-33,117-29,153-24,314-20,691-16,358-13,283-13,928-15,237-14,727-14,602-13,732-12,862
Less: Public Saving4,4734,4354,3974,4464,5854,8075,1175,5145,9046,3076,6867,0497,4397,8288,2218,6349,11412,50018,47024,39731,31738,08543,62847,77750,71152,46053,31553,75853,79854,96355,69257,52059,66462,39364,88968,50872,17976,59679,15681,74485,55988,30991,17294,19597,39499,072101,486103,541105,266107,610107,276107,288105,688106,691107,820109,777109,147106,700100,39392,41785,20378,13072,43368,43363,82959,62656,58053,94650,75249,93147,81744,55941,20739,69535,11234,00234,67934,30234,12134,43230,31025,27921,51317,00813,81014,48115,84215,31215,18214,27713,373
Transfers818,695793,244784,892827,538924,480993,7241,293,6941,268,5321,303,4151,358,8941,404,0621,451,9091,613,9861,673,0181,740,8181,786,9771,822,1351,670,2431,339,9381,131,444832,605565,913239,07651,787-78,999-158,742-214,782-269,113-331,710-428,733-500,851-604,750-718,653-840,273-937,904-1,075,388-1,183,032-1,305,933-1,392,636-1,471,997-1,560,281-1,642,612-1,707,484-1,766,080-1,818,615-1,829,413-1,809,497-1,787,433-1,706,177-1,602,703-1,452,194-1,321,200-1,138,396-1,033,596-937,963-851,764-742,610-606,359-398,790-181,64315,130199,724349,954469,562566,436666,646755,217821,724884,942925,445959,6871,000,2141,062,8161,114,4711,219,2051,292,9781,343,4731,376,8351,394,8501,412,8741,471,9821,521,2221,620,6881,737,0751,838,3011,877,7751,916,8181,918,0501,917,1691,904,7731,892,376
Public Transfers239,439239,817240,195247,148293,287323,249652,176646,838639,432639,960625,844613,056696,929687,437685,929648,441621,488507,815259,604163,62475,97923,882-125,403-167,035-211,937-227,726-232,260-237,478-239,458-250,064-256,279-273,976-294,788-320,379-343,325-377,123-411,628-454,373-477,302-501,219-537,587-562,607-589,470-613,290-639,368-650,214-669,257-682,477-693,031-707,610-691,696-677,237-642,954-629,520-599,378-575,842-511,344-444,699-301,171-123,47752,217205,481354,153455,638533,127595,622634,963679,694706,519710,830731,968766,165779,043795,867820,108815,834798,488792,735782,906790,774808,407851,339901,195960,494991,0301,018,5541,038,0321,045,0471,040,1521,047,0781,054,004
Public Transfer Inflows284,822284,822284,822292,268339,793371,959703,985702,595699,087703,632693,295684,123771,885766,270768,680735,309713,142633,225444,533407,638388,979404,351310,327310,064294,408296,056300,043299,250297,665298,670299,720300,249300,816302,428304,364306,646308,737310,032312,619314,505316,176318,568320,249326,565332,375338,255343,279350,547357,197365,985378,568393,143411,481434,905476,309519,350577,571619,820700,469798,651902,424985,1821,077,0551,138,6581,170,2481,190,8491,199,8151,218,2951,213,2771,209,4001,209,4661,211,1841,190,6411,192,3951,170,9421,155,5991,145,0021,135,4991,123,8631,134,8321,111,3741,104,1451,116,4551,130,8431,129,5001,163,7091,196,7601,198,4891,192,2971,190,2051,188,113
Public Consumption205,460205,460205,460212,374256,815286,875597,699596,340592,949597,100587,314578,620660,691655,459657,739626,518605,789530,985354,438320,017302,651317,088228,978228,295213,395214,822218,111216,372214,290214,676215,065215,453215,852217,133218,402219,716221,115222,208224,021225,521226,941228,514229,936234,638239,777244,649249,589254,888260,704266,759272,742278,721284,744288,070291,412294,743298,081301,401310,878320,731330,590340,316350,185358,362367,196375,926384,519394,001413,922433,969454,122474,265493,814511,226528,957546,764564,991581,931601,872622,130642,061662,540682,268709,454739,205769,759800,059827,697827,697827,697827,697
Education0008,28954,08385,501397,685397,689396,789403,410396,149389,962474,438468,621470,317438,515417,173341,812162,230124,867104,581116,05124,91522,2335,3814,8286,1722,470000000000000000000000000000000000000000000000000000000000000000
Health48,04148,04148,04146,66545,31143,95442,59441,23138,74136,27133,74531,23828,83329,41830,00330,58431,19631,75334,78837,73040,65043,61746,64448,64350,59452,57454,51956,48256,87057,25657,64558,03458,43259,71360,98262,29663,69664,78866,60168,10169,52171,09472,51677,21882,35787,22992,16997,469103,284109,339115,323121,301127,324130,650133,992137,323140,661143,981153,458163,311173,170182,897192,765200,942209,776218,506227,099236,581256,502276,549296,702316,845336,394353,806371,537389,345407,571424,511444,452464,710484,641505,120524,848552,034581,785612,339642,639670,277670,277670,277670,277
Longterm care0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000
Other157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420157,420
Cash Transfers79,36279,36279,36279,89482,97885,084106,286106,255106,138106,532105,981105,503111,194110,812110,940108,791107,353102,24090,09587,62086,32887,26381,34981,76981,01381,23481,93282,87883,37583,99484,65584,79584,96485,29585,96286,93187,62187,82488,59888,98489,23590,05390,31391,92792,59893,60793,69095,65996,49399,226105,826114,422126,737146,835184,898224,607279,490318,419389,591477,920571,834644,865726,870780,296803,052814,923815,296824,294799,354775,431755,344736,920696,828681,170641,985608,834580,011553,568521,991512,702469,313441,605434,187421,389390,295393,950396,702370,793364,600362,509360,417
Social Benefits69,04469,04469,04469,57672,66074,76695,96895,93795,82096,21495,66395,185100,876100,494100,62298,47397,03591,92279,77777,30276,01076,94471,03171,45170,69470,91671,61472,56073,05773,67674,33674,47774,64674,97775,64476,61377,30377,50678,28078,66678,91779,73579,99581,60982,28083,28983,37285,34186,17588,90895,508104,104116,418136,517174,580214,289269,172308,101379,273467,602561,516634,547716,552769,978792,734804,605804,978813,976789,036765,113745,026726,602686,509670,852631,667598,516569,693543,250511,673502,384458,995431,287423,869411,071379,977383,632386,384360,475354,282352,190350,099
Pension00000000000000000000211083258821,2271,4412,0043,1573,8134,4235,0755,2075,3665,6696,3077,2467,9058,0838,8169,1679,38610,16910,39611,90412,45813,35613,32815,17615,87918,47424,93933,39945,57765,600103,587143,221198,028236,882307,839395,944489,635562,446644,227697,468720,023731,696731,875740,657715,266690,888670,344651,463610,927594,875555,288521,733492,497465,670433,641423,892380,051351,879344,013330,599298,830301,793303,857277,321271,129269,037266,945
Education0005643,6785,81527,04827,04826,98727,43726,94326,52332,26831,87331,98829,82528,37323,24811,0348,4937,1137,8931,6951,512366328420168000000000000000000000000000000000000000000000000000000000000000
Health1,0891,0891,0891,0581,0279979669358788227657086546676806947077207898569229891,0581,1031,1471,1921,2361,2811,2901,2981,3071,3161,3251,3541,3831,4131,4441,4691,5101,5441,5761,6121,6441,7511,8681,9782,0902,2102,3422,4792,6152,7512,8872,9633,0383,1143,1903,2653,4803,7033,9274,1474,3714,5574,7574,9555,1505,3655,8166,2716,7287,1857,6288,0238,4258,8299,2429,62610,07810,53810,99011,45411,90112,51813,19213,88514,57215,19915,19915,19915,199
Long-term care0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000
Other Social Benefits67,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,95467,954
Other Cash Transfers10,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,31810,318
Public Transfer Outflows45,38345,00544,62745,12046,50648,71051,80855,75859,65563,67367,45171,06774,95678,83482,75086,86891,653125,410184,929244,014313,000380,469435,731477,100506,345523,782532,302536,728537,124548,734555,999574,225595,603622,807647,689683,769720,365764,405789,922815,724853,762881,174909,719939,855971,743988,4701,012,5361,033,0241,050,2281,073,5941,070,2641,070,3801,054,4351,064,4251,075,6881,095,1921,088,9151,064,5191,001,639922,128850,207779,700722,902683,020637,121595,227564,852538,601506,758498,570477,497445,019411,598396,528350,834339,765346,514342,763340,957344,057302,967252,806215,260170,349138,470145,155158,728153,442152,145143,127134,110
Personal Income Tax0000000000000000012,30736,43561,15691,359120,751145,407164,753176,620182,679184,497185,044181,430183,264183,369186,982191,946198,479205,609218,521235,592255,971271,321288,909309,001318,002332,836347,014361,979374,967392,723403,341413,825419,525413,033414,300404,136403,301392,777390,241359,723322,247265,581213,258155,400118,55293,16076,27962,10355,07646,19833,64430,57027,71725,22420,23217,71614,75710,5096,4526,4466,2834,4044,1043,3341,8691,4771,2181,09892542581595449
Corporate Income tax0000000000000000019751467163,4655,9838,83712,94516,68318,94022,51127,32034,32241,03551,13160,43373,82485,07596,784109,195124,931128,178133,281148,905163,750175,294189,784203,373206,409216,278226,483238,082260,700271,732272,032277,296292,523323,094354,251393,972422,613439,283437,168446,377431,922421,144412,258390,451365,293354,437347,363327,033327,293312,424288,607262,173254,029218,062215,581225,072222,383222,226225,977188,006144,711109,62067,86635,66642,33854,93552,49750,55244,96439,375
Net Indirect Tax53,36652,91452,46253,05154,71057,34861,05665,78370,44775,25579,77684,10588,75893,39998,087103,015108,742115,467123,492130,796138,516145,796151,879155,890159,420161,270160,814159,181157,219154,972152,974152,963153,509155,027157,124159,499161,818165,114165,790167,027170,769174,155177,048181,427185,416187,490191,900196,411201,771210,297215,191218,440221,339226,391234,744242,236251,301257,122257,730253,546252,436245,115238,849233,911225,890218,288213,554209,713202,934202,145197,207189,270181,974179,093168,439166,526168,773168,113168,849169,669160,095147,398139,787129,708125,675127,302132,144128,942129,417124,713120,010
social security contribution0000000000000000021,34860,37198,986143,057184,381217,260240,559256,053265,276271,854274,665275,905283,210287,086295,201305,974317,089326,390342,573354,570367,865379,130386,081392,147397,721402,613405,632411,252413,172409,938409,124402,270393,392379,973375,296358,213350,726335,804323,034297,255271,071235,206198,670162,354136,597111,05894,03383,10672,75460,87052,92344,99638,57835,65833,53629,78425,73221,91517,11913,46412,48711,62611,06510,2047,6305,7894,1322,3312,2061,5121,1711,110614119
Surplus/Deficit-8,775-8,700-8,626-8,723-8,996-9,430-10,039-10,817-11,583-12,374-13,117-13,829-14,594-15,357-16,128-16,939-17,880-24,523-36,236-47,862-61,438-74,715-85,590-93,730-99,485-102,917-104,593-105,464-105,542-107,827-109,257-112,843-117,050-122,403-127,300-134,400-141,601-150,268-155,289-160,367-167,852-173,246-178,863-184,794-191,069-194,360-199,096-203,128-206,513-211,112-210,456-210,479-207,341-209,307-211,524-215,362-214,127-209,326-196,952-181,305-167,152-153,278-142,101-134,252-125,220-116,976-110,999-105,833-99,567-97,955-93,809-87,417-80,841-77,875-68,883-66,705-68,033-67,295-66,939-67,550-59,464-49,593-42,204-33,366-27,093-28,409-31,079-30,039-29,784-28,010-26,235
ROW792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792792
Private Transfers579,256553,427544,698580,390631,194670,476641,517621,694663,984718,934778,218838,854917,057985,5821,054,8881,138,5361,200,6461,162,4281,080,335967,820756,626542,031364,479218,823132,93868,98517,478-31,635-92,252-178,669-244,572-330,774-423,866-519,894-594,579-698,265-771,404-851,560-915,334-970,778-1,022,694-1,080,005-1,118,014-1,152,790-1,179,247-1,179,199-1,140,240-1,104,957-1,013,146-895,093-760,499-643,963-495,442-404,076-338,585-275,922-231,266-161,659-97,619-58,166-37,087-5,758-4,19913,92433,30971,024120,254142,030178,423214,615227,719234,049283,773318,604399,096477,144544,985584,100611,944622,100663,575669,883719,494776,581847,271859,220878,785873,003877,017857,695838,372
Inter-household Transfers00000000000000000-38-951715729639342431555-118-288-508-525-251-200272483781751353263795841,0211,8811,6271,32393-330-2,564-3,357-5,083-5,695-6,858-6,665-7,171-7,216-6,864-7,238-7,746-7,465-6,107-5,962-5,213-4,508-4,146-4,221-3,938-3,509-3,386-3,120-3,012-2,811-2,229-1,663-1,395-941-757-798-692-333-223664174-27-526-241-444-581-45544155266
Inflows00000000000000000021663836238271,0101,1091,0921,1441,1951,1791,3191,7011,8592,2152,5742,8322,8052,9473,3003,5283,9444,6125,8336,1946,6826,5917,3246,7297,3346,9697,3617,0107,6826,9666,7186,5125,4473,7763,1683,2852,4912,4922,5072,3791,9541,8621,9161,9432,0962,0432,1432,3192,3662,2572,4102,1982,0561,9852,0572,0792,1381,8211,6951,271839750603470574658692726
Outflows00000000000000000-38-97-149-226-327-434-586-794-1,037-1,262-1,484-1,687-1,844-1,953-2,059-2,188-2,326-2,453-2,629-2,813-2,973-3,149-3,361-3,591-3,952-4,567-5,359-6,498-7,654-9,294-10,691-12,052-13,056-13,868-14,346-14,137-13,934-13,376-12,685-11,522-10,633-9,392-8,453-7,705-7,015-6,525-6,174-5,800-5,425-5,329-5,216-5,055-4,955-4,547-4,029-3,652-3,351-2,955-2,854-2,676-2,390-2,101-2,101-1,757-1,522-1,298-1,365-991-1,046-1,051-1,029-614-537-460
Intra-household Transfers579,256553,427544,698580,390631,194670,476641,517621,694663,984718,934778,218838,854917,057985,5821,054,8881,138,5361,200,6461,162,4661,080,430967,803756,469541,735364,086218,399132,62368,93017,596-31,347-91,743-178,145-244,320-330,574-423,893-520,142-594,957-698,440-771,539-851,886-915,713-971,361-1,023,715-1,081,886-1,119,640-1,154,113-1,179,340-1,178,869-1,137,675-1,101,599-1,008,063-889,399-753,641-637,299-488,270-396,859-331,721-268,683-223,520-154,194-91,512-52,204-31,874-1,249-5318,14537,24774,533123,640145,150181,435217,426229,948235,712285,168319,545399,853477,941545,677584,433611,967622,063663,511669,709719,520777,107847,512859,664879,367873,457876,973857,540838,107
Inflows579,256553,427544,698580,390631,194670,476641,517621,694663,984718,934778,218838,854917,057985,5821,054,8881,139,8401,214,0461,220,9201,211,2181,187,5331,074,686959,820872,803794,929765,387758,972767,178767,191763,589755,023744,266730,123713,361697,994683,988664,907647,926633,435623,907613,474604,366598,522599,368599,529607,017626,146653,180683,355735,882795,851852,765916,018970,6771,011,0051,035,1931,057,4771,062,2021,086,8531,076,2421,049,6911,018,054981,159922,602905,336883,670876,197878,099878,359862,912868,941853,805836,276828,597827,209842,607855,927878,896884,986885,755874,643883,834866,439897,937929,214980,689989,7331,003,676985,475991,370970,255949,139
Outflows000000000000000-1,304-13,400-58,454-130,788-219,731-318,217-418,085-508,717-576,531-632,764-690,042-749,582-798,538-855,333-933,167-988,586-1,060,697-1,137,253-1,218,136-1,278,946-1,363,348-1,419,465-1,485,321-1,539,620-1,584,835-1,628,081-1,680,408-1,719,008-1,753,643-1,786,357-1,805,015-1,790,855-1,784,954-1,743,945-1,685,250-1,606,406-1,553,316-1,458,948-1,407,864-1,366,914-1,326,161-1,285,722-1,241,047-1,167,753-1,101,895-1,049,928-982,409-922,655-887,191-846,423-801,664-754,459-733,209-681,477-651,515-623,857-600,564-543,428-507,664-442,754-377,986-333,220-300,553-273,789-252,579-220,323-196,729-178,416-152,107-133,178-130,069-124,309-112,018-114,397-112,715-111,032
Education, Net00046,07293,472121,70370,93620,41619,16722,27831,44343,01768,93486,384105,803138,769171,300172,255176,045195,549144,19597,56156,35215,2801,886-4,802-4,205-7,616-9,860-13,232-16,983-21,604-25,982-30,936-35,008-39,441-43,261-47,145-51,825-57,753-64,973-73,056-83,124-93,837-103,134-111,086-116,709-120,770-116,233-108,885-97,080-85,166-67,314-56,047-45,583-36,642-27,114-22,306-16,503-12,192-10,128-9,276-8,140-7,639-7,460-6,630-6,501-6,830-7,184-7,301-8,490-9,261-8,950-8,751-7,709-6,045-4,779-4,007-3,867-3,833-3,846-3,931-3,931-2,896-2,422-1,940-1,161-717-652-693-734
Education, Inflows00046,07293,472121,70370,93620,41619,16722,27831,44343,01768,93486,384105,803138,784171,513173,322178,379199,236149,473103,96363,12521,8638,0129441,81107800018600000000000140000011900030000000000000000000000000000000000000
Education, Outflows000000000000000-
