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The Macroeconomic Impact of Healthcare Financing Alternatives: Reform Options forHong Kong SAR
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Author/Editor: |
Botman, Dennis P. J. | Porter, Nathaniel John |
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December 1, 2008 |
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Electronic Access: |
Free Full Text (PDF file size is 564KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
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Summary: With much healthcare publicly funded, Hong Kong's rapidly aging population will significant raise fiscal pressure over coming decades. We ask what the implications are of meeting these costs by public funding, or private funding voluntarily or through mandates. Our simulations suggest that without early reform, these costs quickly become unsustainable. Prefunding is key. Whether this is done through the public system or through mandatory private provision is less important. Voluntary schemes are likely to result in insufficient savings without tax incentives. Even then, voluntary accounts are unlikely to yield better macroeconomic outcomes, while mandates tend to produce more equitable consumption.
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Series: |
Working Paper No. 08/272 |
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Subject(s): |
Health care | Hong Kong Special Administrative Region of China | Public finance | Aging | Fiscal reforms | Tax incentives |
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Author's keyword(s): |
Healthcare financing
| aging population
| aging-related fiscal pressures
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Published: |
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December 1, 2008 |
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Format: |
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Paper |
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Stock No: |
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WPIEA2008272 |
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Pages: |
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31 |
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Price: |
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US$18.00
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