Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/192041
Title: EVALUATION OF THE EQUITABILITY OF SINGAPORE GOVERNMENT’S BUDGET RESPONSE TO COVID-19 VIA GENERATIONAL ACCOUNTING
Authors: DYON DONG YUNFAN
Keywords: aging population
COVID-19
demographic forecasting
fiscal sustainability
generational accounting
Singapore
Issue Date: 5-Apr-2021
Citation: DYON DONG YUNFAN (2021-04-05). EVALUATION OF THE EQUITABILITY OF SINGAPORE GOVERNMENT’S BUDGET RESPONSE TO COVID-19 VIA GENERATIONAL ACCOUNTING. ScholarBank@NUS Repository.
Abstract: Singapore’s rapidly aging population poses significant challenges to the government’s long-term fiscal sustainability as it structurally affects government revenue and expenditure. Amidst the ongoing trends, total government spending has skyrocketed to unprecedented amounts in 2020 in response to the COVID-19 pandemic. This thesis evaluates Singapore’s fiscal sustainability through the lens of generational accounting and actuarial analyses, before and after COVID-19. Our results predict a pre-COVID absolute intergenerational gap of S$512 thousand between future generations and current newborns, implying that there is considerable intergenerational inequity under current fiscal policies. This gap increases by a further S$67 thousand after factoring in COVID-19’s impact on government net spending and short-term fertility rates. The thesis also explores potential solutions to restore fiscal balance in the short term and intergenerational equity in the long term, after incorporating key upcoming policy changes such as Goods and Services Tax (GST) hike and carbon tax increases.
URI: https://scholarbank.nus.edu.sg/handle/10635/192041
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