TAILIEUCHUNG - DIRECTORATE-GENERAL FOR ECONOMIC AND FINANCIAL AFFAIRS 2003

A small number of high-growth firms (henceforth HGFs) have received an increasing amount of attention in the literature in recent years. This is because they generate the bulk of – or all – new jobs (., Birch and Medoff, 1994; Henrekson and Johansson, 2010; Storey, 1994). The purpose of this paper is to examine whether HGFs defined in different ways are equally important to the growth in different economic outcome variables, if they are the same firms irrespective of definition, and, finally, how firm age and size influence the probability of a firm becoming a HGF depending on definition | EUROPEAN ECONOMY EUROPEAN COMMISSION DIRECTORATE-GENERAL FOR ECONOMIC AND FINANCIAL AFFAIRS ECONOMIC PAPERS ISSN 1725-3187 http comm economy finance N 196 December 2003 Population ageing and public finance targets by Heikki Oksanen Directorate-General for Economic and Financial Affairs Economic Papers are written by the Staff of the Directorate-General for Economic and Financial Affairs or by experts working in association with them. The Papers are intended to increase awareness of the technical work being done by the staff and to seek comments and suggestions for further analyses. Views expressed represent exclusively the positions of the author and do not necessarily correspond to those of the European Commission. Comments and enquiries should be addressed to the European Commission Directorate-General for Economic and Financial Affairs Publications BU1 - -1 180 B - 1049 Brussels Belgium Caveat Views expressed in the paper are exclusively those of the author and do not necessarily correspond to those of the European Commission for whose Directorate-General for Economic and Financial Affairs the author is working. ECFIN 162 03-EN ISBN 92-894-6891-2 KC-AI-03-196-EN-C European Communities 2003 Population ageing and public finance targets by Heikki Oksanen Directorate General for Economic and Financial Affairs European Commission Abstract The paper investigates alternative measures for analysing long-term sustainability of public finances under population ageing and presents a method to transform long-term public expenditure projections into medium-term budget balance targets. Data on EU-12 euro area are used as illustrations. Firstly previously used measures are discussed and their implications spelled out. It is recognised that according to the prevailing population projections the share of older people is moving to a permanently higher level and that this has consequences on sustainability measures and their interpretation. Secondly considerations on

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