ADDENDUMS ADDENDUM 1   Econometric model for government revenue    Long run equation Long run equation: graph of actual and modelled values Cointegration text of long run equation   The hypothesis of the cointegration test is as follows:   H0: No cointegration.   Source:  Own calculations   The results indicate that the variable is statistically significant (at 1% level), which means that we can reject the null hypothesis (of no cointegration). Short run (ECM) equation [1]     Diagnostic and...

CHAPTER 3 LITERATURE AND METHODOLOGY   Longevity’s impact on state finances: empirical evidence    The IMF [1]  notes that the economic and fiscal effects of an aging society have been extensively studied and are generally recognized by policymakers, but the financial consequences associated with the risk that people live longer than expected—longevity risk—has received less attention.  In this sense longevity can be defined as the risk that actual life spans of individuals or of whole...

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