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<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="ru"><front><journal-meta><journal-id journal-id-type="publisher-id">voprecotest</journal-id><journal-title-group><journal-title xml:lang="ru">Вопросы экономики</journal-title><trans-title-group xml:lang="en"><trans-title>Voprosy Ekonomiki</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">0042-8736</issn><publisher><publisher-name>Voprosy Ekonomiki, NP</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.32609/0042-8736-2012-3-52-79</article-id><article-id custom-type="elpub" pub-id-type="custom">voprecotest-781</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>МАКРОЭКОНОМИЧЕСКАЯ ПОЛИТИКА</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="en"><subject>MACROECONOMIC POLICY</subject></subj-group></article-categories><title-group><article-title>Старение населения и угроза бюджетного кризиса</article-title><trans-title-group xml:lang="en"><trans-title>Population Aging and Risks of Budget Crisis</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Кудрин</surname><given-names>А.</given-names></name><name name-style="western" xml:lang="en"><surname>Kudrin</surname><given-names>A.</given-names></name></name-alternatives><bio xml:lang="ru"><p>кандидат экономических наук, профессор</p></bio><xref ref-type="aff" rid="aff-1"/></contrib><contrib contrib-type="author" corresp="yes"><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Гурвич</surname><given-names>Е.</given-names></name><name name-style="western" xml:lang="en"><surname>Gurvich</surname><given-names>E.</given-names></name></name-alternatives><bio xml:lang="ru"><p>кандидат физико-математических наук, руководитель</p></bio><xref ref-type="aff" rid="aff-2"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="ru"><institution>Санкт-Петербургский государственный университет</institution><country>Россия</country></aff><aff xml:lang="en"><institution>Saint Petersburg State University</institution><country>Russian Federation</country></aff></aff-alternatives><aff-alternatives id="aff-2"><aff xml:lang="ru"><institution>Экономическая экспертная группа</institution><country>Россия</country></aff><aff xml:lang="en"><institution>Economic Expert Group</institution><country>Russian Federation</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2012</year></pub-date><pub-date pub-type="epub"><day>20</day><month>03</month><year>2012</year></pub-date><volume>0</volume><issue>3</issue><fpage>52</fpage><lpage>79</lpage><permissions><copyright-statement>Copyright &amp;#x00A9; Voprosy Ekonomiki, NP, 2012</copyright-statement><copyright-year>2012</copyright-year><copyright-holder xml:lang="ru">Voprosy Ekonomiki, NP</copyright-holder><copyright-holder xml:lang="en">Voprosy Ekonomiki, NP</copyright-holder><license xlink:href="https://www.vopreco.ru/jour/about/submissions#copyrightNotice" xlink:type="simple"><license-p>https://www.vopreco.ru/jour/about/submissions#copyrightNotice</license-p></license></permissions><self-uri xlink:href="https://www.vopreco.ru/jour/article/view/781">https://www.vopreco.ru/jour/article/view/781</self-uri><abstract><p>В работе рассматривается влияние глобальных демографических тенденций на бюджетные расходы и возможные ответные меры. Авторы приходят к выводу, что без проведения глубоких реформ в нашей стране демографические сдвиги могут потребовать удвоения (в процентах ВВП) государственных расходов на пенсии и здравоохранение к середине XXI в. При разработке пенсионной реформы необходимо учитывать не только соответствие возникающих финансовых обязательств имеющимся ресурсам, но и политэкономический аспект: достаточное обеспечение интересов всех поколений. Предлагается новый способ определения оптимальной пенсионной политики: она должна имитировать поведение граждан на протяжении жизненного цикла, если бы они располагали всей полнотой информации и имели длительный горизонт планирования. Оптимальная в этом смысле реакция государства на увеличение продолжительности жизни состоит в постоянной коррекции пенсионного возраста при сохранении пропорции между длительностью труда и пребывания на пенсии. Такая стратегия обеспечивает стабильность коэффициента замещения и не изменяет баланса отношений между поколениями. Возможность повышения пенсионного возраста обусловлена тем, что рост общей продолжительности жизни происходит преимущественно за счет продления активной, здоровой жизни при минимальном увеличении периода нездоровья.</p></abstract><trans-abstract xml:lang="en"><p>The impact of global aging on fiscal expenditure and possible ways to address this challenge are considered in the article. The authors conclude that if ambitious reforms are not implemented, relative spending on public health and social security may double by mid-XXI century. Pension reform should aim not only at avoiding excessive financial commitments, but more generally at securing due interests of all generations. A new approach to defining optimal pension policy is suggested. It is specified as a policy that mimics choices on work duration and savings, made by a person with full knowledge and long horizon. The best reaction to aging from this viewpoint is an increase in retirement age keeping constant leisure/labor ratio. This strategy ensures the stability of replacement rates and does not affect intergeneration accounts. Longer employment is feasible, as higher life expectancy is accompanied with proportional increase in healthy life expectancy.</p></trans-abstract><kwd-group xml:lang="ru"><kwd>старение населения</kwd><kwd>долгосрочная бюджетная сбалансированность</kwd><kwd>пенсионная реформа</kwd><kwd>пенсионный возраст</kwd></kwd-group><kwd-group xml:lang="en"><kwd>population aging</kwd><kwd>long-term fiscal sustainability</kwd><kwd>pension reform</kwd><kwd>retirement age</kwd></kwd-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">Гурвич Е. Т. 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