@TechReport{iza:izadps:dp8844,
            	author={Hansen, Marianne Frank and Schultz-Nielsen, Marie Louise and Tranæs, Torben},
            	title={The Impact of Immigrants on Public Finances: A Forecast Analysis for Denmark},
            	year={2015},
	month={Feb},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={8844},
            	url={https://www.iza.org/publications/dp8844},
	abstract={All over Europe, ageing populations threaten nations' financial sustainability. In this paper we examine the potential of immigration to strengthen financial sustainability. We look at a particularly challenging case, namely that of Denmark, which has extensive tax-financed welfare programmes that provide a high social safety net. The analysis is based on a forecast for the entire Danish economy made using a dynamic computable general equilibrium model with overlapping generations. Net contributions to the public purse are presented both as cross-sectional figures for a long time horizon and as average individual life-cycle contributions. The main conclusion is that immigrants from richer countries have a positive fiscal impact, while immigrants from poorer countries have a large negative one. The negative effect is caused by both a weak labour market performance and early retirement in combination with the universal Danish welfare schemes.},
	keywords={welfare benefits;sustainable fiscal policy;immigration},
            }