Demographic Change, Economic Growth, and Old-Age Economic Security: Asia and the World

Andrew Mason, Sang-Hyop Lee and Donghyun Park

Asian Development Review (ADR), 2022, vol. 39, issue 01, 131-167

Abstract: Asia is aging, although there is significant heterogeneity across subregions and economies. Population aging poses two strategic challenges for the region: sustaining economic growth and delivering old-age economic security. In this paper, we leverage the lifecycle perspective—that individuals’ consumption and labor income differ at each age—and the National Transfer Accounts database to construct and analyze key economic indicators. Our analysis confirms that demographic change will challenge the region’s future growth and increase the cost of funding the consumption of the elderly. We also find that it will have a substantial impact on the public finances of some Asian economies.

Keywords: population aging; demographic change; Asia; economic growth; old-age economic security (search for similar items in EconPapers)
JEL-codes: J11 J14 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1142/S0116110522500019

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