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

Author

Listed:
  • ANDREW MASON

    (East-West Center, Honolulu, HI, United States)

  • SANG-HYOP LEE

    (East-West Center, Honolulu, HI, United States2University of Hawai‘i at MÄ noa, Honolulu, HI, United States)

  • DONGHYUN PARK

    (Asian Development Bank, Metro Manila, Philippines)

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.

Suggested Citation

  • Andrew Mason & Sang-Hyop Lee & Donghyun Park, 2022. "Demographic Change, Economic Growth, and Old-Age Economic Security: Asia and the World," Asian Development Review (ADR), World Scientific Publishing Co. Pte. Ltd., vol. 39(01), pages 131-167, March.
    • Handle: RePEc:wsi:adrxxx:v:39:y:2022:i:01:n:s0116110522500019
    DOI: 10.1142/S0116110522500019
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    More about this item

    Keywords

    population aging; demographic change; Asia; economic growth; old-age economic security;
    All these keywords.

    JEL classification:

    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination

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