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Why Does Population Aging Matter So Much for Asia? Population Aging, Economic Security and Economic Growth in Asia

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  • Sang-Hyop LEE

    (Sang-Hyop LEE East West Center and University of Hawaii at Manoa, USA)

  • Andrew MASON

    (Andrew MASON East West Center and University of Hawaii at Manoa, USA)

  • Donghyun PARK

    (Donghyun PARK Economics and Research Department, Asian Development Bank, Philippines)

Abstract

Asia as a whole is experiencing a rapid demographic transition toward older population structures. Within this broader region-wide trend, there is considerable heterogeneity, with different countries at different stages of the demographic transition. In this paper, we document Asia’s population aging, describe the region’s old-age support systems, and draw out the regional socioeconomic implications of population aging and old-age support systems. Population aging gives rise to two fundamental challenges for the region – (1) developing socioeconomic systems that can provide economic security to the growing number of elderly and (2) sustaining strong growth in the face of aging over the next few decades. Successfully addressing those two challenges will be vital for ensuring Asia’s continued economic success in the medium and long term.

Suggested Citation

  • Sang-Hyop LEE & Andrew MASON & Donghyun PARK, 2011. "Why Does Population Aging Matter So Much for Asia? Population Aging, Economic Security and Economic Growth in Asia," Working Papers DP-2011-04, Economic Research Institute for ASEAN and East Asia (ERIA).
    • Handle: RePEc:era:wpaper:dp-2011-04
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    Cited by:

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    2. Renuga Nagarajan & Aurora A.C. Teixeira & Sandra T. Silva, 2013. "The impact of an ageing population on economic growth: an exploratory review of the main mechanisms," FEP Working Papers 504, Universidade do Porto, Faculdade de Economia do Porto.
    3. Yoshifumi Fukunaga & Arata Kuno, 2012. "Toward a Consolidated Preferential Tariff Structure in East Asia: Going beyond ASEAN+1 FTAs," Working Papers PB-2012-03, Economic Research Institute for ASEAN and East Asia (ERIA).
    4. Kim, Kyeongkuk & Lee, Sang-Hyop & Halliday, Timothy J., 2021. "Intra-familial transfers, son preference, and retirement behavior in South Korea," The Journal of the Economics of Ageing, Elsevier, vol. 20(C).
    5. Neena Kohli & Sarabjeet Kaur Chawla & Aditya Banerjee & Taru Parnika Srinete, 2020. "Ageing in Developing Societies: Issues and Challenges," Psychology and Developing Societies, , vol. 32(2), pages 153-175, September.
    6. Kim, Kyeongkuk & Lee, Sang-Hyop & Halliday, Timothy J., 2018. "The Betrayed Generation? Intra-Household Transfers and Retirement Behavior in South Korea," IZA Discussion Papers 11846, Institute of Labor Economics (IZA).
    7. Thach Ngoc Pham & Duc Hong Vo, 2021. "Aging Population and Economic Growth in Developing Countries: A Quantile Regression Approach," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 57(1), pages 108-122, January.
    8. Renuga Nagarajan & Aurora A. C. Teixeira & Sandra Silva, 2017. "The Impact Of Population Ageing On Economic Growth: A Bibliometric Survey," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 62(02), pages 275-296, June.
    9. Renuga Nagarajan & Aurora A.C. Teixeira & Sandra T. Silva, 2013. "The impact of population ageing on economic growth: an in-depth bibliometric analysis," FEP Working Papers 505, Universidade do Porto, Faculdade de Economia do Porto.
    10. Rafal Chomik & John Piggott, 2015. "Population Ageing and Social Security in Asia," Asian Economic Policy Review, Japan Center for Economic Research, vol. 10(2), pages 199-222, July.
    11. Michele Catalano & Emilia Pezzolla, 2016. "The effects of education and aging in an OLG model: long-run growth in France, Germany and Italy," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 43(4), pages 757-800, November.
    12. Goh, Soo Khoon & McNown, Robert & Wong, Koi Nyen, 2020. "Macroeconomic implications of population aging: Evidence from Japan," Journal of Asian Economics, Elsevier, vol. 68(C).
    13. Mónica L. Azevedo & Óscar Afonso & Sandra T. Silva, 2017. "Endogenous Growth and Intellectual Property Rights: A North–South Modelling Proposal with Population Ageing," Australian Economic Papers, Wiley Blackwell, vol. 56(1), pages 72-94, March.
    14. N Renuga Nagarajan & Mineko Wada & Mei Lan Fang & Andrew Sixsmith, 2019. "Defining organizational contributions to sustaining an ageing workforce: a bibliometric review," European Journal of Ageing, Springer, vol. 16(3), pages 337-361, September.
    15. Mamun, Shamsul Arifeen Khan & Rahman, Mohammad Mafizur & Khanam, Rasheda, 2020. "The relation between an ageing population and economic growth in Bangladesh: Evidence from an endogenous growth model," Economic Analysis and Policy, Elsevier, vol. 66(C), pages 14-25.
    16. Aurora A. C. Teixeira & N. Renuga Nagarajan & Sandra T. Silva, 2017. "The Impact of Ageing and the Speed of Ageing on the Economic Growth of Least Developed, Emerging and Developed Countries, 1990–2013," Review of Development Economics, Wiley Blackwell, vol. 21(3), pages 909-934, August.
    17. Shogo Kudo & Emmanuel Mutisya & Masafumi Nagao, 2015. "Population Aging: An Emerging Research Agenda for Sustainable Development," Social Sciences, MDPI, vol. 4(4), pages 1-27, October.
    18. Shrabanti Maity & Anup Sinha, 2021. "Linkages between Economic Growth and Population Ageing with a Knowledge Spillover Effect," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 12(4), pages 1905-1924, December.

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