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Global Aging: Issues, Answers, More Questions

  • Axel Börsch-Supan

    ()

    (Munich Center for the Economics of Aging (MEA))

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    Global aging will be a major determinant of long run economic development in industrial and developing countries. The extent of the demographic changes is dramatic and will deeply affect future labor, financial and goods markets. The expected strain on public budgets and especially social security has already received prominent attention, but the aging poses many other economic challenges that threaten productivity and growth if they remain unaddressed. While aging is global, there are marked differences in the speed and the extent of the aging processes across countries. These differences are likely to generate different growth paths and change the international pecking order, e.g. within the G8 countries. Due to the globalization of labor, financial and goods markets, however, these differential demographic developments will also precipitate trade and factor movements. Exploiting these movements offers large chances during the aging process. Purpose of this paper is to review the most important economic chances and challenges due to global aging. It summarizes what we know and identifies research areas where it is important to know more.

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    Paper provided by Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy in its series MEA discussion paper series with number 04055.

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    Date of creation: 21 Jul 2004
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    Handle: RePEc:mea:meawpa:04055
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