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Global Aging: Issues, Answers, More Questions

  • Axel Börsch-Supan

    (University of Mannheim and NBER)

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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. The 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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    File URL: http://www.mrrc.isr.umich.edu/publications/Papers/pdf/wp084.pdf
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    Paper provided by University of Michigan, Michigan Retirement Research Center in its series Working Papers with number wp084.

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    Length: 52 pages
    Date of creation: Jun 2004
    Date of revision:
    Handle: RePEc:mrr:papers:wp084
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    1. Maurice Obstfeld & Kenneth S. Rogoff, 1996. "Foundations of International Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262150476, June.
    2. Baxter, M. & Crucini, M.J., 1990. "Explaining Saving/Investment Correlation," RCER Working Papers 224, University of Rochester - Center for Economic Research (RCER).
    3. Borsch-Supan, Axel, 2000. "Incentive effects of social security on labor force participation: evidence in Germany and across Europe," Journal of Public Economics, Elsevier, vol. 78(1-2), pages 25-49, October.
    4. Bodie, Zvi & Merton, Robert C. & Samuelson, William F., 1992. "Labor supply flexibility and portfolio choice in a life cycle model," Journal of Economic Dynamics and Control, Elsevier, vol. 16(3-4), pages 427-449.
    5. Andrew B. Abel, 2001. "Will bequests attenuate the predicted meltdown in stock prices when baby boomers retire?," Working Papers 01-2, Federal Reserve Bank of Philadelphia.
    6. Borsch-Supan, Axel, 1992. "Saving and Consumption Patterns of the Elderly: The German Case," Journal of Population Economics, Springer, vol. 5(4), pages 289-303.
    7. Tito Boeri & Axel Börsch-Supan & Guido Tabellini, 2001. "Would you like to shrink the welfare state? A survey of European citizens," Economic Policy, CEPR;CES;MSH, vol. 16(32), pages 7-50, 04.
    8. André Babeau & Teresa Sbano, 2003. "Household Wealth in the National Accounts of Europe, the United States and Japan," OECD Statistics Working Papers 2003/2, OECD Publishing.
    9. David Altig, 2001. "Simulating Fundamental Tax Reform in the United States," American Economic Review, American Economic Association, vol. 91(3), pages 574-595, June.
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