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Aging, Economic Growth, and Old-Age Security in Asia

Edited by Donghyun Park, Principal Economist, Economics and Research Department, Asian Development Bank (ADB), Philippines, Sang-Hyop Lee, Senior Fellow, East-West Center, Professor, Department of Economics and Director, Center for Korean Studies, University of Hawaii at Manoa, US and Andrew Mason, Professor of Economics, University of Hawaii at Manoa, Hawaii, US, and Senior Fellow, East-West Center, Hawaii, US
First, the expert contributors argue, Asia must find ways to sustain rapid economic growth in the face of less favorable demographics, which implies slower growth of the workforce. Second, they contend, Asia must find ways to deliver affordable, adequate, and sustainable old-age economic security for its growing elderly population. Underpinned by rigorous analysis, a wide range of concrete policy options for sustaining economic growth while delivering economic security for the elderly are then presented. These include Asia-wide policy options – relevant to the entire region – such as building up strong national pension systems, while other policy options are more relevant to sub-groups of countries.
In Association with the Asian Development Bank
Extent: 320 pp
Hardback Price: £85.00 Web: £76.50
Publication Date: 2012
ISBN: 978 1 78195 230 6
Availability: In Stock
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  • Asian Studies
  • Asian Development
  • Development Studies
  • Asian Development
  • Development Studies
  • Social Policy and Sociology
  • Ageing
Population aging is perhaps the single biggest economic and social obstacle confronting Asia’s future. The region-wide demographic transition towards an older population is fundamentally reshaping the demographic landscape, and is giving rise to two key socio-economic challenges. This timely book provides an in-depth analysis of these challenges and presents concrete policy options for tackling them.

First, the expert contributors argue, Asia must find ways to sustain rapid economic growth in the face of less favorable demographics, which implies slower growth of the workforce. Second, they contend, Asia must find ways to deliver affordable, adequate, and sustainable old-age economic security for its growing elderly population. Underpinned by rigorous analysis, a wide range of concrete policy options for sustaining economic growth while delivering economic security for the elderly are then presented. These include Asia-wide policy options – relevant to the entire region – such as building up strong national pension systems, while other policy options are more relevant to sub-groups of countries.

This stimulating and informative book will be of great interest to academics, students, and researchers with an interest in Asian studies, economics generally, and, more specifically, public sector economics.
‘This book offers very useful and rich analyses and data on past and projected demographic and economic developments in Asian countries and discusses also Asian speci?cities such as the continued high-level of co-habitation of the elderly and its implications. Thus the book, together with two 2011 publications on pen-sions systems and old-age income support by the ADB, offers a comprehensive insight into aging related institutions, economic and social issues and possible solutions in Asia.’
– Robert Holzmann, Journal of Pension Economics and Finance
Contributors: Q. Chen, K. Eggleston, G. Estrada, L. Ladusingh, M.S. Lai, S.-H. Lee, L. Li, A. Mason, R. Matsukura, M.R. Narayana, N. Ogawa, D. Park, A. Ramayandi, K. Shin, A.-C. Tung
Contents:

Foreword
Changyong Rhee

1. Overview: Why does Population Aging Matter so Much for Asia? Population Aging, Economic Growth, and Economic Security in Asia
Sang-Hyop Lee, Andrew Mason and Donghyun Park

2. Population, Wealth, and Economic Growth in Asia and the Pacific
Andrew Mason and Sang-Hyop Lee

3. Impact of Population Aging on Asia’s Future Growth
Donghyun Park and Kwanho Shin

4. Population Aging and Aggregate Consumption in Developing Asia
Gemma Estrada, Donghyun Park and Arief Ramayandi

5. The Economic Lifecycle and Support Systems in Asia
Sang-Hyop Lee and Andrew Mason

6. Demographic Change, Intergenerational Transfers, and the Challenges for Social Protection Systems in the People’s Republic of China
Qiulin Chen, Karen Eggleston and Ling Li

7. Demographic Dividends for India: Evidence and Implications Based on National Transfer Accounts
Laishram Ladusingh and M.R. Narayana

8. Population Aging, Economic Growth, and Intergenerational Transfers in Japan: How Dire are the Prospects?
Naohiro Ogawa, Sang-Hyop Lee, Rikiya Matsukura, An-Chi Tung and Mun Sim Lai

9. Summary of Key Findings and Main Policy Recommendations
Donghyun Park

Index