For economies, age is not just a number

Harun Onder, Pierre Pestieau 20 May 2014

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An ageing world population is expected to shape the economic future of the globe. According to UN calculations, the total world population will increase by 40% and the median age will increase by 7.8 years by 2050. Compared to a few decades ago, these rates represent a significant deceleration in population growth and a sizeable acceleration in ageing.

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Topics:  Frontiers of economic research Labour markets Welfare state and social Europe

Tags:  pensions, fertility, demographics, Ageing, longevity, Social security, population, Retirement

The future of Japan’s Long-term Care Insurance Program

Satoshi Shimizutani 12 September 2013

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The debate of social-security-system reform in Japan is now entering a crucial stage. On 6 August this year, the Government’s National Council on Social Security Reform delivered its final report calling for creating a '21st-century model' of social security, proposing a shift from the current age-based burden sharing to a ‘capacity-based’ one (and aiming for implementation by 2025).

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Topics:  Health economics Welfare state and social Europe

Tags:  Japan, Ageing, care

Fiscal consolidation and implications of social spending for long-term fiscal sustainability

Rossana Merola, Douglas Sutherland 31 March 2013

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Predicted demographic developments over the coming decades are well known. Due to low fertility rates and rising life expectancy, OECD nations will see a ‘greying’ of their populations. The fiscal implications have been widely discussed (Kotlikoff 2012). One angle that is under-appreciated is the interaction between increasing spending on health and pensions, the post-crisis growth slowdown, and ongoing fiscal rebalancing efforts. 

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Topics:  Monetary policy Poverty and income inequality Welfare state and social Europe

Tags:  pensions, fiscal policy, Ageing

Eurozone: Looking for growth

Laurence Boone, Céline Renucci, Ruben Segura-Cayuela 25 March 2013

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The financial crisis that erupted in 2008, prolonged by a sovereign crisis in the Eurozone, led to a massive contraction in trade, as well as in investment in physical and human capital; thus undermining the foundations of future growth. This may well continue as growth will not rapidly rebound while deleveraging slowly proceeds across Eurozone economies. Empirical evidence suggests deleveraging episodes accompanied by a housing crisis will take on average five and a half years across high-income OECD countries (or seven years when accompanied by a banking crisis (Aspachs-Bracon et al.

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Topics:  Europe's nations and regions Productivity and Innovation

Tags:  growth, productivity, Ageing, Eurozone crisis, Solow

Public investments for long-term economic growth: the case of health

Michael Stolpe 22 March 2013

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Crisis or not, healthcare cries out for large-scale public investments that lock in what appears to be an historic trough in government borrowing costs in many of the world’s advanced countries.

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Topics:  Health economics

Tags:  US, Europe, Japan, investment, Ageing

Things we must consider in shaping Japanese economic policy for the future

Keiichiro Kobayashi 10 February 2013

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With the Japanese government now under the stewardship of Prime Minister Shinzo Abe, Japan is set to pursue economic policy that calls for bold monetary easing in order to end deflation. The policy is predicated on the perception that once Japan successfully exits from deflation – by setting an explicit inflation target and taking bold monetary easing measures – the economy will grow and jobs will be created.

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Topics:  Institutions and economics Politics and economics

Tags:  Japan, policymaking, Ageing

Ageing – saving or working more?

Torben M. Andersen 06 January 2009

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Most countries face an ageing problem, as the elderly (65+) population increases relative to working age population. Driving this demographic shift are the baby boomers’ retirement and increases in longevity.  Public finances will be strained as more persons depend on pension expenditures and old-age care, while a stagnating or shrinking labour force produce matching revenues.

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Topics:  Labour markets Welfare state and social Europe

Tags:  fertility, Ageing, longevity, demographic change