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

Author: Donghyun Park

Publisher: Edward Elgar Publishing

Published: 2012-01-01

Total Pages: 321

ISBN-13: 1781953600

Population aging is perhaps the single biggest economic and social obstacle confronting AsiaÕs 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 Ð relevant to the entire region Ð such as building up strong national pension systems, whilst 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.

Population Change and the Economic Security of Older People in Asia

Author:

Publisher:

Published: 2016

Total Pages: 4

ISBN-13:

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Populations are growing older everywhere in the world, but the pace of population aging in Asia is unprecedented, primarily linked to rapid fertility decline. Asia's rapid population aging has led to policy concerns about how the region's growing elderly populations will be cared for and supported. How many of today's elderly remain in the workforce, and how much do they earn? To what extent do they support themselves from assets acquired during their working years? How do families and governments meet the needs of elderly people who consume more than they produce? And what does the future hold? Analysis by the National Transfer Accounts (NTA) project suggests that capital accumulation can potentially make a strong contribution toward meeting the needs of Asia's growing elderly populations. If the needs of the elderly are met through greater reliance on saving during the working years, then population aging will lead to an increase in assets that also has favorable implications for economic growth. Investment in human capital is another important response to population aging. Improvements in the productivity of each worker--fostered by investment in child health and education--can help maintain economic growth even as the working-age population shrinks relative to the elderly. The sheer speed and scale of population aging in Asia add a sense of urgency as policymakers start planning for a grayer future. Leaders would do well to learn from the policy mistakes of advanced economies, including fiscally unsustainable pension systems and rigid requirements for early retirement. Once inappropriate old-age support programs become entrenched, they become politically very difficult to reverse. By contrast, programs that invest in children's health and education and foster capital accumulation will ensure support for tomorrow's elderly populations while sustaining economic growth that benefits everyone.

Handbook of Asian Aging

Author: Hyunsook Yoon

Publisher: Routledge

Published: 2018-10-26

Total Pages: 342

ISBN-13: 1351844083

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In western countries, the rising tide of population aging took 100 years to alter the face of societies, but Asia is experiencing comparable changes in not much more than a quarter of a century. Contributors to "The Handbook of Aging" describe the magnitude of these changes and their effects on the aged and on societies attempting to adapt to the dramatic improvements in life expectancy brought on by rapid economic and social transformations. Asia encompasses a vast reach from Pakistan and India to Japan, the Philippines, and Indonesia, and in this book including Australia. "The Handbook of Aging" provides a framework for making sense of the meeting between reverential views of the elderly and contemporary priorities as Asia arrives at the crossroads. The need for innovative approaches to social policy and personal practices is nowhere more evident than in Asian countries, where modern marketing economies have forced hard political choices. The economic tigers of the Asian-Pacific region experienced the aging of their populations ahead of other Asian countries, but solutions reached during times of financial boom are being re-examined as economies come back to earth, with soft or hard landings. "The Handbook of Asian Aging" provides an atlas of the far-reaching changes that are afoot and that will become even more pronounced in the near future.

Pension Systems and Old-Age Income Support in East and Southeast Asia

Author: Donghyun Park

Publisher: Routledge

Published: 2012-03-15

Total Pages: 283

ISBN-13: 1136579397

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Old age income support will be one of the biggest social and economic challenges facing Asia in the twenty-first century. The growing spotlight on old age income support is largely due to exceptionally rapid population aging which is fundamentally reshaping Asia’s demographic profile. A young continent reaping the demographic dividend of a large youthful workforce is giving way to a greying continent where the ratio of retirees to workers is on the rise. In contrast to industrialized countries, most Asian countries do not yet have mature, well-functioning pension systems. As a result, they are ill prepared to provide economic security for the large number of retirees who loom on the region’s horizon. This book takes a close look at the pension systems of eight countries in East and Southeast Asia – namely, China, Indonesia, Korea, Malaysia, Philippines, Singapore, Thailand and Vietnam – which encompass a wide range of income and development levels. The book provides a comprehensive overview of pension systems in the eight countries, including an in-depth diagnosis to identify their major weaknesses and shortcomings. On the basis of the diagnosis, the book sets forth concrete and specific policy options for reforming Asia’s pension systems. Many policy options for reform are country-specific. For example, a top priority in China is to extend the pension system to rural areas. At the same time, a number of reforms – such as the need to extend coverage – resonate across the entire region. Appropriate reform will enable the region’s pension systems to deliver affordable, adequate and sustainable old-age economic security.

Ageing in Asia

Author:

Publisher:

Published: 1997

Total Pages: 76

ISBN-13:

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Social Protection for Older Persons

Author: Sri Wening Handayani

Publisher: Asian Development Bank

Published: 2012-07-01

Total Pages: 269

ISBN-13: 9290927275

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The rising number of older persons in Asia has accentuated the importance of strengthening the systems of social protection in the region. This book examines the effectiveness and relevance of noncontributory or social pensions in supporting older persons in Asia. It discusses the political economy and financial sustainability of social pension reform, implications for gender equity and social rights, and design and implementation challenges. Case studies from Bangladesh, Nepal, Thailand, Viet Nam, and South Caucasus and Central Asia provide key lessons for informing development policy and practice in Asia and the Pacific.

The Economic Consequences of Demographic Change in East Asia

Author: Takatoshi Ito

Publisher: University of Chicago Press

Published: 2010-10-15

Total Pages: 403

ISBN-13: 0226386880

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Recent studies show that almost all industrial countries have experienced dramatic decreases in both fertility and mortality rates. This situation has led to aging societies with economies that suffer from both a decline in the working population and a rise in fiscal deficits linked to increased government spending. East Asia exemplifies these trends, and this volume offers an in-depth look at how long-term demographic transitions have taken shape there and how they have affected the economy in the region. The Economic Consequences of Demographic Change in East Asia assembles a group of experts to explore such topics as comparative demographic change, population aging, the rising cost of health care, and specific policy concerns in individual countries. The volume provides an overview of economic growth in East Asia as well as more specific studies on Japan, Korea, China, and Hong Kong. Offering important insights into the causes and consequences of this transition, this book will benefit students, researchers, and policy makers focused on East Asia as well as anyone concerned with similar trends elsewhere in the world.

Golden Aging

Author: Maurizio Bussolo

Publisher: World Bank Publications

Published: 2015-06-23

Total Pages: 363

ISBN-13: 1464803536

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Compared to other regions, Europe and Central Asia are by far the oldest. Moreover, population aging is set to accelerate further over the coming decades as large segments turn old. Additionally, some countries such as Russia and certain Eastern European countries are facing a shrinkage of their population. Against this backdrop, this report investigates what stands in the way of societies reaping the full benefits of increased longevity--that is, longer lives and potentially prolonged payoffs from human capital--and what can help to mitigate the possible negative impacts of a smaller and older workforce. Beginning with a focus on demographic trends, the report puts the rapid decline in fertility and contrasting migration trends in the region in a historical perspective and looks forward to the varying paths that population change may follow in the region. Next, it examines the evidence on the likely impact of demographic change on growth and savings, the labor force, firm and economy-wide innovation, poverty and inequality, and intergenerational solidarity. Finally, the report goes beyond diagnostics and puts an emphasis on what we know regarding successful policy interventions, presenting evidence on what has and has not worked in the past.--Publisher description.

Ageing in Southeast and East Asia

Author: Lee Hock Guan

Publisher: Institute of Southeast Asian Studies

Published: 2008

Total Pages: 264

ISBN-13: 9812307664

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Examines national ageing policies and programs, the sustainability of existing pension systems, housing and living arrangements, inter-generational transfer, and aspects of quality of life of the elderly population.