The New Structural Economics & International Development Forum was initiated in March 2016 and is co-organized by the Institute of New Structural Economics (INSE) and the Institute of South-South Cooperation and Development (ISSCAD) at Peking University. The Institute aspires to advance the frontier research on structural change and help developing countries to promote economic structural transformation. The Forum aims to bridge the gap between research and practice by hosting high-profile, open and equal conversations among scholars, professionals, policy makers and entrepreneurs in the field of international development.
Abstract
Many advanced and emerging market economies are in the midst of stark demographic change. Steady declines in fertility rates have led to a faster reduction in the rate of growth of the working-age population relative to the overall population. In combination with rising longevity, this development has pushed up old-age dependency ratios share of the working-age population. As increasingly fewer workers are available and labor force participation rates drop, economic output is bound to fall. Aging would also exert considerable pressure on public finances as outlays for pensions and health care increase. The overall macroeconomic impact would depend on how households and firms react to the changing demographic landscape. This presentation will discuss how these demographic shifts could influence public and private---and hence national saving---by explicitly considering the role of pension system characteristics. In countries with aging populations, national saving is important to bolster retirement security and allow workers to more easily bear the costs of financing pension programs while maintaining their living standards. This presentation will focus on the interplay between public and private saving, and the role of pension system attributes (coverage of the elderly, benefits, and the type of funding) in shaping saving profiles across countries in the coming decades. Policies to cope with the aging challenge will be outlined, with a focus on pension systems and long-term saving.
Abstract
Many advanced and emerging market economies are in the midst of stark demographic change. Steady declines in fertility rates have led to a faster reduction in the rate of growth of the working-age population relative to the overall population. In combination with rising longevity, this development has pushed up old-age dependency ratios share of the working-age population. As increasingly fewer workers are available and labor force participation rates drop, economic output is bound to fall. Aging would also exert considerable pressure on public finances as outlays for pensions and health care increase. The overall macroeconomic impact would depend on how households and firms react to the changing demographic landscape. This presentation will discuss how these demographic shifts could influence public and private---and hence national saving---by explicitly considering the role of pension system characteristics. In countries with aging populations, national saving is important to bolster retirement security and allow workers to more easily bear the costs of financing pension programs while maintaining their living standards. This presentation will focus on the interplay between public and private saving, and the role of pension system attributes (coverage of the elderly, benefits, and the type of funding) in shaping saving profiles across countries in the coming decades. Policies to cope with the aging challenge will be outlined, with a focus on pension systems and long-term saving.
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