The Economic Life Cycle and Support Systems in Asia

35 Pages Posted: 17 Nov 2011  

Sang-Hyop Lee

University of Hawaii - Department of Economics

Andrew W. Mason

University of Hawaii at Manoa; East-West Center - Research Program

Date Written: October 1, 2011

Abstract

We describe the complex support systems in Asia and highlight their importance for economic growth and fiscal sustainability. Familial transfers for old age support are significant in many Asian economies, though their extent varies quite widely, and public transfer systems are less significant. This is important because the region has the opportunity to develop sustainable systems less encumbered by obligations made to current and future generations of elderly. Relying on accumulated assets rather than transfers will help the region to create capital-intensive economies that can maintain standards of living.

Keywords: aging, demographic transition, economic growth, labor income, labor market, national transfer accounts, NTA, old age income support, growth, population, Asia, Economics Working Paper No. 283

JEL Classification: J14, J10, H31, E21

Suggested Citation

Lee, Sang-Hyop and Mason, Andrew W., The Economic Life Cycle and Support Systems in Asia (October 1, 2011). Asian Development Bank Economics Working Paper Series No. 283. Available at SSRN: https://ssrn.com/abstract=1960365 or http://dx.doi.org/10.2139/ssrn.1960365

Sang-Hyop Lee (Contact Author)

University of Hawaii - Department of Economics ( email )

2424 Maile Way, SSB 542
Honolulu, HI 96822
United States
808-956-8590 (Phone)

Andrew W. Mason

University of Hawaii at Manoa ( email )

Honolulu, HI 96822
United States

East-West Center - Research Program ( email )

1601 East-West Road
Honolulu, HI 96848
United States

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