n ational t ransfer a ccounts population aging, intergenerational transfers, and the economy:...

NNational ational TTransfer ransfer AAccountsccounts

Population Aging, Population Aging, Intergenerational Transfers, Intergenerational Transfers, and the Economy: and the Economy: Introducing Introducing Age into National AccountsAge into National Accounts

Andrew MasonAndrew Mason

University of Hawaii – ManoaUniversity of Hawaii – Manoa

East-West CenterEast-West Center

National Transfer Accounts

MotivationMotivation

► Three features of the economy Three features of the economy Economic lifecycleEconomic lifecycle Population age structure Population age structure Systems for shifting resources across ageSystems for shifting resources across age

► SavingSaving► Public transfer programsPublic transfer programs► Familial Support systemsFamilial Support systems

► Interaction influences economic performance Interaction influences economic performance and generational equityand generational equity

► Implications for economic and population Implications for economic and population policypolicy


OrganizationOrganization

I.I. Fundamental IdeasFundamental Ideas

II.II. Brief Review of Recent ResearchBrief Review of Recent Research

III.III. Current Effort: National Transfer Current Effort: National Transfer AccountsAccounts

► Basic ConceptsBasic Concepts► Three Important IssuesThree Important Issues


FundamentalsFundamentalsThe Economic LifecycleThe Economic Lifecycle

0

0.2

0.4

0.6

0.8

1

1.2

0 6 12 18 24 30 36 42 48 54 60 66 72 78 84 90

Rel

ativ

e to

lab

or

inco

me(

30-4

9)

Consumption

Labor Income

Note: Based on estimates for Costa Rica, Indonesia, Taiwan, and Thailand.


A Simple ModelA Simple Model

► Consumption-Loan Economy (Samuelson Consumption-Loan Economy (Samuelson 1958) 1958) Labor income only Labor income only All output is immediately consumedAll output is immediately consumed Age reallocation system: Transfers only; no savingAge reallocation system: Transfers only; no saving

► Per capita age profiles of consumption and Per capita age profiles of consumption and production are fixed (preceding slide)production are fixed (preceding slide)

► Population age structure variesPopulation age structure varies Young: US 1850Young: US 1850 Middle-aged: India 2040Middle-aged: India 2040 Old: Japan 2050Old: Japan 2050


Aggregate C and YLAggregate C and YLVery Young Population (US Very Young Population (US 1850)1850)

0

200

400

600

800

1000

1200

1400

1600

0-4

10-

14

20-2

4

30-3

4

40-4

4

50-5

4

60-6

4

70-7

4

80-8

4

90-9

410

0+

C

Yl


Aggregate C and YLAggregate C and YLVery Young Population (US Very Young Population (US 1850)1850)

0

200

400

600

800

1000

1200

1400

1600

0-4

10-

14

20-2

4

30-3

4

40-4

4

50-5

4

60-6

4

70-7

4

80-8

4

90-9

410

0+

C

Yl

C'


Aggregate C and YLAggregate C and YLLarge Working-age Pop (India Large Working-age Pop (India 2040)2040)

0

20000

40000

60000

80000

100000

120000

0-4

10-

14

20-2

4

30-3

4

40-4

4

50-5

4

60-6

4

70-7

4

80-8

4

90-9

410

0+

C

Yl

C'


Aggregate C and YLAggregate C and YLOld Population (Japan 2080)Old Population (Japan 2080)

0

1000

2000

3000

4000

5000

6000

0-4

10-

14

20-2

4

30-3

4

40-4

4

50-5

4

60-6

4

70-7

4

80-8

4

90-9

410

0+

C

Yl

C'


First Demographic DividendFirst Demographic DividendEconomic Support RatioEconomic Support Ratio

0.7

0.75

0.8

0.85

0.9

0.95

1

1850 1900 1950 2000 2050 2100

US

Japan

India

Source: Mason 2007.

Ratio of effective workersto effective consumers


Summary of ImplicationsSummary of Implications

►Changes in the relative numbers of Changes in the relative numbers of workers and consumers over the workers and consumers over the demographic transition leads to a demographic transition leads to a demographic dividend.demographic dividend. Bloom and WilliamsonBloom and Williamson Bloom, Canning, and SevillaBloom, Canning, and Sevilla Lee and MasonLee and Mason

►The effect erodes as populations age. The effect erodes as populations age.


Introduce Capital to the Introduce Capital to the Economic Model Economic Model ►Economy with capitalEconomy with capital

Workers save during their working yearsWorkers save during their working years Rely on asset income and dis-saving during Rely on asset income and dis-saving during

retirement.retirement.

►For solving the old-age lifecycle For solving the old-age lifecycle problem, capital and transfers are close problem, capital and transfers are close substitutes.substitutes.

►However, capital also has favorable However, capital also has favorable effects on economic growth.effects on economic growth.


What determines the lifecycle What determines the lifecycle demand for capital?demand for capital?►Features of the economic lifecycleFeatures of the economic lifecycle

Consumption by the elderly (now & Consumption by the elderly (now & future)future)

Labor income of the elderly (now & future)Labor income of the elderly (now & future)

►Relative number of elderly: More Relative number of elderly: More elderly implies greater demand for elderly implies greater demand for lifecycle capital.lifecycle capital.


Demand for WealthDemand for WealthOld versus Young PopulationOld versus Young Population

0

200

400

600

800

1000

1200

1400

1600

0

1000

2000

3000

4000

5000

6000

0-4

10-

14

20-2

4

30-3

4

40-4

4

50-5

4

60-6

4

70-7

4

80-8

4

90-9

410

0+

Young Population Old Population

LC demand for wealth is negligible

LC demand for wealth is large

Yl

C

Yl

C

Note: Uses per capita consumption profiles shown above.


What determines the lifecycle What determines the lifecycle demand for capital (continued)?demand for capital (continued)?

►Support system for the elderlySupport system for the elderly Public transfers Public transfers Familial transfersFamilial transfers Lifecycle savingLifecycle saving

►Public and familial transfers may Public and familial transfers may crowd out lifecycle savingcrowd out lifecycle saving


II. Summary of Recent II. Summary of Recent ResearchResearch► Population, Saving, and WealthPopulation, Saving, and Wealth

Changes in age structure are Changes in age structure are partiallypartially responsible responsible for high saving rates in Asia (LMM various; KM for high saving rates in Asia (LMM various; KM 2007).2007).

Longer life expectancy led to behavioral change Longer life expectancy led to behavioral change that reinforced age structure effects (LMM various; that reinforced age structure effects (LMM various; KM 2007). KM 2007).

A decline in familial support for the elderly may A decline in familial support for the elderly may have played an important role (LMM 2003). have played an important role (LMM 2003).

Longer life expectancy and aging are leading to a Longer life expectancy and aging are leading to a permanent increase in wealth (LMM various; KM permanent increase in wealth (LMM various; KM 2007)2007)


II. Summary of Recent II. Summary of Recent ResearchResearch► Demographic DividendsDemographic Dividends

Changes in age structure produce two Changes in age structure produce two demographic dividendsdemographic dividends

First dividendFirst dividend► Concentration of population in working ages leads to Concentration of population in working ages leads to

more rapid economic growth;more rapid economic growth;► Effect unwinds as populations age.Effect unwinds as populations age.

Second dividend: changes in age structure and Second dividend: changes in age structure and increase in life expectancy lead toincrease in life expectancy lead to

► More investment and more rapid economic growthMore investment and more rapid economic growth► Permanently higher standards of living.Permanently higher standards of living.

Sources: Mason and Lee, various; Mason, various.Sources: Mason and Lee, various; Mason, various.


Important Issues to be Important Issues to be ExploredExplored► How does the economic lifecycle vary and How does the economic lifecycle vary and

why?why?► What systems do societies use to shift What systems do societies use to shift

resources from surplus to deficit ages?resources from surplus to deficit ages?► Why do the systems vary across countries Why do the systems vary across countries

and evolve over time? and evolve over time? ► What are the implications for economic What are the implications for economic

performance? For generational equity?performance? For generational equity?► What are the implications for economic What are the implications for economic

policy? For population policy? policy? For population policy?


III. National Transfer III. National Transfer AccountsAccounts► Objective: Objective:

Develop and apply a comprehensive system of accounts Develop and apply a comprehensive system of accounts that measures economic flows across age groups in a that measures economic flows across age groups in a manner consistent with the System of National Accounts. manner consistent with the System of National Accounts.

► Conceptual foundation: Conceptual foundation: Lee (1994) but also Samuelson (1958), Diamond (1965), Lee (1994) but also Samuelson (1958), Diamond (1965),

and Willis (1988).and Willis (1988).► Organization: Organization:

Collaboration between EWC/UH and UC-Berkeley. Core Collaboration between EWC/UH and UC-Berkeley. Core funding from NIA. Sub-projects supported by UNFPA, IDRC, funding from NIA. Sub-projects supported by UNFPA, IDRC, MacArthur Foundation and others.MacArthur Foundation and others.

► Website: www.ntaccounts.orgWebsite: www.ntaccounts.org


Participating CountriesParticipating Countries

Asia/OceaniaAsia/OceaniaChinaChina

IndiaIndia

IndonesiaIndonesia

JapanJapan

Korea, S.Korea, S.

PhilippinesPhilippines

TaiwanTaiwan

ThailandThailand

AustraliaAustralia

EuropeEuropeAustriaAustria

FinlandFinland

FranceFrance

HungaryHungary

SloveniaSlovenia

SwedenSweden

N AmericaN AmericaUnited StatesUnited States

Latin AmericaLatin AmericaBrazilBrazil

ChileChile

Costa RicaCosta Rica

MexicoMexico

UruguayUruguay

AfricaAfricaKenyaKenya

NigeriaNigeria


Japan Consumption and Labor Income, 2004

0

2,000

4,000

6,000

8,000

10,000

12,000

0 10 20 30 40 50 60 70 80 90

Yen (billions)

Source: Ogawa et al. 2007.

Labor Income

Consumption


Japan Lifecycle Deficit, 2004

-5000

-4000

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

0 10 20 30 40 50 60 70 80 90

Yen (billions)


Inter-age Transfers

-5000

-4000

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

0 10 20 30 40 50 60 70 80 90

Yen (billions)

GovernmentsFamilies

Charitable Organizations


Inter-age Asset-based Flows

-5000

-4000

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

0 10 20 30 40 50 60 70 80 90

Yen (billions)

Accumulation anddis-accumulation

of assets

Accumulation anddis-accumulation

of debt


The Flow Account IdentityThe Flow Account Identity

► InflowsInflows Labor IncomeLabor Income Asset IncomeAsset Income Transfer InflowsTransfer Inflows

► OutflowsOutflows ConsumptionConsumption SavingSaving Transfer OutflowsTransfer Outflows

Inflows Outflows

( ) ( ) ( ) ( ) ( ) ( )l aY a Y a a C a S a a

Lifecycle Deficit Asset-based Reallocations Net Transfers

Age Reallocations

( ) ( ) ( ) ( ) ( ) ( )l aC a Y a Y a S a a a


Flow Account DetailsFlow Account Details

► Consumption: public and private for health, Consumption: public and private for health, education, housing, and other.education, housing, and other.

► Public transfers: in-kind (health, education, Public transfers: in-kind (health, education, other) and cash (pensions and other).other) and cash (pensions and other).

► Private transfers: intra-household for Private transfers: intra-household for health, education, housing, and all other; health, education, housing, and all other; inter-household for other. inter-household for other.

► Asset-based reallocations: Public and Asset-based reallocations: Public and private investment; public and private private investment; public and private credit/debt.credit/debt.

► Flows to ROW: remittances, foreign Flows to ROW: remittances, foreign investment, foreign aid.investment, foreign aid.


Approach to EstimationApproach to Estimation

►National Income Accounts and other National Income Accounts and other aggregate statistics are used as aggregate statistics are used as aggregate controlsaggregate controls

►Age profiles are estimated using Age profiles are estimated using nationally representative surveys, e.g., nationally representative surveys, e.g., income and expenditure surveys, labor income and expenditure surveys, labor force surveys, health expenditure force surveys, health expenditure surveys, etc. surveys, etc.

►Common methodology documented on Common methodology documented on www.ntaccounts.orgwww.ntaccounts.org


Issue 1: Lifecycle Deficit, Issue 1: Lifecycle Deficit, ChildrenChildren►Does the lifecycle deficit per child Does the lifecycle deficit per child

increase as the number of children increase as the number of children declines? declines? Becker quality-quantity tradeoffBecker quality-quantity tradeoff If so, the decline in fertility will have a If so, the decline in fertility will have a

smaller effect on capital accumulation. smaller effect on capital accumulation. However, if consumption is higher because However, if consumption is higher because

parents are spending more on education, parents are spending more on education, then human capital will increase as the then human capital will increase as the number of children declines. number of children declines.


Per Capita Lifecycle Deficit, Per Capita Lifecycle Deficit, Japan 2004, Survival WeightedJapan 2004, Survival Weighted

0

0.2

0.4

0.6

0.8

1

1.2

1.4

0 10 20 30 40 50 60 70 80 90

Age

Rel

ativ

e to

Yl(

30-4

9)

Note. US 1985-89 life table used for all countries.


Tradeoff: Spending per Child and Tradeoff: Spending per Child and Number of Children, 13 CountriesNumber of Children, 13 Countries

y = -7.7914x + 15.473

R2 = 0.6125

6789

10111213141516

0.2 0.4 0.6 0.8 1 1.2

Child Dependency Ratio: N(0-19)/N(20-59)

LC

D C

hil

dre

n/Y

l(30

-49)


Tradeoff: Spending per Child and Tradeoff: Spending per Child and Number of Children, 13 CountriesNumber of Children, 13 Countries

6789

10111213141516

0.2 0.4 0.6 0.8 1 1.2

Child Dependency Ratio: N(0-19)/N(20-59)

LC

D C

hil

dre

n/Y

l(30

-49)

Jp

US ChTwSK Th

SwFr

IndoUrCR In

Ph


Issue 2: Lifecycle Deficit, Issue 2: Lifecycle Deficit, ElderlyElderly►Does the lifecycle deficit per elderly Does the lifecycle deficit per elderly

decline as the number of elderly rises? decline as the number of elderly rises? Preston and others argue yes – political Preston and others argue yes – political

power. power. If so, the rise in the old-age population If so, the rise in the old-age population

may lead to a greater fiscal burden. may lead to a greater fiscal burden.


Tradeoff: Spending per Elderly and Tradeoff: Spending per Elderly and Number of Elderly, 13 CountriesNumber of Elderly, 13 Countries

y = 11.993x + 4.5285

R2 = 0.4266

23456789

101112

0.1 0.15 0.2 0.25 0.3 0.35 0.4 0.45 0.5

Old-age Dependency Ratio: N(60+)/N(20-59)

LC

D E

lder

ly/Y

l(30

-49)


Tradeoff: Spending per Elderly and Tradeoff: Spending per Elderly and Number of Elderly, 13 CountriesNumber of Elderly, 13 Countries

23456789

101112

0.1 0.15 0.2 0.25 0.3 0.35 0.4 0.45 0.5

Old-age Dependency Ratio: N(60+)/N(20-59)

LC

D E

lder

ly/Y

l(30

-49)

UrJpUS

Fr

Sw

CRTw

ThCh

SK

Ph InIndo


Issue 3. Support Systems for Issue 3. Support Systems for the Elderly. the Elderly. ►How do they differ across countries?How do they differ across countries?►Do Asian countries rely more on familial Do Asian countries rely more on familial

transfers and Western and Latin transfers and Western and Latin American countries more on public American countries more on public transfers? transfers?

►Does the expansion of public systems Does the expansion of public systems crowd saving as hypothesized by crowd saving as hypothesized by Feldstein?Feldstein?

►Or familial transfers? Or familial transfers?


Old-Age Reallocation SystemsOld-Age Reallocation Systems

Saving

Public Transfers

FamilialTransfers

Traditional society?

Capital-based transformation

Social welfare transformation



Saving

Public Transfers

FamilialTransfers

Public transfers and familial transfers are substitutes

(Barro).



Saving

Public Transfers

FamilialTransfers

Public transfers to the elderly crowd out saving

(Feldstein).


1/3

1/3

1/3

2/3

2/3

2/3

Assets

PublicTransfers

FamilyTransfers

Public=-1/3

Family=-1/3

Reallocations as a share of lifecycle deficit of the elderly.


1/3

1/3

1/3

2/3

2/3

2/3

Assets

PublicTransfers

FamilyTransfers

Public=-1/3

Family=-1/3

Net public transfers downward



1/3

1/3

1/3

2/3

2/3

2/3

Assets

PublicTransfers

FamilyTransfers

Public=-1/3

Family=-1/3

Net public transfers downward

Net family transfers downward



1/3

1/3

1/3

2/3

2/3

2/3

Assets

PublicTransfers

FamilyTransfers

Public=-1/3

Family=-1/3



1/3

1/3

1/3

2/3

2/3

2/3

Assets

PublicTransfers

FamilyTransfers

Public=-1/3

Family=-1/3


Combined net transferdownward


Old-age Reallocation System, Selected Countries.

0

50

75

100

75

75

50

50

25

25

0

0

25

100

100

Asset-based (%)

Public transfers (%)

Family Transfers (%)

US

Thailand

Costa Rica

Japan

Taiw an

Korea

Familial transfers equally important in Thailand, Korea, and Taiwan (36-

40%). Net familial transfers near zero in US, CR, and J. Large

public transfers in CR and J. More

reliance on assets in CR & US.

Net public transfers to elderly are zero in

Thailand; about 25% in Taiwan and Korea.


Old-age Reallocation System, Selected Countries.

0

50

75

100

75

75

50

50

25

25

0

0

25

100

100

Asset-based (%)



US

Thailand

Costa Rica

Japan

Taiw an

Korea

Reliance on assets in old-age


Old-age Reallocation System, 65 to 85-year-olds, Taiwan, 2003.

0

50

75

100

75

75

50

50

25

25

0

0

25

100

100

Asset-based (%)



65-year-olds67% assets, 2%

public, 32% private

85-year-olds23% assets, 39%

public, 38% private


Old-age Reallocation System, Costa Rica 2004

0

50

75

100

75

75

50

50

25

25

0

0

25

100

100

Asset-based (%)



85


Old-age Reallocation System, Uruguay 1994

0

50

75

100

75

75

50

50

25

25

0

0

25

100

100

Asset-based (%)



85


Old-age Reallocation System, 65-85-year-olds, Taiwan, 2003.

0

50

75

100

75

75

50

50

25

25

0

0

25

100

100

Asset-based (%)



From ages 65 to 80, familial share varies little. Public rising and asset-based declining.

After 80 familial share is rising

and asset-based

declining.

Old-age Reallocation SystemFinland, 2003, 65-85 and Philippines, 1999, 65-80.

0

50

75

100

75

75

50

50

25

25

0

0

25

100

100

Asset-based (%)



Finland 65

Finland 85

Philippines 80

Philippines 72


Old-age Reallocation System, 75-year-olds, Taiwan, 1977-2003.

0

50

75

100

75

75

50

50

25

25

0

0

25

100

100

Asset-based (%)



1995-2003

1977-1994

Asset-based reallocations and public transfers have increased

over time; familial transfers have declined

precipitously.

NHI began in 1995; net public

transfers increased.


Summary of Support Summary of Support Systems Systems ► Estimates are preliminaryEstimates are preliminary► Old-age support systemsOld-age support systems

Show wide variationShow wide variation Vary with the age of the elderlyVary with the age of the elderly Are changing rapidlyAre changing rapidly

► Familial support system for the elderlyFamilial support system for the elderly Small in high-income countries (West and Japan)Small in high-income countries (West and Japan) Upward in rest of Asia, but declining over timeUpward in rest of Asia, but declining over time Downward in Latin AmericaDownward in Latin America


Warnings!Warnings!

►NIPA and NTA are incompleteNIPA and NTA are incomplete TimeTime EnvironmentEnvironment

►Aggregate data vary in quality and Aggregate data vary in quality and coveragecoverage

► Imputing values to individuals based Imputing values to individuals based on values for households is difficulton values for households is difficult


Final RemarksFinal Remarks

►Economic resources shifted across age Economic resources shifted across age are enormous.are enormous.

► Important in many respectsImportant in many respects Accumulation of human and physical Accumulation of human and physical

capitalcapital Generational equityGenerational equity Economic growthEconomic growth Externalities to childbearingExternalities to childbearing

►Measuring and studying these flows is Measuring and studying these flows is difficult but essential. difficult but essential.


Support for this project has been provided Support for this project has been provided by:by:

• National Institute on Aging: R37-AG025488 and R01-National Institute on Aging: R37-AG025488 and R01-AG025247AG025247

• NUPRI Academic Frontier Project, Government of JapanNUPRI Academic Frontier Project, Government of Japan

• John D. and Catherine T. MacArthur Foundation John D. and Catherine T. MacArthur Foundation

• International Development Research Center (IDRC)International Development Research Center (IDRC)

• United Nations Population Fund (UNFPA)United Nations Population Fund (UNFPA)


The National Transfer Accounts project is a collaborative effort of East-West Center, Honolulu

and Center for the Economics and

Demography of Aging, University of California - Berkeley

Lee, Ronald, Co-DirectorLee, Ronald, Co-Director

Mason, Andrew , Co-Director Mason, Andrew , Co-Director

Auerbach, Alan Auerbach, Alan

Miller, Tim Miller, Tim

Lee, Sang-Hyop Lee, Sang-Hyop

Donehower, Gretchen Donehower, Gretchen

Ebenstein, Avi Ebenstein, Avi

Wongkaren, TurroWongkaren, Turro

Takayesu, Ann Takayesu, Ann

Boe, Carl Boe, Carl

Comelatto, Pablo Comelatto, Pablo

Sumida, Comfort Sumida, Comfort

Schiff, Eric Schiff, Eric

Stojanovic, Diana Stojanovic, Diana

Langer, EllenLanger, Ellen

Chawla, AmonthepChawla, Amonthep

Pajaron, Marjorie CincoPajaron, Marjorie Cinco


Japan Key Institutions: Nihon University Population Research

Institute and the Statistics Bureau of Japan, Tokyo, Japan. Ogawa, Naohiro, Country Leader

Matsukura, Rikiya Maliki

Obayashi, Senichi Kondo, Makoto Fukui, Takehiro

Ihara, HajimeSuzuki, Kosuke

Akasaka, Katsuya Moriki, Yoshie

Makabe, Naomi Ogawa, Maki


AustraliaKey Institution: Australia National University

Jeromey Temple, Country LeaderBrazil

Turra, Cassio, Country Leader Lanza Queiroz, BernardoRenteria, Elisenda Perez

Chile Key Institution: United Nations Economic Commission for

Latin America and the Carribean, Santiago, Chile Bravo, JorgeMauricio Holz


Taiwan Key Institution: The Institute of

Economics, Academia Sinica, Taipei, Taiwan.

Tung, An-Chi, Country LeaderLai, Mun Sim (Nicole)

Liu, Paul K.C.Andrew Mason

China Key Institution: China Center for

Economic Research, Beijing, China.

Ling, Li, Country Leader Chen, Quilin

Jiang, Yu


France Wolff, Francois-Charles, Country Leader

Bommier, Antoine Thailand

Key Institution: Economics Department, Thammasat University. Phananiramai, Mathana, Country Leader

Chawla, Amonthep (Beet) Inthornon, Suntichai

India Key Institution: Institute for Social and Economic Change, Bangalore

Narayana, M.R., Country Leader Ladusingh, L.

MexicoKey Institution: Consejo Nacional de Población

Partida, Virgilio, Country Leader Mejía-Guevara, Iván


Indonesia Key Institution: Lembaga Demografi, University of Indonesia, Jakarta, Indonesia.

Maliki, Country Leader Wiyono, Nur Hadi Nazara, Suahasil

Chotib Philippines

Key Institution: Philippine Institute for Development Studies. Racelis, Rachel H., Country Leader

Salas, John Michael Ian S.Pajaron, Marjorie Cinco

Sweden Key Institution: Institute for Future Studies, Stockholm, Sweden.

Lindh, Thomas, Country Leader Johansson, Mats Forsell, Charlotte


Uruguay Bucheli, Marisa, Country Leader

Furtado, Magdalena Rodrigo Ceni

Cecilia Rodriguez South Korea

An, Chong-Bum , Country LeaderChun, Young-JunLim, Byung-In

Kim, Cheol-Hee Jeon, Seung-Hoon

Gim, Eul-Sik Seok, Sang-Hun

Kim, Jae-Ho


Austria Key Institution: Vienna Institute of Demography Fuernkranz-Prskawetz, Alexia, Country Leader

Sambt, Joze Costa Rica

Key Institution: CCP, Universidad de Costa Rica Rosero-Bixby, Luis, Country Leader

Maria Paola Zuniga Slovenia

Sambt, Joze, Country Leader Hungary

Key Institution: TARKI Social Research InstituteGal, Robert

Medgyesi, Marton Finland

Key institutions: The Finnish Center for Pensions And the Finnish Pension Alliance

Vanne, ReijoGröhn, Jukka

Vaittinen, Risto


United States Key Institution: Center for the Economics and Demography of Aging

Lee, Ronald, Country LeaderMiller, Tim

Ebenstein, Avi Boe, Carl

Comelatto, Pablo Donehower, Gretchen

Schiff, EricLanger, Ellen


Kenya Mwabu, Germano

NigeriaSoyibo, Adedoyin


Thank youThank you

n ational t ransfer a ccounts population aging, intergenerational transfers, and the economy:...

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