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This document is intended to provide an overview of population ageing in Canada and of the major issues that must be addressed as both the number & the proportion of seniors increase in Canadian society. The first section presents statistical information on seniors in Canada, outlining the characteristics & diversity of Canada's older population with regard to such factors as health, financial security, societal participation, and quality of life. The second section describes a number of the key steps being taken by the Canadian federal government in collaboration with partners to address important ageing issues.
This volume tackles a number of popular misconceptions about the social and economic impact of an aging population. It emphasizes the specific demographic and policy changes taking place in Canada and focuses on trends in social policy that affect pensions, healthcare, and retirement. It provides a critical look at how an apocalyptic approach to the aging population is being used by the conservative parties to dismantle the Canadian welfare state. It also examines the many ways in which intergenerational relationships are changing and challenges the popular image of the elderly population as a burden on the younger generations.
In this paper, we develop a new longitudinal data set for Canada based on the National Transfer Account (NTA) methodology. NTA gives a complete picture of economic flows by age and measures the way in which individuals produce, consume, save and share resources at each age on a retrospective basis. This paper introduces for the first time individual age consumption and labour income profiles in Canada for the period between 1998 and 2013. The longitudinal dimension of the study sheds light on how the gap between consumption and labour income has been changing over that period. We also use the age profiles of consumption and labour income to construct an alternative indicator to the demographic dependency ratio, called the NTA Economic Support Ratio. This allows us to project the pressure of aging on this new ratio and hence to identify under which conditions private consumption in Canada can be funded over the next few years. The analysis raises concerns about the sustainability of living standards in an aging context.
The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.
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.
This paper explores the impact of high public debt on long-run economic growth. The analysis, based on a panel of advanced and emerging economies over almost four decades, takes into account a broad range of determinants of growth as well as various estimation issues including reverse causality and endogeneity. In addition, threshold effects, nonlinearities, and differences between advanced and emerging market economies are examined. The empirical results suggest an inverse relationship between initial debt and subsequent growth, controlling for other determinants of growth: on average, a 10 percentage point increase in the initial debt-to-GDP ratio is associated with a slowdown in annual real per capita GDP growth of around 0.2 percentage points per year, with the impact being somewhat smaller in advanced economies. There is some evidence of nonlinearity with higher levels of initial debt having a proportionately larger negative effect on subsequent growth. Analysis of the components of growth suggests that the adverse effect largely reflects a slowdown in labor productivity growth mainly due to reduced investment and slower growth of capital stock.