We present three conditions for a demography-driven middle-income trap and show that many economies in East, South, and Southeast Asia satisfy all of them. The conditions are (1) support ratio—the ratio of workers to consumers—matters for economic growth, (2) economic development accompanies...

Asia's rapid population aging fortifies the case for strengthening human capital investments. Further, the experience of the newly industrialized economies suggests that human capital investments will be a vital ingredient of the transition from middle income to high income. Those investments...

We consider the nexus of intra-household transfers, the sex composition of the sibship, and parental retirement behavior in Korea. We provide evidence that the cost of raising sons is higher than it is for daughters in Korea. Thus, in the absence of sufficient transfers from adult sons to...

Asia as a whole is experiencing a rapid demographic transition toward older populations, though different countries are at different stages of this region wide trend. We document Asia's aging population, describe the region's old-age support systems, and highlight the regional socioeconomic...

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....

The recent episode of globalization has helped promote economic growth through trade and capital flows, but has also created vulnerability to external shocks. Korea’s globalization strategies are facing new challenges and opportunities since the global financial crisis in 2008. Korea needs to...