Lecture 11 - The Chinese University of Hong Kong Department...

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The Chinese University of Hong Kong Department of Economics ECON2021 Intermediate Macroeconomic Theory 2009-2010 (Second Term) Professor Wallace K C Mok Lecture 11: Public Pensions 12 February 2010
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US Government Budget 2008
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Public Pensions Social Security The demographic timebomb Introduction to Public Pensions
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The Demographic Timebomb Lower birth rates Rising Life expectancy Those who were born during the “Baby Boom” are retiring soon => Rising fraction of elderly Larger spending on medical services for the elderly Larger spending on public pensions
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Birth Rates (Number of Births per 1000 population) - 1950-2050 5 7 9 11 13 15 17 19 21 23 25 1953 1958 1963 1968 1973 1978 1983 1988 1993 1998 2003 2008 2013 2018 2023 2028 2033 2038 2043 2048 Birth rate Japan Switzerland UK USA Source: United Nations
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Birth Rates for Developed Regions, China and Hong Kong 0 5 10 15 20 25 30 35 40 45 50 1953 1958 1963 1968 1973 1978 1983 1988 1993 1998 2003 2008 2013 2018 2023 2028 2033 2038 2043 2048 Developed Regions China Hong Kong Source: United Nations
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Life Expectancy 60 65 70 75 80 85 90 1953 1958 1963 1968 1973 1978 1983 1988 1993 1998 2003 2008 2013 2018 2023 2028 2033 2038 2043 2048 Age Japan Switzerland UK USA Source: United Nations
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Life Expectancy 60 65 70 75 80 85 90 1953 1958 1963 1968 1973 1978 1983 1988 1993 1998 2003 2008 2013 2018 2023 2028 2033 2038 2043 2048 Age Developed Regions China Hong Kong Source: United Nations
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This note was uploaded on 03/13/2010 for the course ECO 123 taught by Professor Jiu during the Spring '10 term at American College of Computer & Information Sciences.

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Lecture 11 - The Chinese University of Hong Kong Department...

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