Amlan Roy - Demographics Unravelled

Figure 2.3a Median age (regions): 1950–2020. Figure 2.3b Median age (G6): 1950–2020. Figure 2.4a Life expectancy at birth (region). Figure 2.4b Life expectancy at birth (G6). Figure 2.5a Total fertility rates (region). Figure 2.5b Total fertility rates (G6). Figure 2.6a Old-age dependency ratios (regions). Figure 2.6b Old-age dependency ratios (G6). Figure 2.7 Gender ratios (regions): 1950–2020. Figure 2.8a World 1980 (age structure). Figure 2.8b World 2020 (age structure). Figure 2.9 Evolution of the US age structure: 1980–2020. Figure 2.10 Evolution of Japan's age structure: 1980–2020. Figure 2.11a Net number of migrants (thousands). Figure 2.11b Net migration rate per thousand. Figure 2.12 Net migrants (share of population change). Figure 2.13a Japan: net migration and natural increase (thousands). Figure 2.13b Germany: net migration and natural increase (thousands). Figure 2.13c UK: net migration and natural increase (thousands). Figure 2.13d US: net migration and natural increase (thousands). Figure 2.14 Permanent migration flows into OECD countries: 2019 (percentage ... Figure 2.15 Foreign-born population in OECD and Europe: 2000–2019.Figure 2.16a Share of urban population (%).Figure 2.16b Share of urban population (G6).Figure 2.17 Population density.Figure 2.18 Life expectancy at ages 65 and 80.Figure 2.19 Mean age at first marriage (years): England and Wales.Figure 2.20 US median age at first marriage (years): 1950–2020.Figure 2.21 Mean age of childbearing (G6).

2 Chapter 3Figure 3.1a France GDP growth decomposition: 1951–2019. Annual percentages....Figure 3.1b Germany GDP growth decomposition: 1951–2019. Annual percentages....Figure 3.2a Italy GDP growth decomposition: 1951–2019. Annual percentages....Figure 3.2b Japan GDP growth decomposition (1951–2019). Annual percentages....Figure 3.3a UK GDP growth decomposition: 1951–2019. Annual percentages.Figure 3.3b US GDP growth decomposition: 1951–2019. Annual percentages.Figure 3.4a Female economic activity rates by age: 1990.Figure 3.4b Female economic activity rates by age: 2019.Figure 3.5a Male economic activity rates by age: 1990.Figure 3.5b Male economic activity rates by age: 2019.Figure 3.6 Average wage year-on-year changes (local currency basis): 2001–20...Figure 3.7 Labour productivity growth: 1951–2019.Figure 3.8 EU social protection expenditures (% of GDP): 2019.Figure 3.9 Unemployment and youth unemployment (%): 2019.

3 Chapter 4Figure 4.1 Typified life-cycle income/investment hypothesis.Figure 4.2 Income and consumer expenditures by age (based on age of head of ...Figure 4.3 Annual live births and when they turn 65: Japan and Germany post-...Figure 4.4 Live births and cohorts: 1910–2001.Figure 4.5 Short-term interest rates and the MY ratio: 1910–2001.Figure 4.6 Equity premium and the MY Ratio: 1910–2001.Figure 4.7 Variations in demographic ratios across countries.Figure 4.8 US assets by age: Q4, 2020.Figure 4.9 Assets by race: Q4, 2020.Figure 4.10 Homeownership rates by age of head of household.

4 Chapter 5Figure 5.1 Health expenditures (% of current GDP).Figure 5.2 Health expenditure per capita (current prices, current purchasing...Figure 5.3 Out-of-pocket health expenditures as a share of the total (%)....Figure 5.4 Infant mortality rates: EM.Figure 5.5 Under-five mortality per 1000 live births.Figure 5.6 Median age: country/region variations.Figure 5.7 Current health expenditure per capita (international PPP): 2018....Figure 5.8 Hospital beds per thousand: 2017.Figure 5.9 Increasing life expectancy at birth.Figure 5.10 Life expectancy at age 60.Figure 5.11 Life expectancy vs. healthy life expectancy at birth (years): 20...Figure 5.12 Life expectancy at 60 vs. healthy life expectancy at 60 (years):...Figure 5.13 Life expectancy at birth, world and regions: 1980–2040 (years)....Figure 5.14 Life Expectancy at age 60, world and regions: 1980–2040 (years)....Figure 5.15 Historical highest female life expectancies (years).

5 Chapter 6Figure 6.1 Gender pension gap: 2015 or latest.Figure 6.2 Poverty rates among older age groups and the total population....

6 Chapter 7Figure 7.1 World Happiness Index 2021 score.

1 Cover

2 Table of Contents

3 Title Page Demographics Unravelled How Demographics Affect and Influence Every Aspect of Economics, Finance and Policy Amlan Roy

4 Copyrigt

5 Dedication To Anju, Shonai, Lilu, and Ranga

6 About the Author About the Author Dr Amlan Roy is an experienced global macro-finance researcher and thought leader specialising in global macroeconomics and demographics. He presents to institutional clients in the private and public sectors across 30+ countries and is the founder of Global Macro Demographics. He is a research associate at London School of Economics' Systemic Risk Centre and an elected Honorary Fellow of the Institute and Faculty of Actuaries. Until June 2021, Amlan was head of Global Macro Research and senior managing director with State Street Global Advisors, having joined them in 2017 as chief retirement strategist. He was managing director and head of global demographics and pensions research with Credit Suisse Investment Bank from 1998 to 2016. In a prior role as global EM strategist, he developed global risk and allocation models as an expert on financial architecture during the Asian crisis. Amlan spent 12 years in academia, with a distinguished teaching career in the US and UK. He was UK ESRC Research Fellow, Ponders Fellow, a Boston University Doctoral Scholar and a Government of India National Scholar. He has a PhD and MA in financial economics from the University of Iowa, an MBA from the Indian Institute of Management, Ahmedabad and an undergraduate honours degree in economics from St. Stephen's College, University of Delhi.

7 Acknowledgements

8 Selected Abbreviations

9 Preface

10 Begin Reading

11 Index

12 End User License Agreement

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