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By 2030, when most American baby boomers will have retired, all the large industrial economies will see a massive increase in the old age population. This book examines population aging and its implications for public retirement programs in the five largest industrial economies--Britain, France, Germany, Japan, and the United States. The authors report on national demographic trends, examine the current living conditions of the aged population, explain the structure of the retirement system, and offer estimates of future budgetary costs of the public programs. They also discuss national...

Persistently large external imbalances in the world economy contributed to the outbreak of the recent financial crisis. The current account imbalances were particularly severe among the economies that border on the Pacific--the United States ran large deficits, with offsetting surpluses in East Asia. The depth and breadth of the global recession also demonstrated the need for a coordination of national policies to achieve a sustained recovery.

While the magnitude of global-trade disruption led to some reduction in the size of the imbalances, closer examination suggests that the...

Longtime Brookings economist and former presidential adviser Barry Bosworth examines why saving rates in the United States have fallen so precipitously over the past quarter century, why the initial consequences were surprisingly benign, and how reduced saving will affect the future well-being of Americans.

"The Decline in Saving" provides an extensive and unparalleled account of the complexity of present saving patterns, an issue made even more serious by the 2008-09 global economic and financial crises. It objectively examines saving at both the individual household and the aggregate...

Should countries in Latin America and Eastern Europe follow the Chilean approach to economic restructuring, market liberalization, and stabilization? Following years of hyperinflation and domestic turmoil, Chile undertook a series of dramatic economic reforms. Chile has also served as a social laboratory for such policies as privatization and social security reform that are of interest to both developed and developing economies. Having implemented much of the original reform program and emerging in the 1990s with a new democratic government, Chile also raises interesting questions about...