In this analytical policy brief, CEPS Director Daniel Gros explores whether there is a fundamental difference between a formal sovereign default with a haircut and debt monetization, which reduces the purchasing power for investors by the same amount. He argues that there is indeed a difference...

Asia is aging, although there is significant heterogeneity across subregions and economies. Population aging poses two strategic challenges for the region: sustaining economic growth and delivering old-age economic security. In this paper, we leverage the lifecycle perspective-that individuals'...

Developing Asia has grown faster than other parts of the world for decades. However, population aging is expected to pose significant headwinds to the region’s future economic growth. We update and enhance the analysis of Park and Shin (2012) to project the impact of population aging on...