under favorable and unfavorable fossil-fuel price regimes. The model includes Russia, the U.S., China, India, the EU, and …

, and economic transition paths of China, Japan, the U.S., and the EU. Each of these countries/regions is entering a period … of rapid and significant aging requiring major fiscal adjustments.In previous studies that excluded China we predicted …, reducing real wages per unit of human capital. Adding China to the model dramatically alters this prediction. Even though China …

China eventually becomes the world's saver and, thereby, the developed world's savoir with respect to its long …In previous studies that excluded China we predicted that tax hikes needed to pay benefits along the developed world …'s demographic transition would lead to capital shortage, reducing real wages per unit of human capital. Adding China to the model …