Over the demographic transition, declining fertility leads to rising support ratios and consumption during the first divided phase, followed by falling support ratios as population ages. Might human capital investments rise sufficiently as fertility falls to preserve the initial gains? Using a...

For more than three decades the economic performance of eight East Asian economies has been the envy of the world. Though some of these "miracle economies" are now experiencing currency devaluations, stock market retrenchment, and slower growth, it would be premature to proclaim the end of the...