The previous edition of Commentary referred to a report from the World Economic Forum (WEF ) concerning the challenges presented by the emergence of global ageing societies. The trend toward ageing societies is driven mainly by a combination of declining…
The current arrangements for the provision of retirement income in the United States are not expected to be adequate for today’s working population. Significant increases in financial resources will be necessary if reasonable standards of living are to be maintained…
The US Social Security system of old-age, survivors and disability insurance (OASDI) is financed by a payroll tax as provided under the Federal Insurance Contributions Act (FICA). The excess of payroll tax receipts over the cost of benefits and administrative…
The United States National Commission on Fiscal Responsibility and Reform presented its report at the beginning of December with the title The Moment of Truth. The report recommended a six-part plan to put the United States on a path to…
The Bank for International Settlements (BIS ), a Basel, Switzerland-based international organization that fosters cooperation between central banks and other agencies in pursuit of monetary and financial stability, has recently published a 216-page report that contains valuable insights into the…
The recent G-20 summit meeting in Toronto produced a number of major commitments that will have a significant impact on future global economic growth and financial stability. The Joint Declaration issued by the G-20 nations at the close of the…
In its latest report on Global Financial Stability, the International Monetary Fund (IMF ) states that risks to the financial system have eased as the economic recovery process gains momentum. As fears of systemic crisis subside, global risk aversion has…
Asian nations are leading the recovery from the global economic and financial crisis. Compared to other areas, Asia performed relatively well in the difficult global economic environment of 2009. Decisive policy responses enabled Asia to become the first region to…
Dominique Strauss-Kahn, Manag-ing Director of the International Monetary Fund (IMF) has, in recent speeches, stressed the importance of multilateralism in securing the global economic recovery and has outlined a renewed vision for the IMF in the post-crisis world. In a…
Projections by the United Nations Population Division indicate that global population will reach a peak of 9.15 billion worldwide by 2050. Over the next four decades significant demographic changes are expected that will reduce the demographic weighting of the world’s…