download graspp user website pdf tell external home arrow_down arrow_left arrow_right arrow_up language mail map search tag train

東京大学公共政策大学院 | GraSPP / Graduate School of Public Policy | The university of Tokyo

OAP Economic Issues Seminar “The Future of Saving: The Role of Pension System Design in an Aging World” January 11, 2019

Deadlines/Event Dates January 16, 2019

The IMF Regional Office for Asia and the Pacific (OAP) would like to invite you to the following event:

OAP Economic Issues Seminar –“The Future of Saving: The Role of Pension System Design in an Aging World”

This is to launch the publication of a Staff Discussion Note (SDN) on the above topic by the IMF Fiscal Affairs Department (FAD). Mr. Vitor Gaspar, Director of FAD, will present key points of the publication, including the role of pension systems for saving in an aging society and policy implications varying from country to country. As it is a timely topic for Japan and other aging societies, you are cordially invited to attend the seminar.


Date:                 Wednesday, January 16, 2019

Time:                 10:00 a.m. -11:00 a.m.

Opening Remarks: Mr. David Lipton, First Deputy Managing Director, IMF

Speaker:            Mr. Vitor Gaspar, Director, Fiscal Affairs Department, IMF

Venue:               World Bank Tokyo Development Learning Center (Fukoku Seimei Building 14th Floor, Uchisaiwaicho, 2-2-2, Chiyoda-ku, Tokyo, Japan) (MAP)

Language:         English (Japanese interpretation will be provided)

Registration:     Please register online by noon, Tuesday January 15 2019,

Enquiries:          IMF Regional Office for Asia and the Pacific (OAP). Phone: 03-3597-6700   Email: oapeconomicseminar<at>

【Abstract】Declining fertility and increasing longevity will profoundly change the population age distribution in many countries over the coming decades. This discussion note investigates how these demographic shifts could influence public and private—and hence national saving—by explicitly considering the role of pension system characteristics. National saving is the main source of financing for domestic investment and plays a crucial shock-absorbing role. This note finds that, under current policies, aging populations will drive up public spending on pensions, thereby lowering public savings. Private saving will decline more dramatically in countries with generous pension systems, as people will rely less on their own saving when they retire. Conversely, inadequate pensions drive up private saving. In countries with defined contribution schemes, private saving is projected to increase. Policy implications vary across countries. Countries with overly generous public pensions could curtail early retirement or reduce the size of benefits. Conversely, fiscal space permitting, pension generosity may need to increase in countries with weak pension and social security systems. Other options for policymakers include stimulating the development of financial sector instruments to promote voluntary saving, policies to encourage people to lengthen their productive lives and work in the formal sector, countering the effect of aging on labor supply.


Mr. David Lipton
Mr. David Lipton assumed the position of First Deputy Managing Director of the International Monetary Fund on September 1, 2011.  Before coming to the Fund, Mr. Lipton was Special Assistant to the President, and served as Senior Director for International Economic Affairs at the National Economic Council and National Security Council at the White House.  Previously, Lipton was a Managing Director at Citi, where he was Head of Global Country Risk Management. In that capacity, he chaired Citi’s Country Risk Committee, worked for the Senior Risk Officer, and advised senior management on global risk issues.  Prior to joining Citi in May 2005, he spent five years at Moore Capital Management, a global hedge fund and, before that, a year at the Carnegie Endowment for International Peace.  Lipton served in the Clinton administration at the Treasury Department from 1993 to 1998. As Under Secretary of the Treasury for International Affairs — and before that as Assistant Secretary – Lipton helped lead the Treasury’s response to the financial crisis in Asia and the effort to modernize the international financial architecture.  Before joining the Clinton administration, Lipton was a fellow at the Woodrow Wilson Center of Scholars.  From 1989 to 1992, he teamed up with Prof. Jeffrey Sachs then at Harvard University, working as economic advisers to the governments of Russia, Poland and Slovenia during their transitions to capitalism.  Lipton began his career with eight years on the staff of the International Monetary Fund, working on economic stabilization issues in emerging market and poor countries.  Lipton earned a Ph.d. and M.A. from Harvard University in 1982 and a B.A. from Wesleyan University in 1975.

Mr. Vitor Gaspar
A Portuguese national, Vitor Gaspar is Director of the Fiscal Affairs Department of the International Monetary Fund. Prior to joining the IMF, he held a variety of senior policy positions in Banco de Portugal, including most recently as Special Adviser. He served as Minister of State and Finance of Portugal during 2011-2013. He was head of the European Commission’s Bureau of European Policy Advisers during 2007-2010 and director-general of research at the European Central Bank from 1998 to 2004. Mr. Gaspar holds a Ph.D. and a post-doctoral agregado in Economics from Universidade Nova de Lisboa; he also studied at Universidade Católica Portuguesa.