Ⅰ. Introduction: Sub-one Fertility-A Dark Cloud with Silver Linings 1
Ⅱ. Health and Retirement: South Korea, China, and the US 15
Ⅲ. Japan’s “New Orange Plan” and the Changing Cognitive Abilities of the Elderly 55
Ⅳ. Population Ageing and Economic Activity by Age in the EU Countries 95
Ⅴ. Counting Women’s Work in an Aging World 149
Ⅵ. Political Sustainability of Public Intergenerational Transfers 207

The speed of population aging of Korea is unprecedented. Since many public social policies target the old and the young, the changes in age structure have profound and fundamental implications for social policy. The rapid aging is new social risks in Korea which hinder sustainable growth and social cohesion, and worsening social conflicts. The elderly are particularly vulnerable in Korea, because the traditional family support system has been deteriorating rapidly. Public pension programs and public health care are important examples of the pressing needs of the elderly. These problems call for substantial reform in social policies. The demand for Korean government activities to resolve these problems has reached its peak.
Complicating the response are fiscal burden through rapid increase in welfare expense, intergenerational conflicts, deteriorating familial support system, and poverty of older population. These risks are new social risks, and market system has limited power to deal with the uncertainty and risks. The broad purpose of this project is to examine the current state of population aging around the world, with a special reference to its socio-economic impact and policy responses. The selected experts from each country will examine the issues and compare the results with other countries. The resulting output will serve as an important reference material for both policy makers and academia when they formulate policies to meet the challenges associated with the rapid population aging.