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G20 FINANCE MINISTERS AND CENTRAL BANK GOVERNORS MEETING SYMPOSIUM "For a Better Future: Demographic Changes and Macroeconomic Challenges"

June 2020
International Department
Bank of Japan


Thursday, January 17, 2019: 9:00am-3:20pm


Chinzanso, Tokyo, Japan


Discussion Summary of the G20 Symposium For a Better Future:Demographic Changes and Macroeconomic Challenges [PDF 370KB]


Time Program
9:00 -

Opening remarks
Masayoshi Amamiya, Deputy Governor, Bank of Japan

9:10 -

Session1: Demographic Change and their Impacts on Macro Economy


Takatoshi Ito, Professor, Columbia University


Does Demography Really Matter? [PDF 248KB]
Toshitaka Sekine, Director-General, Research and Statistics Department, Bank of Japan

Aging, Factor Prices and Capital Flows [PDF 3,481KB]
Selahattin Imrohoroglu, Professor, University of Southern California

Macroeconomic, Fiscal, and Financial Implications of Aging [PDF 933KB]
Vitor Gaspar, Director, Fiscal Affairs Department, International Monetary Fund

Demographic Transitions, Productivity, and the Role of Technology in Asia and the Pacific [PDF 518KB]
Yasuyuki Sawada, Chief Economist, Asian Development Bank

10:30 - 10:50


10:50 - 12:20

Session2: The Impacts of Demography on Fiscal Condition and Social Security System


Takeo Hoshi, Professor, Stanford University


Demography, the Fiscal Gap and Social Security [PDF 185KB]
Alan Auerbach, Professor, University of California, Berkeley

The impact of demography on financing social expenditure [PDF 535KB]
Motohiro Sato, Professor, Hitotsubashi University

Fiscal challenges and inclusive growth in ageing societies [PDF 1,060KB]
Laurence Boone, Chief Economist, Organisation for Economic Co-operation and Development

The fiscal challenges posed by population ageing [PDF 862KB]
Marco Buti, Director General for Economic and Financial Affairs, European Commission

Demographic Impacts on Social Security System and Fiscal Policy: Contexts in Japan [PDF 690KB]
Junji Ueda, Director for Economic and Fiscal Policy Coordination, Ministry of Finance, Japan

12:20 - 13:40

Lunch Keynote Speech
Haruhiko Kuroda, Governor, Bank of Japan

13:40 - 15:10

Session3: Monetary Policy and Financial System during Demographic Changes


Kazuo Ueda, Professor, Kyoritsu Women's University


Monetary Policy during Demographic Changes [PDF 495KB]
Shigenori Shiratsuka, Director-General, Institute for Monetary and Economic Studies, Bank of Japan

Monetary Policy and Financial System During Demographic Change: Three questions [PDF 939KB]
Gauti Eggertsson, Professor, Brown University

Consequences of ageing for international finance [PDF 861KB]
Hyun Song Shin, Economic Adviser and Head of Research, Bank for International Settlements

Risks and opportunities for the financial sector in an aging society [PDF 349KB]
Ryozo Himino, Vice Minister for International Affairs, Financial Services Agency, Japan

15:10 - 15:20

Closing remarks [PDF 875KB]
Taro Aso, Deputy Prime Minister, Minister of Finance, and Minister of State for Financial Services, Japan