1、ASIAN DEVELOPMENT BANKASIAN DEVELOPMENT BANK6 ADB Avenue,Mandaluyong City1550 Metro Manila,Philippineswww.adb.orgPopulation Aging,Silver Dividend,and Economic GrowthThe silver dividend refers to increased longevity and longer working life becoming potential sources of growth in an aging society.The

2、authors examine the potential for a silver dividend by empirically investigating the channels through which population aging affects economic growth.They find that lower total factor productivity growth is the main mechanism through which population aging harms economic growth.Labor shortage caused

3、by aging is mostly offset by higher labor force participation rates of the elderly.About the Asian Development BankADB is committed to achieving a prosperous,inclusive,resilient,and sustainable Asia and the Pacific,while sustaining its efforts to eradicate extreme poverty.Established in 1966,it is o

4、wned by 68 members 49 from the region.Its main instruments for helping its developing member countries are policy dialogue,loans,equity investments,guarantees,grants,and technical assistance.POPULATION AGING,SILVER DIVIDEND,AND ECONOMIC GROWTHDonghyun Park and Kwanho ShinADB ECONOMICSWORKING PAPER S

5、ERIESNO.678March 2023ASIAN DEVELOPMENT BANKADB Economics Working Paper SeriesPopulation Aging,Silver Dividend,and Economic GrowthDonghyun Park and Kwanho ShinNo.678|March 2023Donghyun Park(dparkadb.org)is an economic advisor at the Economic Research and Regional Cooperation Department,Asian Developm

6、ent Bank.Kwanho Shin(khshinkorea.ac.kr)is a professor at the Department of Economics,Korea University.The ADB Economics Working Paper Series presents research in progress to elicit comments and encourage debate on development issues in Asia and the Pacific.The views expressed are those of the author