Amlan Roy - Demographics Unravelled: How Demographics Affect and Influence Every Aspect of Economics, Finance and Policy

1. Chapter 2
2. Chapter 3
3. Chapter 6
4. Chapter 7

1. Chapter 2
2. Chapter 3
3. Chapter 4
4. Chapter 5
5. Chapter 6
6. Chapter 7

This book is a fascinating marshalling of evidence about how demographic forces shape many of the pressing economic, social, and political problems that we confront today.

Tom Sargent, Nobel Prize Winner (2011); and Professor of Economics, New York University

In this deep but highly accessible book, Amlan Roy draws upon his many years of experience to explain the many ways in which demography shapes the macroeconomy and financial markets. Students and market professionals will find Roy's analysis to be at once enlightening and engaging.

Narayana Kocherlakota, Former Minneapolis Fed President; and Professor, University of Rochester

With the benefit of two decades of research into the many aspects of an aging global economy, Amlan Roy explains to us the profound implications of demography on virtually every aspect of our welfare. In clear, practical language, he analyzes and informs - we should all read it and thank him.

Zvi Bodie, Author of Worry-Free Investing; and Professor Emeritus, Boston University

This book is a must-read for anyone working on the intersection of demographics, finance, and economics. There is a wealth of data, insight, and research presented in a concise package.

Tobias Adrian, Financial Counselor and Director, International Monetary Fund

Roy's brilliant new book unifies the vast demographics literature across debt, gender, growth, inflation, asset prices, and beyond, gauging research on its ability to look below broad population aggregates to the finer groupings that really matter.

Giles Keating, Former Global Head, Credit Suisse Research; and Board Member, Bitcoin Suisse

Amlan's holistic, systematic, and rational framework takes out the popular misconceptions about demographics and explains how it affects, inter alia, macroeconomic policy, asset prices, pensions and retirement decisions, and the overall quality of life. Highly recommended reading for academics, practitioners, and regulators.

Narayan Naik, Finance Professor, London Business School

Amlan Roy has written a tour-de-force on the impact of demographics on economic growth and policy, pension design, and portfolio management. This book, from the global expert on demographics, is a must-read for investors, financial professionals, and policy makers.

Arun Muralidhar, Co-founder, Mcube Investment Technologies, Pension Expert (3 books)

Amlan has been pioneering the link between demographics and financial markets at least since our days together at Credit Suisse in London 20 years ago. The accumulated knowledge that Amlan has gathered throughout his career is collated for the first time in this ground-breaking book, along with all the painstaking data-driven evidence, charts, and trend analyses that built up his reputation as a top-notch applied financial economist over the years, crossing over geographies: a must-read for all professional investors, and a source of inspiration for academics.

Olivier Ledoit, Senior Research Associate, Department of Economics, University of Zurich

Demographics remains one of the most important and under-appreciated areas of inquiry. This well-researched book provides a clear understanding of precisely how demographic data can serve as a crystal ball into the future. Carefully researched and very accessible, it is a must-read for anybody looking to understand what lies ahead for economy and society.

Ranjay Gulati, Harvard Business School, Paul Lawrence MBA, and Class of 1942 Professor

Renowned pensions expert Amlan Roy treats us with his state-of-the-art insights on demographics. This wonderful book is a must-read for anyone keen on truly understanding the deep impact of demographics on finance, economics, and our lives.

Dirk Broeders, Professor of Pension Finance, Maastricht University, Netherlands

As you step away from the noise of daily market fluctuations it is of paramount importance to consider how demographic changes will affect the long run macroenvironment and influence the risk/return prospects of financial assets. Amlan's book is a must-read for asset allocators and long-term investors.

Mirko Cardinale, Head of Investment Strategy, USS Investment Management, London

This book is a must-read for economists and finance analysts, both academics and practitioners. The book is very well written by an expert on the subject of demographics (a mega trend) and dispels certain misconceptions.

Tom A. Fearnley, Investment Director, Norwegian Ministry of Finance, Asset Management

Roy is uniquely equipped with the knowledge and insight required to understand the complex aspects of demographic dynamics. If this book will be widely read, there is hope we will cope better with demographic changes than we do today.

Theo Kocken, Founder, Cardano Group; and Professor of Risk Management, VU University, Netherlands

Often overlooked, demographic factors are the hidden hand behind economics and asset prices. Dr. Roy provides valuable insights on how demographic factors should be incorporated into investment decisions by asset owners, particularly those in the life and pensions space.

Hemal Popat, Investment Actuary, Mercer Investments

Understanding the far-reaching effects of demographics on economic activity and financial markets is vital, and there is no better guide than Amlan Roy; this book is an important resource for those who wish to understand the interactions in all their complexity.

Richard Lacaille, Global Head of ESG, State Street Corp; and Former Global CIO, SSGA

Demography affects many facets of economic life, yet its influence is widely under-appreciated. Written by an acknowledged expert and based on a lifetime of study, Roy's book masterfully explains just why demography is so important to our future prospects.

Professor Sir Charles Bean, LSE; and Former Deputy Governor, Bank of England

A very thorough and detailed account of many challenges facing both researchers and market practitioners in addressing difficult macroeconomic developments of modern times. The book challenges many cliches and stylised facts that surround demographics research and offers a fresh and comprehensive perspective on the subject. A must-read for students, policy makers and investment professionals interested in the intersection of demographics, macroeconomics and asset management.

Oksana Hrynchak, Analytics & Product Specialist, Bloomberg; and Formerly Credit Suisse, Goldman Sachs, & Bluecrest

Amlan Roy

This edition first published 2022
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