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
Demographics Unravelled
How Demographics Affect and Influence Every Aspect of Economics, Finance and Policy
Amlan Roy
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To Anju, Shonai, Lilu, and Ranga
About the Author
Dr Amlan Roy is an experienced global macro-finance researcher and thought leader specialising in global macroeconomics and demographics. He presents to institutional clients in the private and public sectors across 30+ countries and is the founder of Global Macro Demographics. He is a research associate at London School of Economics' Systemic Risk Centre and an elected Honorary Fellow of the Institute and Faculty of Actuaries.
Until June 2021, Amlan was head of Global Macro Research and senior managing
