The UBS CIO Monthly Letter discusses the impact of demographics on global economies, highlighting the challenges posed by aging populations in the US, Europe, China, and Japan. It emphasizes the need for fiscal reforms and adjustments to the social contract to address rising pension and healthcare liabilities. The letter also reviews investment prospects in light of these demographic trends, focusing on the US fiscal cliff, Eurozone debt crisis, and China's growth model.
documents/EFTA01181997.pdf
{}