Although longevity risk develops and reveals itself slowly over time, if left unaddressed it can affect financial stability by building up significant vulnerabilities in public and private balance sheets. On a macroeconomic level, the effects of a longevity shock on the economy and markets are similar to the effects of aging — they propagate through the size and composition of the labour force, public finances, corporate balance sheets, private saving and investment, and potential growth. While the effects of longevity risk perhaps act too slowly to cause sharp movements in asset prices, affecting fiscal sustainability and the solvency of private financial and corporate institutions. We try to discuses some of the main path connected with this large set of problems.

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