New research on demographics suggests that changes in mortality and fertility rates help explain a big part of Asia's growth miracle. The study 'Demographic Transitions and Economic Miracles in Emerging Asia' was conducted by David E. Bloom and Jeffrey G. Williamson. The study further says that crisis or no crisis, continuing population shifts in Northeast Asia, Malaysia, Singapore and Thailand will be a drag on growth over the next 25 years. The good news is that South Asia and the Philippines are just moving into the bonus phase of their own demographic transitions.