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Total fertility rates fell to previously unseen levels in a large number of countries beginning in the early 1990s. The persistence of TFRs below 1.3 raised the possibility of rapid population aging and decline. We discuss the recent widespread turnaround in so-called lowest-low-fertility countries in Europe and East Asia. The number of countries with TFRs below 1.3 fell from 21 in 2003 to five in 2008. Moreover, the upturn in the TFR was not confined to lowest-fertility countries, but affected the whole developed world. We explore the demographic explanations for the recent rise in TFRs stemming from fertility timing effects as well as economic, policy, and social factors. Although the current economic downturn may suppress TFRs in the short run, we conclude that formerly lowest-low-fertility countries will continue to see increases in fertility as the transitory effects of shifts to later childbearing become less important. [ABSTRACT FROM AUTHOR]

Lowest-low fertility, defined as a period total fertility rate at or below 1.3, has rapidly spread in Europe during the 1990s. This article traces the emergence of this new phenomenon to the interaction of five factors. First, tempo and compositional distortions reduce the total fertility rate below the associated level of cohort fertility. Second, socioeconomic changes--including increased returns to human capital and high economic uncertainty in early adulthood--have made late childbearing a rational response for individuals and couples. Third, social interaction effects reinforce this behavioral adjustment and contribute to large and persistent postponement in the mean age at birth. Fourth, institutional settings favor an overall low quantum of fertility. Fifth, postponement-quantum interactions amplify the consequences of this institutional setting when combined with ongoing delays of childbearing. The article concludes with speculations about future trends in current and prospective lowest-low-fertility countries. [ABSTRACT FROM AUTHOR]