Aging and International Capital Flows


Börsch-Supan, Axel ; Ludwig, Alexander ; Winter, Joachim


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URL: https://ub-madoc.bib.uni-mannheim.de/1006
URN: urn:nbn:de:bsz:180-madoc-10068
Document Type: Working paper
Year of publication: 2001
The title of a journal, publication series: Discussion Papers / Institut für Volkswirtschaftslehre und Statistik ; Department of Economics, Universität Mannheim
Volume: 605
Place of publication: Mannheim
Publication language: English
Institution: School of Law and Economics > Sonstige - Fakultät für Rechtswissenschaft und Volkswirtschaftslehre
MADOC publication series: Institut für Volkswirtschaftslehre und Statistik > Discussion Papers
Subject: 330 Economics
Classification: JEL: H55 J11 E27 F21 G15 ,
Subject headings (SWD): Bevölkerungsentwicklung , Alterung , Rentenreform , Kapitalmobilität
Abstract: Throughout the world, population aging is a major challenge that will continue well into the 21st century. While the patterns of the demographic transition are similar in most countries, timing differs substantially, in particular between industrialized and less developed countries. To the extent that capital is internationally mobile, population aging will therefore induce capital flows between countries. In order to quantify these international capital flows, we employ a multi-country overlapping generations model and combine it with longterm demographic projections for several world regions over a 50 year horizon. Our simulations suggest that capital flows from fast-aging industrial countries (such as Germany and Italy) to the rest of the world will be substantial. Closedeconomy models of pension reform are likely to miss quantitatively important effects of international capital mobility.
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Börsch-Supan, Axel ; Ludwig, Alexander ; Winter, Joachim (2001) Aging and International Capital Flows. Open Access Discussion Papers / Institut für Volkswirtschaftslehre und Statistik ; Department of Economics, Universität Mannheim Mannheim 605 [Working paper]
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