Aging and Economic Growth : The Role of Factor Markets and of Fundamental Pension Reforms

Ludwig, Alexander

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URN: urn:nbn:de:bsz:180-madoc-12872
Document Type: Working paper
Year of publication: 2005
The title of a journal, publication series: None
Publication language: English
Institution: School of Law and Economics > Sonstige - Fakultät für Rechtswissenschaft und Volkswirtschaftslehre
MADOC publication series: Veröffentlichungen des MEA (Mannheim Research Institute For the Economics of Aging) > MEA Discussion Papers
Subject: 330 Economics
Classification: JEL: H55 E27 J11 F21 E62 ,
Subject headings (SWD): Mehrgenerationenmodell , Bevölkerungsentwicklung , Kapitalmarkt , Rentenreform
Abstract: This paper analyzes the implications of demographic change for economic growth in different countries. Quantitative projections are based on a multi-country overlapping generations model that is augmented with actual demographic data and projections for different OECD regions. According to the simulation results, per capita incomes decline substantially when aging processes peak in some regions and differences between regions are quite large. Additional capital formation and increases in labor supply resulting from a fundamental pension reform are found to mitigate but not to solve the problem.
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