Type
Working paper
Titre
Capital Flows in an Aging World
Dans
CEPR Discussion Papers
Éditeur
Londres : Centre for Economic Policy Research
Collection
CEPR Discussion Papers : 13180
ISSN
02658003
Mots clés
Aging, Household Saving, International Capital Flows
Résumé
EN
We investigate the importance of worldwide demographic evolutions in shaping capital flows across countries and over time. Our lifecycle model incorporates cross-country differences in fertility and longevity as well as differences in countries’ ability to borrow inter-temporally and across generations through social security. In this environment, global aging triggers uphill capital flows from emerging to advanced economies, while country-specific demographic evolutions reallocate capital towards countries aging more slowly. Our quantitative multi-country overlapping generations model explains a large fraction of long-term capital flows across advanced and emerging countries.

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