Abstract (may include machine translation)
We investigate the importance of worldwide demographic evolutions in shaping capital flows across countries. 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.
Original language | English |
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Article number | 103707 |
Journal | Journal of International Economics |
Volume | 140 |
DOIs | |
State | Published - Jan 2023 |
Keywords
- Aging
- Household saving
- International capital flows
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Capital Flows in an Aging World -- replication files
Barany, Z. (Creator), Coeurdacier, N. (Contributor) & Guibaud, S. (Contributor), Mendeley Data, 18 Nov 2022
DOI: 10.17632/264ppwknvb.1, https://data.mendeley.com/datasets/264ppwknvb
Dataset