Pensions and Savings in a Monetary Union: an Analysis of Capital Flows
AbstractWe analyse the economic impact of a simultaneous aging shock in two countries. The countries are identical in all respects except the financing scheme of their public pension system. While one relies on capitalization, the other one relies on a pay-as-you-go scheme. We show that the two countries react very differently to the demographic shock and its financial implications. Further, we find that the presence or the absence of capital mobility considerably affects the results, both in terms of the size of the burden as in terms of international capital allocation.
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Bibliographic InfoPaper provided by CEPII research center in its series Working Papers with number 2002-06.
Date of creation: Jul 2002
Date of revision:
Savings; pension funds; DEMOECONOMICS; Pensions; FINANCIAL MARKETS; Capital movements; Capital markets; FACTOR MARKETS;
Other versions of this item:
- Jousten, Alain & Legros, Florence, 2002. "Pensions and Savings in a Monetary Union: an Analysis of Capital Flows," CEPR Discussion Papers, C.E.P.R. Discussion Papers 3509, C.E.P.R. Discussion Papers.
- J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
- G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
- F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
This paper has been announced in the following NEP Reports:
- NEP-ALL-2002-09-28 (All new papers)
- NEP-IFN-2002-09-28 (International Finance)
- NEP-PBE-2002-09-28 (Public Economics)
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