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 C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 3509.
Date of creation: Aug 2002
Date of revision:
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Other versions of this item:
- Alain Jousten & Florence Legros, 2002. "Pensions and Savings in a Monetary Union: an Analysis of Capital Flows," Working Papers 2002-06, CEPII research center.
- F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
This paper has been announced in the following NEP Reports:
- NEP-ALL-2003-04-09 (All new papers)
- NEP-CBA-2003-04-09 (Central Banking)
- NEP-IFN-2003-04-09 (International Finance)
- NEP-LAB-2003-04-09 (Labour Economics)
- NEP-MAC-2003-04-09 (Macroeconomics)
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