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Beggar Thy Thrifty Neighbour: The International Spillover Effects of Pensions Under Population Ageing

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  • Adema, Y.
  • Meijdam, A.C.
  • Verbon, H.A.A.

    (Tilburg University, Center for Economic Research)

Abstract

This paper explores the international spillover effects of ageing through capital markets when countries have different pension systems.We use a two-country twoperiod overlapping-generations model, where the two countries only differ in their pension schemes.Two forms of population ageing are considered, namely an increase in longevity and a fall in fertility.It is shown that in the long run a country using a funded pension system experiences negative spillovers from the fact that the other country uses a PAYG system.The short-run spillovers, however, are opposite to the spillovers in the long run.

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Bibliographic Info

Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 2006-47.

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Date of creation: 2006
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Handle: RePEc:dgr:kubcen:200647

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Keywords: ageing; pensions; spillovers;

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  1. Axel Börsch-Supan & Alexander Ludwig & Joachim Winter, 2002. "Aging, pension reform and capital flows: a multi-country simulation model," Computing in Economics and Finance 2002 108, Society for Computational Economics.
  2. Casarico Alessandra, 2001. "Pension systems in integrated capital markets," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 1(1), pages 1-19, November.
  3. Cutler, D.M. & Poterba, J.M. & Sheiner, L.M. & Summers, L.H., 1990. "An Aging Society: Opportunity Or Challenge," Working papers 553, Massachusetts Institute of Technology (MIT), Department of Economics.
  4. Kieran Mc Morrow & Werner R�ger, 2003. "Economic and financial market consequences of ageing populations," European Economy - Economic Papers 182, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  5. Martin Floden & David Domeij, 2004. "Population Aging and International Capital Flows," 2004 Meeting Papers 490, Society for Economic Dynamics.
  6. repec:fth:inadeb:412 is not listed on IDEAS
  7. Judd, Kenneth L., 1982. "An alternative to steady-state comparisons in perfect foresight models," Economics Letters, Elsevier, vol. 10(1-2), pages 55-59.
  8. Alain Jousten & Florence Legros, 2002. "Pensions and Savings in a Monetary Union: an Analysis of Capital Flows," Working Papers 2002-06, CEPII research center.
  9. Willem H. Buiter, 1979. "Time Preference and International Lending and Borrowing in an Overlapping-Generations Model," NBER Working Papers 0352, National Bureau of Economic Research, Inc.
  10. Hans Fehr & Sabine Jokisch & Laurence Kotlikoff, 2003. "The Developed World's Demographic Transition - The Roles of Capital Flows, Immigration, and Policy," NBER Working Papers 10096, National Bureau of Economic Research, Inc.
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Cited by:
  1. Adema, Y. & Meijdam, A.C. & Verbon, H.A.A., 2009. "The international spillover effects of pension reform," Open Access publications from Tilburg University urn:nbn:nl:ui:12-365376, Tilburg University.

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