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Beggar thy thrifty neighbour : the international spillover effects of pensions under population ageing

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Author Info
Adema, Yvonne
Meijdam, Lex
Verbon, Harrie A.A. (Tilburg University, Center for Economic Research)

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

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

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Find related papers by JEL classification:
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
J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends and Forecasts

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  1. repec:fth:inadeb:412 is not listed on IDEAS
  2. Alain Jousten & Florence Legros, 2002. "Pensions and Savings in a Monetary Union: an Analysis of Capital Flows," Working Papers 2002-06, CEPII research center. [Downloadable!]
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  3. Hans Fehr & Sabine Jokisch & Larry Kotlikoff, 2003. "The Developed World's Demographic Transition - the Roles of Capital Flows, Immigration, and Policy," Boston University - Department of Economics - The Institute for Economic Development Working Papers Series dp-133, Boston University - Department of Economics. [Downloadable!]
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  4. AXEL BÖRSCH-SUPAN & ALEXANDER LUDWIG & JOACHIM WINTER, 2006. "Ageing, Pension Reform and Capital Flows: A Multi-Country Simulation Model," Economica, London School of Economics and Political Science, vol. 73(292), pages 625-658, November. [Downloadable!] (restricted)
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  5. Domeij, David & Flodén, Martin, 2004. "Population Ageing and International Capital Flows," CEPR Discussion Papers 4644, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  6. Buiter, Willem H, 1981. "Time Preference and International Lending and Borrowing in an Overlapping-Generations Model," Journal of Political Economy, University of Chicago Press, vol. 89(4), pages 769-97, August. [Downloadable!] (restricted)
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  7. 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.
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  8. Judd, Kenneth L., 1982. "An alternative to steady-state comparisons in perfect foresight models," Economics Letters, Elsevier, vol. 10(1-2), pages 55-59. [Downloadable!] (restricted)
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