We use the neoclassical growth framework to model international capital flows in an economy with exogenous demographic change. We compare model implications and actual current account data and find that the model explains a small but significant fraction of capital flows between OECD countries, in particular after 1985.
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Length: 19 pages Date of creation: 10 Oct 2003 Date of revision:
21 Oct 2003 Publication status: Published in International Economic Review, 2006, pages 1013-1032. Handle: RePEc:hhs:hastef:0539
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David Domeij & Martin Flodén, 2006.
"Population Aging And International Capital Flows,"
International Economic Review,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 47(3), pages 1013-1032, 08.
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Find related papers by JEL classification: E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics F47 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Forecasting and Simulation
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