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Demography, Financial Openness, National Savings and External Balance

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Author Info
Michael Graff () (KOF Swiss Economic Institute, ETH Zurich)
Kam Ki Tang () (School of Economics, University of Queensland, Australia)
Jie Zhang (School of Economics, University of Queensland, Australia)

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Abstract

This paper examines the impact of demographic factors on saving, investment, and external balances. We derive a number of semi-structural equations from national accounting principle and the principle that external balances for the world as a whole must sum to zero. The resulting equations embody both closed, partially open and completely open economies as special cases, and are arguably more properly specified than those previously used in the literature. We apply these semi-structural equations to a large panel data set. While our findings by and large are in agreement with most previous studies, our semi-structural equations give much more plausible estimation results for saving and investment than conventional specification

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Publisher Info
Paper provided by KOF Swiss Economic Institute, ETH Zurich in its series KOF Working papers with number 08-194.

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Length: 31 pages
Date of creation: Apr 2008
Date of revision:
Handle: RePEc:kof:wpskof:08-194

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Related research
Keywords: Demography; openness; saving; investment; current account; panel data;

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Find related papers by JEL classification:
E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
J10 - Labor and Demographic Economics - - Demographic Economics - - - General

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References listed on IDEAS
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  3. Chinn, Menzie D. & Prasad, Eswar S., 2003. "Medium-term determinants of current accounts in industrial and developing countries: an empirical exploration," Journal of International Economics, Elsevier, vol. 59(1), pages 47-76, January. [Downloadable!] (restricted)
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  11. Higgins, Matthew, 1998. "Demography, National Savings, and International Capital Flows," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 39(2), pages 343-69, May.
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  14. Chinn, Menzie D. & Ito, Hiro, 2007. "Current account balances, financial development and institutions: Assaying the world "saving glut"," Journal of International Money and Finance, Elsevier, vol. 26(4), pages 546-569, June. [Downloadable!] (restricted)
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  15. 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. [Downloadable!] (restricted)
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  16. repec:bep:macadv:v:6:y:2006:i:1:p:1298-1298 is not listed on IDEAS
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