Pensions and Savings in a Monetary Union: an Analysis of Capital Flows
We 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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- Beine, Michel & Benassy-Quere, Agnes & MacDonald, Ronald, 2007.
"The impact of central bank intervention on exchange-rate forecast heterogeneity,"
Journal of the Japanese and International Economies,
Elsevier, vol. 21(1), pages 38-63, March.
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- Michel Beine & Agnès Bénassy-Quéré & Estelle Dauchy & Ronald MacDonald, 2002. "The Impact of Central Bank Intervention on Exchange-Rate Forecast Heterogeneity," Working Papers 2002-04, CEPII research center.
- Isabelle Bensidoun & Guillaume Gaulier & Deniz Ünal-Kesenci, 2001. "The Nature of Specialization Matters for Growth: an Empirical Investigation," Working Papers 2001-13, CEPII research center.
- Mohamed Hedi Bchir & Mathilde Maurel, 2002. "Impacts économiques et sociaux de l'élargissement pour l'Union européenne et la France," Working Papers 2002-03, CEPII research center.
- Antoine Bouët & Lionel Fontagné & Mondher Mimouni & Xavier Pichot, 2001. "Market Access Maps: A Bilateral and Disaggregated Measure of Market Access," Working Papers 2001-18, CEPII research center.
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