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Demography, Financial Openness, National Savings and External Balance

  • 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)

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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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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