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Capital Flows in an Aging World

Author

Listed:
  • Zsofia Barany

    (Département d'économie)

  • Nicolas Coeurdacier

    (Département d'économie)

  • Stéphane Guibaud

    (Département d'économie)

Abstract

We investigate the importance of worldwide demographic evolutions in shaping capital flows across countries and over time. Our lifecycle model incorporates cross-country differences in fertility and longevity as well as differences in countries’ ability to borrow inter-temporally and across generations through social security. In this environment, global aging triggers uphill capital flows from emerging to advanced economies, while country-specific demographic evolutions reallocate capital towards countries aging more slowly. Our quantitative multi-country overlapping generations model explains a large fraction of long-term capital flows across advanced and emerging countries.

Suggested Citation

  • Zsofia Barany & Nicolas Coeurdacier & Stéphane Guibaud, 2018. "Capital Flows in an Aging World," Sciences Po publications 13180, Sciences Po.
  • Handle: RePEc:spo:wpmain:info:hdl:2441/1evugr7cvq8naonad7623t1rbv
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    More about this item

    Keywords

    Aging; Household Saving; International Capital Flows;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts

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