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Capital Flows in an Aging World

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.
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Preprints, Working Papers, ...
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https://hal-sciencespo.archives-ouvertes.fr/hal-03393116
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Submitted on : Thursday, October 21, 2021 - 9:37:05 PM
Last modification on : Monday, March 21, 2022 - 2:50:36 PM
Long-term archiving on: : Saturday, January 22, 2022 - 9:14:42 PM

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Zsofia Barany, Nicolas Coeurdacier, Stéphane Guibaud. Capital Flows in an Aging World. 2018. ⟨hal-03393116⟩

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