Capital Flows in an Aging World

Zsofia Barany (), Nicolas Coeurdacier and Stéphane Guibaud ()
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Stéphane Guibaud: ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique

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Abstract: We investigate the importance of worldwide demographic evolutions in shaping capital flows across countries. Our lifecycle model incorporates crosscountry 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.

Keywords: Aging; Household Saving; International Capital Flows (search for similar items in EconPapers)
Date: 2023
New Economics Papers: this item is included in nep-age, nep-dge, nep-fdg, nep-mon and nep-opm
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Published in Journal of International Economics, In press, ⟨10.1016/j.jinteco.2022.103707⟩

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Related works:
Journal Article: Capital flows in an aging world (2023)
Working Paper: Capital Flows in an Aging World (2023)
Working Paper: Capital Flows in an Aging World (2018)
Working Paper: Capital Flows in an Aging World (2018)
Working Paper: Capital Flows in an Aging World (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03803869

DOI: 10.1016/j.jinteco.2022.103707

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