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 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.

Keywords: Aging; Household Saving; International Capital Flows (search for similar items in EconPapers)
Date: 2018-12-01
Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03393116
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Citations: View citations in EconPapers (3)

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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 (2023)
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:spmain:hal-03393116

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