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Ageing and International Capital Flows

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Ageing, Financial Markets and Monetary Policy

Abstract

In the vast majority of countries, populations are ageing, and demographic change will continue well into the 21st century. While the patterns of population ageing are similar in most countries, timing differs substantially, in particular between industrialized and less developed countries. It is well known that, within each country, demographic change alters the time path of aggregate savings, even more so in countries where fundamental pension reforms — that is, a shift towards more pre-funding — are implemented (Börsch-Supan, 1995a and b; Reisen, 2000). To the extent that capital is internationally mobile, population ageing will also induce capital flows between countries.

We would like to thank Alan Auerbach, Ulrich Grosch, Florian Heiss, Heinz Herrmann, Gary Hufbauer, Ulf von Kaikreuth, Melanie Lührmann and Howard Rosen for their helpful comments. This research project was supported by the Deutsche Forschungsgemeinschaft, the VW-Foundation, and the Gesamtverband der Deutschen Versicherungswirtschaft.

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Authors
  1. Axel Börsch-Supan
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  2. Alexander Ludwig
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  3. Joachim Winter
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Editor information

Editors and Affiliations

  1. Department of Economics, University of California, 549 Evans Hall, 94720-3880, Berkeley, CA, USA

    Alan J. Auerbach

  2. Deutsche Bundesbank, Wilhelm-Epstein-Straße 14, 60431, Frankfurt am Main, Germany

    Heinz Herrmann

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Börsch-Supan, A., Ludwig, A., Winter, J. (2002). Ageing and International Capital Flows. In: Auerbach, A.J., Herrmann, H. (eds) Ageing, Financial Markets and Monetary Policy. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-04779-8_4

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  • DOI: https://doi.org/10.1007/978-3-662-04779-8_4

  • Publisher Name: Springer, Berlin, Heidelberg

  • Print ISBN: 978-3-642-07661-9

  • Online ISBN: 978-3-662-04779-8

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