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Article Dans Une Revue Journal of International Economics Année : 2023

Capital Flows in an Aging World

Résumé

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.
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Dates et versions

hal-03803869 , version 1 (06-10-2022)

Licence

Paternité - Pas d'utilisation commerciale - Pas de modification

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Zsofia Barany, Nicolas Coeurdacier, Stéphane Guibaud. Capital Flows in an Aging World. Journal of International Economics, In press, ⟨10.1016/j.jinteco.2022.103707⟩. ⟨hal-03803869⟩
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