| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13180 |
| DP13180 Capital Flows in an Aging World | |
| Nicolas Coeurdacier | |
| 发表日期 | 2018-09-14 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | 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 capital flows across advanced and emerging countries and a substantial portion of the prolonged decline in the world interest rate. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Aging Household saving International capital flows |
| URL | https://cepr.org/publications/dp13180 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541984 |
| 推荐引用方式 GB/T 7714 | Nicolas Coeurdacier. DP13180 Capital Flows in an Aging World. 2018. |
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