| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19465 |
| 来源ID | Working Paper 19465 |
| Demography and Low Frequency Capital Flows | |
| David Backus; Thomas Cooley; Espen Henriksen | |
| 发表日期 | 2013-09-26 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We consider the causes of international capital flows. Since capital flows are extremely persistent, we argue that their drivers must be persistent, too. We think the most compelling candidates are demographic trends, tfp differences and financial frictions. In this paper we focus primarily on the role of demography in a multi-country overlapping generations model in which saving decisions are tied to agents' life expectancy. Capital flows reflect differences between saving and investment across countries. Demographic changes affect the aggregate accumulation of assets in two ways: by changing life expectancy which changes individual household saving behavior, and by changing the age distribution of the population by which individual household decisions are aggregated. The most important drivers turn out to be increases in life expectancy caused by decreases in adult mortality.We use a quantitative version of the model to illustrate the impact of demography on capital flows and net foreign assets in China, Germany, Japan, and the United States. |
| 主题 | Labor Economics ; Demography and Aging |
| URL | https://www.nber.org/papers/w19465 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577139 |
| 推荐引用方式 GB/T 7714 | David Backus,Thomas Cooley,Espen Henriksen. Demography and Low Frequency Capital Flows. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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