Aging, pension reform and capital flows: a multi-country simulation model

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On the consequences of demographic change for rates of returns to capital, and the distribution of wealth and welfare (2006, background): “Ft+1;i Yt;i = (1 ) (1 t;i) 1 + t+1;i A t 1 + t+1;i(1 ) (1 + ) = ft+1;i( N t+1;i; ; t;i; t+1;i; ~ N;t+1; a t ; a t+1) (7) as the net foreign asset to GDP ratio of country i:4 2Explicitly, k0 = P i s 1;iN 1;i A0 P i ZiN0;i where s 1;iN 1;i denotes total assets held by the initial old generation in cou”
Retirement Security in an Aging Population (2014, background): “In calibrated multi-country models of global capital accumulation that recognize the shifting global age structure, such as Börsch-Supan, Ludwig, and Winter (2006), the equilibrium rate of return declines as a result of the rising global ratio of capital to labor, but the effect is less than 1…”
Demographic Change, Human Capital and Welfare (2012, background): “In open economies, Börsch-Supan et al. (2006), Attanasio et al. (2007) and Krüger and Ludwig (2007), among others, investigate the role of international capital flows during the demographic transition.”