Vogel, Edgar; Ludwig, Alexander; Börsch-Supan, Axel H. - 2012
: investing abroad and endogenous human capital formation. Our quantitative finding is that openness has a relatively mild effect …. In contrast, endogenous human capital formation in combination with profound changes in pension policy – fixing … households alive in 2010 decrease from 6.5% to 3.6% when human capital endogenously adjusts and when the statutory retirement age …