Population aging and pension reform will have profound effects on international capital markets. First, demographic … reform shifts old-age provision towards more pre-funding. Third, while the patterns of population aging are similar in most …, population aging will induce capital flows between countries. All three effects influence the rate of return to capital and …

consumption, from higher wages associated with population aging. Older, asset-rich households tend to lose, because of the …

Throughout the world, population aging is a major challenge that will continue well into the 21st century. While the … industrialized and less developed countries. To the extent that capital is internationally mobile, population aging will therefore … horizon. Our simulations suggest that capital flows from fast-aging industrial countries (such as Germany and Italy) to the …