Throughout the world, population aging is a major challenge that will continue well into the 21st century. While the …-country overlapping generations model and combine it with long-term demographic projections for several world regions over a 50 year … rest of the world will be substantial. Closed-economy models of pension reform are likely to miss quantitatively important …

of the world will initially be substantial but that trends are reversed when households decumulate savings. We also … change alters the time path of aggregate savings within each country. Second this process may be amplified when a pension …-term demographic projections for seven world regions. Our simulations indicate that capital flows from fast-aging regions to the rest …

find that increases in equity flows are associated with a lower cost of capital, higher correlation with world market …

reasons neither increased migration nor international transfers of savings is expected to offer much assistance in digesting …