pension reforms led to an increase in the household savings rate in Germany until about 2010. As domestic investment … opportunities could not absorb these additional savings, they were partly invested abroad. The German current account-to-GDP ratio … rose. After 2010, private savings remained rather stable, but opportunities to invest in Germany declined further. Our …

This paper examines the impact of demographic factors on saving, investment, and external balances. We derive a number …-structural equations give much more plausible estimation results for saving and investment than conventional specification. -- Demography … ; openness ; saving ; investment ; current account ; panel data …

ceteris paribus mit einem Rückgang des Finanzierungssaldos der privaten Haushalte und der Leistungsbilanz einhergeht. Dieser … Unternehmenssektors zu einem Anstieg der Leistungsbilanz, d.h. der Unternehmensschleier (corporate veil) beeinflusst das Sparverhalten der …

This paper examines the impact of demographic factors on saving, investment, and external balances. We derive a number …-structural equations give much more plausible estimation results for saving and investment than conventional specification …