This paper analyses whether the severe demographic change in Germany causes its high current account surpluses. An ageing population both increases the supply and lowers demand of capital in an economy. Due to a longer life span individuals save more. Fewer workers reduce the optimal capital...

The labour market is strongly segmented, being normally characterized by the coexistence of two forms of deficits: the labour demand deficit (i.e. unemployment) and the labour offer deficit (i.e. vacancy jobs). As these deficits are obvious in the case of some different occupations or of some...