Als Deutschland dem Eurosystem beitrat, zeigte die Leistungsbilanz ein Defizit. Seit über einer Dekade jedoch hat die …Germany entered the euro with a current account deficit but over theentire past decade has run large and persistent … current account surpluses. Besides joining the common currency, the increase of Germany's current account since the late 1990s …

, necessary adjustments of pay-as-you-go pension systems to an ageing society affect aggregate savings. Taking Germany as an … data projections for OECD countries. It shows that demographic change in Germany is an important determinant of the current …

This paper analyses whether the severe demographic change in Germany causes its high current account surpluses. An …

concept to Germany. For the years 2012 to 2020, our corrections retrospectively reduce German savings and consequently the … German current account surplus by, on average, €11.5bn annually. This amounts to lowering Germany's average official current …

concept to Germany. For the years 2012 to 2020, our corrections retrospectively reduce German savings and consequently the … German current account surplus by, on average, €11.5bn annually. This amounts to approximately five percent of Germany …