Throughout the world, population aging is a major challenge that will continue well into the 21 st century. While the patterns of the demographic transition are similar in most countries, timing differs substantially, in particular between industrialized and less developed countries. To the...

We present a quantitative analysis of international capital flows induced by differ-ential population aging and pension reform. It is well known that within each country, demo-graphic change alters the time path of aggregate savings. This process may be amplified if pension reform shifts old-age...

This paper shows that the capital market effects of population aging and pension reform are particularly strong in continental European economies such as France, Germany, and Italy. Reasons are threefold: these countries have large and ailing pay-as-you-go public pension systems, relatively thin...

This study investigates the determinants of changes in corporate ownership nd firm failure,taking into ccount di fferent types of sellers and buyers of control blocks. For large panel of German corporations we find that firms are more likely to fail or to be sold when performance is...

We use a laboratory experiment to investigate the effect that assuming rational expectations has on structural inference in a dynamic discrete choice decision problem. Our experimental design induces preferences up to each subject’s subjective rates of time preference, leaving unrestricted...

We present a quantitative analysis of international capital flows induced by differ-ential population aging and pension reform. It is well known that within each country, demo-graphic change alters the time path of aggregate savings. This process may be amplified if pension reform shifts old-age...

Population aging is just beginning to hit the industrialized countries in full force, and it will have a tremendous impact on capital markets. Capital market effects of population aging are particularly strong in continental European economies such as Germany, with their large pay-as-you- go...