Scandinavian Working Papers in Economics

SSE/EFI Working Paper Series in Economics and Finance,
Stockholm School of Economics

No 539: Population Aging and International Capital Flows

David Domeij () and Martin Flodén ()
Additional contact information
David Domeij: Dept. of Economics, Stockholm School of Economics, Postal: Stockholm School of Economics, P.O. Box 6501, SE-113 83 Stockholm, Sweden
Martin Flodén: Dept. of Economics, Stockholm School of Economics, Postal: Stockholm School of Economics, P.O. Box 6501, SE-113 83 Stockholm, Sweden

Abstract: We use the neoclassical growth framework to model international capital flows in an economy with exogenous demographic change. We compare model implications and actual current account data and find that the model explains a small but significant fraction of capital flows between OECD countries, in particular after 1985.

Keywords: current account; international capital mobility; demographics; Feldstein-Horioka puzzle

JEL-codes: E22; F21; F41; F47

19 pages, First version: October 10, 2003. Revised: February 20, 2004. Earlier revisions: October 21, 2003.

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