Ludwig, Alexander; Winter, Joachim; Boersch-Supan, Axel - National Bureau of Economic Research (NBER) - 2005
Population aging and pension reform will have profound effects on international capital markets. First, demographic … reform shifts old-age provision towards more pre-funding. Third, while the patterns of population aging are similar in most … conclude that closed-economy models of pension reform miss quantitatively important effects of international capital mobility. …