Ludwig, Alexander; Krueger, Dirk; Börsch-Supan, Axel - 2007
straightforward, since international capital flows dampen the factor price changes. Moreover, pay-as-you-go pension systems financed … capital, the rate of return falls between 2005 and 2050 by roughly 90 basis points. Our simulations indicate that capital … flows from rapidly ageing regions to the rest of the world will initially be substantial, but that trends are reversed when …