are the only source of investment because of the demographic structure of the overlapping generations model. This result …

Based on the relation between investment and domestic saving proposed by Feldstein and Horioka (1980) to verify capital … autoregressive (SVAR) involving investment and saving in order to evaluate the effect of exogenous shocks through impulse response … showed that investment is sensitive to contemporaneous innovation on saving and this effect lasts for a long time. Regarding …

suggest that a tight fiscal stance inGermany (combined with an expansionary stance in the rest of the world), under-investment … pensionreforms led to an increase in the household savings rate in Germany until about2010. As domestic investment opportunities …