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Journal of Population Economics

, Volume 21, Issue 4, pp 933–959

The international spillover effects of pensions under population ageingFirst Online: 25 May 2007Received: 21 April 2006Accepted: 02 March 2007


This paper explores the international spillover effects of ageing through capital markets when countries have different pension systems. We use a two-country two-period overlapping-generations model, where the two countries only differ in their pension schemes. Two forms of population ageing are considered, namely, an increase in longevity and a fall in fertility. It is shown that, in the long run, a country using a funded pension system experiences negative spillovers from the fact that the other country uses a pay-as-you-go system. The short-run spillovers, however, are opposite to the spillovers in the long run.

KeywordsAgeing Pensions Spillovers Responsible editor: Junsen Zhang

JEL ClassificationF21 H55 J11  Download to read the full article text

Autor: Yvonne Adema - Lex Meijdam - Harrie A. A. Verbon


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