Nicolas Coeurdacier, SciencesPo. "Capital Flows in an Aging World"

Department seminar. Nicolas Coeurdacier is an Associate Professor of Economics at SciencesPo. He will present the paper: "Capital Flows in an Aging World". Co-authored by Z. Barany and S. Guibaud.

Photo of Nicolas Coeurdacier

Nicolas Coeurdacier


We investigate the importance of worldwide demographic evolutions in shaping capital
flows across countries and over time. Our lifecycle model incorporates cross-country
differences in fertility and longevity as well as differences in countries’ ability to borrow
inter-temporally and across generations through social security. In this environment,
global aging triggers uphill capital flows from emerging to advanced economies, while
country-specific demographic evolutions reallocate capital towards countries aging more
slowly. Our quantitative multi-country overlapping generations model explains a large
fraction of long-term capital flows across advanced and emerging countries.

Published Aug. 5, 2019 8:08 PM - Last modified Sep. 27, 2019 11:00 AM