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Title:Demography, financial openness, national savings and external balance PDF Logo
Authors:Graff, Michael
Tang, Kam Ki
Zhang, Jie
Issue Date:2008
Series/Report no.:KOF working papers // Konjunkturforschungsstelle, Eidgenössische Technische Hochschule Zürich 194
Abstract:This paper examines the impact of demographic factors on saving, investment, and external balances. We derive a number of semi-structural equations from national accounting principle and the principle that external balances for the world as a whole must sum to zero. The resulting equations embody both closed, partially open and completely open economies as special cases, and are arguably more properly specified than those previously used in the literature. We apply these semi-structural equations to a large panel data set. While our findings by and large are in agreement with most previous studies, our semi-structural equations give much more plausible estimation results for saving and investment than conventional specification.
Subjects:Demography
openness
saving
investment
current account
panel data
JEL:E21
F32
J10
Persistent Identifier of the first edition:doi:10.3929/ethz-a-005626283
Document Type:Working Paper
Appears in Collections:KOF Working Papers, KOF Konjunkturforschungsstelle, ETH Zürich

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