JOINT VIENNA MACROECONOMICS SEMINAR	INVITATION
R E M I N D E R The Joint Vienna Institute and the Department of Economics and Finance at the Institute for Advanced Studies cordially invite you to the following Joint Vienna Macroeconomics Seminar Tuesday, February 23, 2016 Institute for Advanced Studies Josefstädter Straße 39, 1080 Vienna Lecture Room E02, ground floor 5:00 pm Zsofia Barany Sciences Po Fertility, Longevity and International Capital Flows Abstract: The neoclassical growth model predicts large capital flows towards fast-growing emerging countries. We show that incorporating fertility and longevity into a lifecycle model of savings changes the standard predictions when countries differ in their ability to borrow inter-temporally and across generations through social security. In this environment, global aging triggers capital flows from emerging to developed countries, and countries’ current account positions respond to growth adjusted by current and expected demographic composition. Data on international capital flows are broadly supportive of the theory. The fact that fast-growing emerging countries are also aging faster, while having less developed credit markets and pension systems, explains why they are more likely to export capital. Our quantitative multi-country overlapping generations model explains a significant fraction of the patterns of capital flows, across time and across developed and emerging countries. paper jointly with Nicolas Coeurdacier and Stephane Guibaud We are looking forward to seeing you! Institute for Advanced Studies Department of Economics and Finance Josefstädter Straße 39, 1080 Vienna, Austria Tel.: +43 1 599 91 145 e-Mail: economics@ihs.ac.at http://economics.ihs.ac.at		LINKS DIRECTIONS TO IHS on Google maps JOINT VIENNA MACRO SEMINAR on Google calendar ECONOMICS SEMINARS IN VIENNA on Google calendar IHS Department of Economics and Finance Institute for Advanced Studies @IHS_Vienna
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