Beggar thy thrifty neighbour
研究了不同养老金制度的国家之间，人口老龄化通过资本市场的国际溢出效应，发现长期中实行基金制养老金的国家会受到实行现收现付制国家的负面溢出。
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.