POPULATION AGING AND INTERNATIONAL CAPITAL FLOWS*
用新古典增长模型分析外生人口变化如何影响国际资本流动，发现模型能解释1985年后OECD国家间资本流动的一小部分但显著的部分。
We use the neoclassical growth framework to model international capital flows in a world with exogenous demographic change. We compare model implications and actual current account data and find that the model explains a small but significant fraction of capital flows between OECD countries, in particular after 1985.