Population Aging and the Real Effective Exchange Rate
研究了1980-2009年187个国家的人口老龄化对实际有效汇率的影响，发现老龄化率上升导致实际有效汇率升值，且在发展中国家、高人口密度国家和1991年前效应更强。
This paper examines the effects of population aging on real effective exchange rate(REER) in a panel of 187 countries for the years 1980-2009.We find that an increase in the population aging rate is associated with a real effective appreciation.There is also evidence that this effect is stronger in developing countries, high population density countries,and in the pre-1991 era.