Demography, National Savings, and International Capital Flows
研究年龄分布对国民储蓄和经常账户余额的影响，发现青年和老年抚养比上升会降低储蓄率，并导致经常账户余额变化，部分国家近三十年影响超过GDP的6%。
This paper addresses the relationship between age distributions, national savings and the current account balance.The results point to substantial demographic effects, with increases in both the youth and old-age dependency ratios associated with lower savings rates.They also point to differential effects on savings and investment, and thus to a role for demography in determining the current account balance.The estimated demographic effect on the current account balance exceeds six percent of GDP over the last three decades for a number of countries and, given expected demographic trends, is likely to be substantially larger over the coming decades.