Aging in Europe: Reforms, International Diversification, and Behavioral Reactions | Zendy

Axel BörschSupan | Zendy; Klaus Härtl | Zendy; Alexander Ludwig | Zendy

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Aging in Europe: Reforms, International Diversification, and Behavioral Reactions

Author(s) -

Axel BörschSupan,

Klaus Härtl,

Alexander Ludwig

Publication year - 2014

Publication title -

american economic review

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 16.936

H-Index - 297

eISSN - 1944-7981

pISSN - 0002-8282

DOI - 10.1257/aer.104.5.224

Subject(s) - economics , diversification (marketing strategy) , population ageing , pension , population , development economics , macroeconomics , international economics , sociology , business , demography , finance , marketing

The extent of demographic changes in Europe is much more drastic than in the United States. This paper studies the effects of population aging on the interactions between economic growth and living standards in Europe with labor market and pension reform, behavioral adaptations, and international capital flows. Our analysis is based on an overlapping generations model with behavioral reactions to reform which is extended to the multi-country situation typical for Europe. While the negative effects of population aging on growth in Europe can in principle be compensated by reforms and economic adaptation mechanisms, they may be partially offset by behavioral reactions.

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