고령화와 국제 자본이동

초록

This paper investigates the effect of population aging on international capital flows. Using the Coordinated Portfolio Investment Survey data from IMF, we estimate a gravity model to explain cross-border financial asset holdings. The result shows that the age structure of population has significant effects on various forms of cross-border asset holdings. In particular, estimation of the age effects reveals that the cross-border equity and long-term bond holdings of the elderly decline sharply. Such a result implies that if other things are equal cross-border holdings of equities and long-term bonds will decrease significantly with the progress of population aging.

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