Aging, Pension Reform, and Capital Flows: A Multi-Country Simulation Model

Axel Boersch-Supan, Alexander Ludwig, Joachim Winter

NBER Retirement Research Center Paper No. NB 05-04
Issued in October 2005

---- Acknowledgements -----

We thank Alan Auerbach, Ralph Bryant, Hans Fehr, Alexia Fürnkranz-Prskawetz, Ulrich Grosch, Florian Heiss, Heinz Hermann, Gary Hufbauer, Ulf von Kalkreuth, Florence Legros, Melanie Lührmann, Shinichi Nishiyama, Howard Rosen, Tarmo Valkonen for their helpful remarks on this line of research, and two anonymous referees for their comments, and Holger Herz and Max Flötotto for their excellent research assistance. We also received helpful feedback at many conferences and seminar presentations. This ongoing research project is supported by the VW Foundation, the Deutsche Forschungsgemeinschaft, the Land of Baden Württemberg, the Gesamtverband der deutschen Versicherungswirtschaft, and the US Social Security Administration through grant #10-P98363-2 to the National Bureau of Economic Research as part of the SSA Retirement Research Consortium. The findings and conclusions expressed are solely those of the author(s) and do not represent the views of SSA, any agency of the US Government, or the NBER.

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