Large and persistent current account imbalances are a common feature of the modern global economy. Perhaps the most well-known examples from recent experience are the Japanese surpluses and the American deficits of the last two decades. While economic theory has made much progress relating short-term aggregate fluctuations to international capital flows, the factors causing longer-term movements are less well-understood. This paper examines whether demographic factors can contribute to the understanding of these long-term capital flows.
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