Archive: Ralph C. Bryant
![Hand holding coins in birds nest.](https://crr.bc.edu/wp-content/uploads/2022/11/financing_retirement_4-1536x1024.jpg.webp)
Abstract This paper studies demographic differences between lower-income, less developed countries (the “South”) and higher-income developed countries (the “North”). It analyzes the implications of heterogeneous demographic evolutions for aggregate saving-investment imbalances, exchange rates, and the resulting net capital flows between North and South. An optimistic perspective suggests that the North can run a current-account surplus…
![Working together on their budget](https://crr.bc.edu/wp-content/uploads/2022/11/financing_retirement_5-1536x988.jpg.webp)
Abstract This paper focuses on the macroeconomic consequences of demographic differences between lower- income, less developed countries (the “South”) and higher-income developed countries (the “North”). The analysis emphasizes the likely implications in the two regions for aggregate saving- investment imbalances, exchange rates, and the resulting net capital flows between North and South. An optimistic view…