Tag: capital flow
![Working together on their budget](https://crr.bc.edu/wp-content/uploads/2022/11/financing_retirement_5-1536x988.jpg)
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…