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/ColorSpace /DeviceRGB /Length 259 0 R >> stream Hc`` `g endstream endobj 259 0 obj 18 endobj 260 0 obj << /Length 261 0 R >> stream Q q 3 0 0 -1.5 255.75 93 cm /im63 Do endstream endobj 261 0 obj 40 endobj 262 0 obj << /Type /XObject /Subtype /Image /Name /im64 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 263 0 R >> stream Hc`` `g endstream endobj 263 0 obj 18 endobj 264 0 obj << /Length 265 0 R >> stream Q q 3 0 0 -1.5 258.75 93 cm /im64 Do endstream endobj 265 0 obj 40 endobj 266 0 obj << /Type /XObject /Subtype /Image /Name /im65 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 267 0 R >> stream Hc`` `g endstream endobj 267 0 obj 18 endobj 268 0 obj << /Length 269 0 R >> stream Q q 3 0 0 -1.5 261.75 93 cm /im65 Do endstream endobj 269 0 obj 40 endobj 270 0 obj << /Type /XObject /Subtype /Image /Name /im66 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 271 0 R >> stream Hc`` `g endstream endobj 271 0 obj 18 endobj 272 0 obj << /Length 273 0 R >> stream Q q 3 0 0 -1.5 264.75 93 cm /im66 Do endstream endobj 273 0 obj 40 endobj 274 0 obj << /Type /XObject /Subtype /Image /Name /im67 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 275 0 R >> stream Hc`` `g endstream endobj 275 0 obj 18 endobj 276 0 obj << /Length 277 0 R >> stream Q q 3 0 0 -1.5 267.75 93 cm /im67 Do endstream endobj 277 0 obj 40 endobj 278 0 obj << /Type /XObject /Subtype /Image /Name /im68 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 279 0 R >> stream Hc`` `g endstream endobj 279 0 obj 18 endobj 280 0 obj << /Length 281 0 R >> stream Q q 3 0 0 -1.5 270.75 93 cm /im68 Do endstream endobj 281 0 obj 40 endobj 282 0 obj << /Type /XObject /Subtype /Image /Name /im69 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 283 0 R >> stream Hc`` `g endstream endobj 283 0 obj 18 endobj 284 0 obj << /Length 285 0 R >> stream Q q 3 0 0 -1.5 273.75 93 cm /im69 Do endstream endobj 285 0 obj 40 endobj 286 0 obj << /Type /XObject /Subtype /Image /Name /im70 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 287 0 R >> stream Hc`` `g endstream endobj 287 0 obj 18 endobj 288 0 obj << /Length 289 0 R >> stream Q q 3 0 0 -1.5 276.75 93 cm /im70 Do endstream endobj 289 0 obj 40 endobj 290 0 obj << /Type /XObject /Subtype /Image /Name /im71 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 291 0 R >> stream Hc`` `g endstream endobj 291 0 obj 18 endobj 292 0 obj << /Length 293 0 R >> stream Q q 3 0 0 -1.5 279.75 93 cm /im71 Do endstream endobj 293 0 obj 40 endobj 294 0 obj << /Type /XObject /Subtype /Image /Name /im72 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 295 0 R >> stream Hc`` `g endstream endobj 295 0 obj 18 endobj 296 0 obj << /Length 297 0 R >> stream Q q 3 0 0 -1.5 282.75 93 cm /im72 Do endstream endobj 297 0 obj 40 endobj 298 0 obj << /Type /XObject /Subtype /Image /Name /im73 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 299 0 R >> stream Hc`` `g endstream endobj 299 0 obj 18 endobj 300 0 obj << /Length 301 0 R >> stream Q q 3 0 0 -1.5 285.75 93 cm /im73 Do endstream endobj 301 0 obj 40 endobj 302 0 obj << /Type /XObject /Subtype /Image /Name /im74 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 303 0 R >> stream Hc`` `g endstream endobj 303 0 obj 18 endobj 304 0 obj << /Length 305 0 R >> stream Q q 3 0 0 -1.5 288.75 93 cm /im74 Do endstream endobj 305 0 obj 40 endobj 306 0 obj << /Type /XObject /Subtype /Image /Name /im75 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 307 0 R >> stream Hc`` `g endstream endobj 307 0 obj 18 endobj 308 0 obj << /Length 309 0 R >> stream Q q 3 0 0 -1.5 291.75 93 cm /im75 Do endstream endobj 309 0 obj 40 endobj 310 0 obj << /Type /XObject /Subtype /Image /Name /im76 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 311 0 R >> stream Hc`` `g endstream endobj 311 0 obj 18 endobj 312 0 obj << /Length 313 0 R >> stream Q q 3 0 0 -1.5 294.75 93 cm /im76 Do endstream endobj 313 0 obj 40 endobj 314 0 obj << /Type /XObject /Subtype /Image /Name /im77 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 315 0 R >> stream Hc`` `g endstream endobj 315 0 obj 18 endobj 316 0 obj << /Length 317 0 R >> stream Q q 3 0 0 -1.5 297.75 93 cm /im77 Do endstream endobj 317 0 obj 40 endobj 318 0 obj << /Type /XObject /Subtype /Image /Name /im78 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 319 0 R >> stream Hc`` `g endstream endobj 319 0 obj 18 endobj 320 0 obj << /Length 321 0 R >> stream Q q 3 0 0 -1.5 300.75 93 cm /im78 Do endstream endobj 321 0 obj 40 endobj 322 0 obj << /Type /XObject /Subtype /Image /Name /im79 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 323 0 R >> stream Hc`` `g endstream endobj 323 0 obj 18 endobj 324 0 obj << /Length 325 0 R >> stream Q q 3 0 0 -1.5 303.75 93 cm /im79 Do endstream endobj 325 0 obj 40 endobj 326 0 obj << /Type /XObject /Subtype /Image /Name /im80 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 327 0 R >> stream Hc`` `g endstream endobj 327 0 obj 18 endobj 328 0 obj << /Length 329 0 R >> stream Q q 3 0 0 -1.5 306.75 93 cm /im80 Do endstream endobj 329 0 obj 40 endobj 330 0 obj << /Type /XObject /Subtype /Image /Name /im81 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 331 0 R >> stream Hc`` `g endstream endobj 331 0 obj 18 endobj 332 0 obj << /Length 333 0 R >> stream Q q 3 0 0 -1.5 309.75 93 cm /im81 Do endstream endobj 333 0 obj 40 endobj 334 0 obj << /Type /XObject /Subtype /Image /Name /im82 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 335 0 R >> stream Hc`` `g endstream endobj 335 0 obj 18 endobj 336 0 obj << /Length 337 0 R >> stream Q q 3 0 0 -1.5 312.75 93 cm /im82 Do endstream endobj 337 0 obj 40 endobj 338 0 obj << /Type /XObject /Subtype /Image /Name /im83 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 339 0 R >> stream Hc`` `g endstream endobj 339 0 obj 18 endobj 340 0 obj << /Length 341 0 R >> stream Q q 3 0 0 -1.5 315.75 93 cm /im83 Do endstream endobj 341 0 obj 40 endobj 342 0 obj << /Type /XObject /Subtype /Image /Name /im84 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 343 0 R >> stream Hc`` `g endstream endobj 343 0 obj 18 endobj 344 0 obj << /Length 345 0 R >> stream Q q 3 0 0 -1.5 318.75 93 cm /im84 Do endstream endobj 345 0 obj 40 endobj 346 0 obj << /Type /XObject /Subtype /Image /Name /im85 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 347 0 R >> stream Hc`` `g endstream endobj 347 0 obj 18 endobj 348 0 obj << /Length 349 0 R >> stream Q q 3 0 0 -1.5 321.75 93 cm /im85 Do endstream endobj 349 0 obj 40 endobj 350 0 obj << /Type /XObject /Subtype /Image /Name /im86 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 351 0 R >> stream Hc`` `g endstream endobj 351 0 obj 18 endobj 352 0 obj << /Length 353 0 R >> stream Q q 3 0 0 -1.5 324.75 93 cm /im86 Do endstream endobj 353 0 obj 40 endobj 354 0 obj << /Type /XObject /Subtype /Image /Name /im87 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 355 0 R >> stream Hc`` `g endstream endobj 355 0 obj 18 endobj 356 0 obj << /Length 357 0 R >> stream Q q 3 0 0 -1.5 327.75 93 cm /im87 Do endstream endobj 357 0 obj 40 endobj 358 0 obj << /Type /XObject /Subtype /Image /Name /im88 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 359 0 R >> stream Hc`` `g endstream endobj 359 0 obj 18 endobj 360 0 obj << /Length 361 0 R >> stream Q q 3 0 0 -1.5 330.75 93 cm /im88 Do endstream endobj 361 0 obj 40 endobj 362 0 obj << /Type /XObject /Subtype /Image /Name /im89 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 363 0 R >> stream Hc`` `g endstream endobj 363 0 obj 18 endobj 364 0 obj << /Length 365 0 R >> stream Q q 3 0 0 -1.5 333.75 93 cm /im89 Do endstream endobj 365 0 obj 40 endobj 366 0 obj << /Type /XObject /Subtype /Image /Name /im90 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 367 0 R >> stream Hc`` `g endstream endobj 367 0 obj 18 endobj 368 0 obj << /Length 369 0 R >> stream Q q 3 0 0 -1.5 336.75 93 cm /im90 Do endstream endobj 369 0 obj 40 endobj 370 0 obj << /Type /XObject /Subtype /Image /Name /im91 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 371 0 R >> stream Hc`` `g endstream endobj 371 0 obj 18 endobj 372 0 obj << /Length 373 0 R >> stream Q q 3 0 0 -1.5 339.75 93 cm /im91 Do endstream endobj 373 0 obj 40 endobj 374 0 obj << /Type /XObject /Subtype /Image /Name /im92 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 375 0 R >> stream Hc`` `g endstream endobj 375 0 obj 18 endobj 376 0 obj << /Length 377 0 R >> stream Q q 3 0 0 -1.5 342.75 93 cm /im92 Do endstream endobj 377 0 obj 40 endobj 378 0 obj << /Type /XObject /Subtype /Image /Name /im93 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 379 0 R >> stream Hc`` `g endstream endobj 379 0 obj 18 endobj 380 0 obj << /Length 381 0 R >> stream Q q 3 0 0 -1.5 345.75 93 cm /im93 Do endstream endobj 381 0 obj 40 endobj 382 0 obj << /Type /XObject /Subtype /Image /Name /im94 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 383 0 R >> stream Hc`` `g endstream endobj 383 0 obj 18 endobj 384 0 obj << /Length 385 0 R >> stream Q q 3 0 0 -1.5 348.75 93 cm /im94 Do endstream endobj 385 0 obj 40 endobj 386 0 obj << /Type /XObject /Subtype /Image /Name /im95 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 387 0 R >> stream Hc`` `g endstream endobj 387 0 obj 18 endobj 388 0 obj << /Length 389 0 R >> stream Q q 3 0 0 -1.5 351.75 93 cm /im95 Do endstream endobj 389 0 obj 40 endobj 390 0 obj << /Type /XObject /Subtype /Image /Name /im96 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 391 0 R >> stream Hc`` `g endstream endobj 391 0 obj 18 endobj 392 0 obj << /Length 393 0 R >> stream Q q 3 0 0 -1.5 354.75 93 cm /im96 Do endstream endobj 393 0 obj 40 endobj 394 0 obj << /Type /XObject /Subtype /Image /Name /im97 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 395 0 R >> stream Hc`` `g endstream endobj 395 0 obj 18 endobj 396 0 obj << /Length 397 0 R >> stream Q q 3 0 0 -1.5 357.75 93 cm /im97 Do endstream endobj 397 0 obj 40 endobj 398 0 obj << /Type /XObject /Subtype /Image /Name /im98 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 399 0 R >> stream Hc`` `g endstream endobj 399 0 obj 18 endobj 400 0 obj << /Length 401 0 R >> stream Q q 3 0 0 -1.5 360.75 93 cm /im98 Do endstream endobj 401 0 obj 40 endobj 402 0 obj << /Type /XObject /Subtype /Image /Name /im99 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 403 0 R >> stream Hc`` `g endstream endobj 403 0 obj 18 endobj 404 0 obj << /Length 405 0 R >> stream Q q 3 0 0 -1.5 363.75 93 cm /im99 Do endstream endobj 405 0 obj 40 endobj 406 0 obj << /Type /XObject /Subtype /Image /Name /im100 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 407 0 R >> stream Hc`` `g endstream endobj 407 0 obj 18 endobj 408 0 obj << /Length 409 0 R >> stream Q q 3 0 0 -1.5 366.75 93 cm /im100 Do endstream endobj 409 0 obj 41 endobj 410 0 obj << /Type /XObject /Subtype /Image /Name /im101 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 411 0 R >> stream Hc`` `g endstream endobj 411 0 obj 18 endobj 412 0 obj << /Length 413 0 R >> stream Q q 3 0 0 -1.5 369.75 93 cm /im101 Do endstream endobj 413 0 obj 41 endobj 414 0 obj << /Type /XObject /Subtype /Image /Name /im102 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 415 0 R >> stream Hc`` `g endstream endobj 415 0 obj 18 endobj 416 0 obj << /Length 417 0 R >> stream Q q 3 0 0 -1.5 372.75 93 cm /im102 Do endstream endobj 417 0 obj 41 endobj 418 0 obj << /Type /XObject /Subtype /Image /Name /im103 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 419 0 R >> stream Hc`` `g endstream endobj 419 0 obj 18 endobj 420 0 obj << /Length 421 0 R >> stream Q q 3 0 0 -1.5 375.75 93 cm /im103 Do endstream endobj 421 0 obj 41 endobj 422 0 obj << /Type /XObject /Subtype /Image /Name /im104 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 423 0 R >> stream Hc`` `g endstream endobj 423 0 obj 18 endobj 424 0 obj << /Length 425 0 R >> stream Q q 3 0 0 -1.5 378.75 93 cm /im104 Do endstream endobj 425 0 obj 41 endobj 426 0 obj << /Type /XObject /Subtype /Image /Name /im105 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 427 0 R >> stream Hc`` `g endstream endobj 427 0 obj 18 endobj 428 0 obj << /Length 429 0 R >> stream Q q 3 0 0 -1.5 381.75 93 cm /im105 Do endstream endobj 429 0 obj 41 endobj 430 0 obj << /Type /XObject /Subtype /Image /Name /im106 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 431 0 R >> stream Hc`` `g endstream endobj 431 0 obj 18 endobj 432 0 obj << /Length 433 0 R >> stream Q q 3 0 0 -1.5 384.75 93 cm /im106 Do endstream endobj 433 0 obj 41 endobj 434 0 obj << /Type /XObject /Subtype /Image /Name /im107 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 435 0 R >> stream Hc`` `g endstream endobj 435 0 obj 18 endobj 436 0 obj << /Length 437 0 R >> stream Q q 3 0 0 -1.5 387.75 93 cm /im107 Do endstream endobj 437 0 obj 41 endobj 438 0 obj << /Type /XObject /Subtype /Image /Name /im108 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 439 0 R >> stream Hc`` `g endstream endobj 439 0 obj 18 endobj 440 0 obj << /Length 441 0 R >> stream Q q 3 0 0 -1.5 390.75 93 cm /im108 Do endstream endobj 441 0 obj 41 endobj 442 0 obj << /Type /XObject /Subtype /Image /Name /im109 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 443 0 R >> stream Hc`` `g endstream endobj 443 0 obj 18 endobj 444 0 obj << /Length 445 0 R >> stream Q q 3 0 0 -1.5 393.75 93 cm /im109 Do endstream endobj 445 0 obj 41 endobj 446 0 obj << /Type /XObject /Subtype /Image /Name /im110 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 447 0 R >> stream Hc`` `g endstream endobj 447 0 obj 18 endobj 448 0 obj << /Length 449 0 R >> stream Q q 3 0 0 -1.5 396.75 93 cm /im110 Do endstream endobj 449 0 obj 41 endobj 450 0 obj << /Type /XObject /Subtype /Image /Name /im111 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 451 0 R >> stream Hc`` `g endstream endobj 451 0 obj 18 endobj 452 0 obj << /Length 453 0 R >> stream Q q 3 0 0 -1.5 399.75 93 cm /im111 Do endstream endobj 453 0 obj 41 endobj 454 0 obj << /Type /XObject /Subtype /Image /Name /im112 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 455 0 R >> stream Hc`` `g endstream endobj 455 0 obj 18 endobj 456 0 obj << /Length 457 0 R >> 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411.75 93 cm /im115 Do endstream endobj 469 0 obj 41 endobj 470 0 obj << /Type /XObject /Subtype /Image /Name /im116 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 471 0 R >> stream Hc`` `g endstream endobj 471 0 obj 18 endobj 472 0 obj << /Length 473 0 R >> stream Q q 3 0 0 -1.5 414.75 93 cm /im116 Do endstream endobj 473 0 obj 41 endobj 474 0 obj << /Type /XObject /Subtype /Image /Name /im117 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 475 0 R >> stream Hc`` `g endstream endobj 475 0 obj 18 endobj 476 0 obj << /Length 477 0 R >> stream Q q 3 0 0 -1.5 417.75 93 cm /im117 Do endstream endobj 477 0 obj 41 endobj 478 0 obj << /Type /XObject /Subtype /Image /Name /im118 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 479 0 R >> stream Hc`` `g endstream endobj 479 0 obj 18 endobj 480 0 obj << /Length 481 0 R >> stream Q q 3 0 0 -1.5 420.75 93 cm /im118 Do endstream endobj 481 0 obj 41 endobj 482 0 obj << /Type /XObject /Subtype /Image /Name /im119 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 483 0 R >> stream Hc`` `g endstream endobj 483 0 obj 18 endobj 484 0 obj << /Length 485 0 R >> stream Q q 3 0 0 -1.5 423.75 93 cm /im119 Do endstream endobj 485 0 obj 41 endobj 486 0 obj << /Type /XObject /Subtype /Image /Name /im120 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 487 0 R >> stream Hc`` `g endstream endobj 487 0 obj 18 endobj 488 0 obj << /Length 489 0 R >> stream Q q 3 0 0 -1.5 426.75 93 cm /im120 Do endstream endobj 489 0 obj 41 endobj 490 0 obj << /Type /XObject /Subtype /Image /Name /im121 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 491 0 R >> stream Hc`` `g endstream endobj 491 0 obj 18 endobj 492 0 obj << /Length 493 0 R >> stream Q q 3 0 0 -1.5 429.75 93 cm /im121 Do endstream endobj 493 0 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<< /Type /XObject /Subtype /Image /Name /im125 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 507 0 R >> stream Hc`` `g endstream endobj 507 0 obj 18 endobj 508 0 obj << /Length 509 0 R >> stream Q q 3 0 0 -1.5 441.75 93 cm /im125 Do endstream endobj 509 0 obj 41 endobj 510 0 obj << /Type /XObject /Subtype /Image /Name /im126 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 511 0 R >> stream Hc`` `g endstream endobj 511 0 obj 18 endobj 512 0 obj << /Length 513 0 R >> stream Q q 3 0 0 -1.5 444.75 93 cm /im126 Do endstream endobj 513 0 obj 41 endobj 514 0 obj << /Type /XObject /Subtype /Image /Name /im127 /Filter /FlateDecode /Width 4 /Height 2 /BitsPerComponent 8 /ColorSpace /DeviceRGB /Length 515 0 R >> stream Hc`` `g endstream endobj 515 0 obj 18 endobj 516 0 obj << /Length 517 0 R >> stream Q q 3 0 0 -1.5 447.75 93 cm /im127 Do endstream endobj 517 0 obj 41 endobj 518 0 obj << /Type /XObject 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Tj 3 0 TD ( ) Tj 9 0 TD -0.0621 Tc 0.3121 Tw (Projections for the old) Tj 106.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.031 Tc 0.031 Tw (age dependency ratio, 2000) Tj 131.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0 Tc (50) Tj 13.5 0 TD (................................) Tj 96 0 TD (.) Tj 5.25 0 TD (3) Tj 6 0 TD ( ) Tj -385.5 -19.5 TD (2) Tj 6 0 TD (.) Tj 3 0 TD ( ) Tj 9 0 TD -0.0566 Tc 0.4316 Tw (Projected development in the working) Tj 182.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0312 Tc 0.0312 Tw (age po) Tj 31.5 0 TD 0.079 Tc -0.079 Tw (pulations \(% of total) Tj 99 0 TD -0.246 Tc 0 Tw (\)) Tj 6 0 TD 0 Tc (............) Tj 38.25 0 TD (4) Tj 6 0 TD ( ) Tj -385.5 -23.25 TD (3) Tj 6 0 TD (.) Tj 3 0 TD ( ) Tj 9 0 TD -0.1018 Tc 0.4768 Tw (Asset holdings \(\327$1000\) and age) Tj 161.25 0 TD 0 Tc 0 Tw (................................) Tj 96 0 TD (................................) Tj 96 0 TD (..) Tj 8.25 0 TD (7) Tj 6 0 TD ( ) Tj -385.5 -20.25 TD (4) Tj 6 0 TD (.) 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Tj 3 0 TD ( ) Tj 9 0 TD -0.0536 Tc 0.0536 Tw (Public expendit) Tj 75 0 TD -0.0825 Tc 0.0825 Tw (ure on old) Tj 48 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.055 Tc 0.205 Tw (age pensions in 2000 and 2035) Tj 147.75 0 TD 0 Tc 0 Tw ( ) Tj -275.25 -14.25 TD -0.132 Tc 0.507 Tw (for various ) Tj 54.75 0 TD -0.1035 Tc -0.6465 Tw (OECD ) Tj 35.25 0 TD 0.0287 Tc 0 Tw (countries) Tj 47.25 0 TD 0 Tc (................................) Tj 96 0 TD (................................) Tj 96 0 TD (........) Tj 26.25 0 TD (1) Tj 6 0 TD (2) Tj 6 0 TD ( ) Tj -385.5 -19.5 TD (7) Tj 6 0 TD (.) Tj 3 0 TD ( ) Tj 9 0 TD -0.0743 Tc 0.0743 Tw (Health care expenditure in ) Tj 129.75 0 TD -0.165 Tc 0 Tw (five) Tj 18 0 TD -0.0447 Tc 0.4197 Tw ( OECD countries \(% GDP\),) Tj 134.25 0 TD 0 Tc 0 Tw ( ) Tj 3 0 TD (1960) Tj 24 0 TD -0.246 Tc (-) Tj 4.5 0 TD 0 Tc (97) Tj 12.75 0 TD (.........) Tj 29.25 0 TD (13) Tj 12 0 TD /F2 12 Tf ( ) Tj -385.5 -19.5 TD /F0 12 Tf (8) Tj 6 0 TD (.) 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Tj 3 0 TD ( ) Tj 21 0 TD -0.0869 Tc 0.5369 Tw (Projected changes in the current acc) Tj 172.5 0 TD -0.097 Tc 0.097 Tw (ount as) Tj 33.75 0 TD -0.0195 Tc 0.207 Tw ( a result of demographic) Tj 117 0 TD 0 Tc 0 Tw ( ) Tj -323.25 -13.5 TD 0.0249 Tc -0.0249 Tw (developments \(%) Tj 83.25 0 TD 0 Tc 0 Tw ( ) Tj 3 0 TD -0.111 Tc 0.486 Tw (points of GDP\)) Tj 75 0 TD 0 Tc 0 Tw (................................) Tj 96 0 TD (......................) Tj 68.25 0 TD (19) Tj 12 0 TD ( ) Tj -367.5 -20.25 TD (2) Tj 6 0 TD (.) Tj 3 0 TD ( ) Tj 18 0 TD -0.056 Tc (Relationship) Tj 60 0 TD -0.0178 Tc 0.2053 Tw ( between savings and investment) Tj 158.25 0 TD 0 Tc 0 Tw ( ) Tj -215.25 -13.5 TD -0.0237 Tc 0.3987 Tw (\(dependent variable: I/Y\)) Tj 122.25 0 TD 0 Tc 0 Tw (................................) Tj 96 0 TD (................................) Tj 96 0 TD (...) Tj 11.25 0 TD (23) Tj 12 0 TD ( ) Tj -367.5 -19.5 TD (3) Tj 6 0 TD (.) 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Tj 25.5 0 TD /F3 11.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F3 14.25 Tf 0.2452 Tc 0 Tw (T) Tj 9.75 0 TD /F3 11.25 Tf 0.1675 Tc (ANG) Tj 24.75 6.75 TD /F3 9 Tf 0 Tc (*) Tj 4.5 -6.75 TD /F3 14.25 Tf 0.1875 Tw ( ) Tj -167.25 -13.5 TD /F3 9.75 Tf -0.1875 Tw ( ) Tj ET 83.25 635.25 428.25 0.75 re f BT 84.75 618.75 TD /F3 12 Tf 0 Tw (1.) Tj 9 0 TD ( ) Tj 27 0 TD 0.055 Tc (Introduction) Tj 64.5 0 TD 0 Tc ( ) Tj -100.5 -19.5 TD /F0 12 Tf -0.0146 Tc 0.9521 Tw (Populations are ageing, especially in Europe and Japan. ) Tj 276.75 0 TD 0.0497 Tc 0.3253 Tw (For each ) Tj 46.5 0 TD -0.0173 Tc 0.0173 Tw (pensioner ) Tj 50.25 0 TD -0.0686 Tc 1.5686 Tw (there we) Tj 42 0 TD 0.213 Tc 0.537 Tw (re ) Tj -415.5 -14.25 TD -0.0826 Tc -0.6674 Tw (approximately ) Tj 72 0 TD 0.082 Tc 0 Tw (six) Tj 14.25 0 TD -0.124 Tc 1.124 Tw ( workers in 200) Tj 76.5 0 TD -0.1443 Tc 1.1943 Tw (0, whereas in 2050 there ) Tj 123.75 0 TD -0.0216 Tc 0.7716 Tw (will only be three) Tj 86.25 0 TD -0.0938 Tc 0.8438 Tw (. This may ) Tj -372.75 -13.5 TD -0.0287 Tc 1.5287 Tw (pose a major soci) Tj 87 0 TD 0 Tc 0 Tw (o) Tj 6 0 TD -0.246 Tc (-) Tj 4.5 0 TD -0.1265 Tc 1.9674 Tw (economic problem. The main reason is that most countries have a ) Tj -97.5 -14.25 TD 0 Tc 0 Tw (p) Tj 6 0 TD -0.039 Tc (ay) Tj 10.5 0 TD -0.246 Tc (-) Tj 4.5 0 TD -0.078 Tc (a) Tj 5.25 0 TD -0.168 Tc (s) Tj 4.5 0 TD -0.246 Tc (-) Tj 4.5 0 TD 0 Tc (y) Tj 5.25 0 TD 0.75 Tc (ou) Tj 12 0 TD -0.246 Tc (-) Tj 4.5 0 TD 0 Tc (g) Tj 5.25 0 TD -0.0154 Tc 1.7029 Tw (o \(PAYG\) pension system, ) Tj 141.75 0 TD -0.291 Tc 0 Tw (i.e.) Tj 13.5 0 TD -0.1186 Tc 2.4936 Tw ( the working generations pay the old) Tj 186.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.052 Tc 0.802 Tw (age ) Tj -408.75 -13.5 TD -0.0013 Tc 3.1888 Tw (pensions of retired generations. 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Tj 108.75 0 TD 0 Tc 0 Tw ( ) Tj -396.75 -19.5 TD -0.0593 Tc 5.3093 Tw (Governments explore different ways to ) Tj 5.172 Tc 0 Tw (a) Tj 221.25 0 TD -0.0615 Tc 5.4615 Tw (lleviate the burden on future working) Tj 0 Tc 0 Tw ( ) Tj -221.25 -14.25 TD -0.0702 Tc 3.5077 Tw (generations. One way is to move towards a funded pension system, in which) Tj 0 Tc -0.75 Tw ( ) Tj 410.25 0 TD 0.112 Tc 0.638 Tw (the ) Tj -410.25 -13.5 TD -0.0713 Tc 4.8213 Tw (contributions of workers are invested to finance their own old) Tj 336 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.054 Tc 4.929 Tw (age income. An) Tj 0 Tc 0 Tw ( ) Tj -340.5 -14.25 TD -0.1011 Tc 1.0011 Tw (alternative way is to increase taxes now and create surpluses ) Tj 297.75 0 TD -0.0549 Tc 0.9924 Tw (on the government budget ) Tj -297.75 -13.5 TD -0.0635 Tc 1.8519 Tw (for some time, leading to falling government debt. Both ways are essentially similar: ) Tj 0 -13.5 TD -0.0694 Tc 1.5694 Tw (they put the burden on the current working generation, rather than the future working ) Tj 0 -14.25 TD -0.0447 Tc 0.2322 Tw (generations and boost national savings.) Tj 187.5 0 TD 0 Tc 0 Tw ( ) Tj -187.5 -19.5 TD -0.0473 Tc 3.7973 Tw (When developed coun) Tj 114 0 TD -0.046 Tc 3.796 Tw (tries simultaneously try to raise savings, where should they) Tj 0 Tc 0 Tw ( ) Tj -114 -14.25 TD -0.0549 Tc 5.4549 Tw (invest? Excess savings could drive down interest rates, thereby weakening the) Tj 0 Tc 0.75 Tw ( ) Tj 0 -13.5 TD -0.0066 Tc 0.1566 Tw (effectiveness of such a policy. Which countries will be able to absorb the excess savings ) Tj T* -0.013 Tc 0.763 Tw (of the ageing developed cou) Tj 137.25 0 TD -0.0752 Tc 1.2002 Tw (ntries? There are) Tj 81 0 TD -0.1455 Tc 0.8955 Tw ( also) Tj 22.5 0 TD -0.087 Tc 1.0513 Tw ( important differences in the pace and ) Tj -240.75 -14.25 TD 0.0387 Tc 0.9613 Tw (degree of ageing with) Tj 107.25 0 TD -0.168 Tc 0 Tw (in) Tj 8.25 0 TD -0.0111 Tc 0.8549 Tw ( the group of developed countries. In the ) Tj 204.75 0 TD -0.543 Tc 0 Tw (US) Tj 15 0 TD 0 Tc (,) Tj 3 0 TD -0.0685 Tc 1.381 Tw ( fertility is higher ) Tj -338.25 -13.5 TD -0.026 Tc 0.5032 Tw (than in Europe and Japan, which is one of the reasons ) Tj 264 0 TD 0.112 Tc 0 Tw (why) Tj 21 0 TD -0.071 Tc 0.446 Tw ( its old) Tj 33 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.0437 Tc 0.2063 Tw (age dependency ratio ) Tj -322.5 -14.25 TD -0.0928 Tc 3.8428 Tw (rises less. Besides) Tj 92.25 0 TD 0.0084 Tc 2.9916 Tw (, developing countries have younger populations than developed ) Tj -92.25 -13.5 TD -0.0443 Tc 1.1693 Tw (countries. Especially fast) Tj 120.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0718 Tc 1.103 Tw (growing countries in Asia may offer investment opportunities ) Tj -125.25 -13.5 TD -0.0775 Tc 2.3811 Tw (that promise a good rate of return. Developed countries can thus invest their excess ) Tj 0 -14.25 TD -0.1063 Tc 2.7313 Tw (savings in developin) Tj 102 0 TD -0.0812 Tc 2.3312 Tw (g countries, which helps the developed countries to mitigate the ) Tj -102 -13.5 TD 0.0047 Tc 0.2453 Tw (economic consequences of ageing and developing countries to grow faster. Ageing may ) Tj 0 -14.25 TD -0.043 Tc 1.018 Tw (thus have strong effects on international capital flows. Capital may ) Tj 333 0 TD 0.028 Tc 0.347 Tw (thus be ) Tj 39 0 TD -0.0144 Tc 0 Tw (reallocate) Tj 46.5 0 TD 0 Tc (d) Tj 6.75 0 TD ( ) Tj -425.25 -13.5 TD -0.0888 Tc 0.3388 Tw (within the group o) Tj 88.5 0 TD -0.0449 Tc 0.2949 Tw (f developed countries and start to flow towards developing countries.) Tj 331.5 0 TD 0 Tc 0 Tw ( ) Tj -420 -46.5 TD /F0 9.75 Tf -0.1875 Tw ( ) Tj 67.5 0 TD ( ) Tj 67.5 0 TD ( ) Tj ET 84.75 141.75 144 0.75 re f BT 228.75 140.25 TD ( ) Tj -144 -24.75 TD /F0 6.75 Tf 0.375 Tc 0 Tw (*) Tj 3.75 -4.5 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj 3.75 0 TD 0.0658 Tc 1.0801 Tw (CPB Netherlands Bureau for Economic Policy Analysis, The Hague. ) Tj 286.5 0 TD 0.0148 Tc 0.9227 Tw (The authors would like to thank ) Tj -294 -11.25 TD 0.0781 Tc 0.4375 Tw (Lans Bovenberg and Henri de Groot for useful comments and suggestions and Thijs Knaap for providing ) Tj 0 -12 TD 0.1464 Tc -0.3339 Tw (results of simulations with the ) Tj 123.75 0 TD 0.1349 Tc -0.3224 Tw (GAMMA model.) Tj 68.25 0 TD 0 Tc -0.1875 Tw ( ) Tj ET endstream endobj 647 0 obj 9773 endobj 648 0 obj << /Type /Page /Parent 5 0 R /Resources << /Font << /F0 6 0 R /F2 622 0 R /F3 628 0 R /F5 642 0 R >> /ProcSet 2 0 R >> /Contents 649 0 R >> endobj 649 0 obj << /Length 650 0 R >> stream BT 249.75 762 TD 0 0 0 rg /F2 9.75 Tf 0.2468 Tc 0 Tw (C) Tj 6.75 0 TD /F2 8.25 Tf -0.068 Tc (ANTON) Tj 26.25 0 TD /F2 9.75 Tf -0.1875 Tc (,) Tj 2.25 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (E) Tj 6 0 TD /F2 8.25 Tf -0.1963 Tc -0.3662 Tw (WIJK ) Tj 20.25 0 TD /F2 9.75 Tf -0.0855 Tc 0 Tw (&) Tj 7.5 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf -0.171 Tc 0 Tw (T) Tj 5.25 0 TD /F2 8.25 Tf 0 Tc (ANG) Tj 16.5 0 TD /F2 9.75 Tf -0.1875 Tw ( ) Tj -50.25 -701.25 TD /F0 11.25 Tf 0.375 Tc 0 Tw (2) Tj 5.25 0 TD 0 Tc 0.1875 Tw ( ) Tj -215.25 677.25 TD /F0 12 Tf 0.0489 Tc 1.4511 Tw (Nevertheless, t) Tj 72.75 0 TD -0.0867 Tc 1.5867 Tw (his account of capital flows and ageing assumes a lot. It overlooks that ) Tj -72.75 -14.25 TD -0.0661 Tc 0.9892 Tw (ageing is common to all countries. Moreover, it assumes perfect capital mobility, while ) Tj 0 -13.5 TD -0.1193 Tc -0.6307 Tw (empirical ) Tj 49.5 0 TD -0.051 Tc 1.176 Tw (evidence suggests ) Tj 92.25 0 TD -0.0053 Tc 1.8803 Tw (otherwise. This paper takes a) Tj 145.5 0 TD 0.0047 Tc 1.4952 Tw ( closer look at the different ) Tj -287.25 -13.5 TD -0.0497 Tc 0.9403 Tw (elements in the story about ageing and capital flows. What are the effects of ageing on ) Tj 0 -14.25 TD -0.027 Tc 1.8155 Tw (capital flows? How mobile is capital? And to what extent could international capital ) Tj 0 -13.5 TD -0.0828 Tc 0.0828 Tw (flows ) Tj 30 0 TD -0.0537 Tc 0.268 Tw (help to mitigate the economic effects of ageing?) Tj 230.25 0 TD 0 Tc 0 Tw ( ) Tj -260.25 -20.25 TD -0.0499 Tc 0.2999 Tw (We review the existing evidence on the role of international capital markets in an ageing ) Tj 0 -13.5 TD -0.1282 Tc 1.3782 Tw (world in a non) Tj 70.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.072 Tc 1.072 Tw (technical way and with an eye towards policymakers. The set) Tj 299.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.1357 Tc 1.1358 Tw (up of this ) Tj -378.75 -13.5 TD -0.1294 Tc 0.5044 Tw (paper is ) Tj 40.5 0 TD 0.0918 Tc 0.6582 Tw (as follows:) Tj 53.25 0 TD -0.123 Tc -0.252 Tw ( In ) Tj 16.5 0 TD -0.168 Tc 0 Tw (s) Tj 4.5 0 TD 0.237 Tc (ection) Tj 29.25 0 TD 0.0159 Tc 0.2091 Tw ( 2 we sketch the important demographic changes ahead of ) Tj -144 -14.25 TD 0.0238 Tc 0.1493 Tw (us. We pay attention to differences across countries in these demographic transitions, as ) Tj 0 -13.5 TD -0.0777 Tc 1.5777 Tw (well as to the factors behind the process of demographic changes. Section 3 discusses ) Tj 0 -14.25 TD -0.1251 Tc 1.8751 Tw (how the different factor) Tj 116.25 0 TD -0.0709 Tc 1.5709 Tw (s underlying the ageing process influence the balance between ) Tj -116.25 -13.5 TD -0.0836 Tc 1.6336 Tw (national savings and investment. It takes a closer look at the different elements of the ) Tj 0 -13.5 TD -0.0026 Tc 2.9344 Tw (current account: savings, investment and the government budget. It also addresses ) Tj 0 -14.25 TD -0.0117 Tc 3.0117 Tw (possible policy respons) Tj 117.75 0 TD -0.0342 Tc 3.1092 Tw (es to ageing and their effect on international capital flows. ) Tj -117.75 -13.5 TD -0.0329 Tc 4.8056 Tw (Section 4 then considers the empirical evidence about capital mobility and the) Tj 0 Tc 0.75 Tw ( ) Tj 0 -14.25 TD -0.0876 Tc 1.0376 Tw (possibility that capital will flow from North to South \(and back\). Section 5 then studies ) Tj 0 -13.5 TD -0.1269 Tc 1.0269 Tw (the effects of a lower \(o) Tj 116.25 0 TD -0.0802 Tc 1.0177 Tw (r higher\) interest rate on the effectiveness of savings) Tj 255 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.02 Tc -0.02 Tw (enhancing ) Tj -375.75 -13.5 TD -0.0728 Tc 0 Tw (policies) Tj 36.75 0 TD 0 Tc (,) Tj 3 0 TD -0.0488 Tc 0.9595 Tw ( using the example of the funded pension system of the Netherlands. Section 6 ) Tj -39.75 -14.25 TD -0.0335 Tc 0.0335 Tw (draws conclusions.) Tj 90.75 0 TD 0 Tc 0 Tw ( ) Tj -90.75 -25.5 TD /F3 12 Tf (2.) Tj 9 0 TD /F5 12 Tf -0.336 Tw ( ) Tj 27 0 TD /F3 12 Tf -0.0826 Tc 0.2701 Tw (Ageing across the world: ) Tj 129 0 TD 0.078 Tc 0 Tw (S) Tj 7.5 0 TD 0.0072 Tc 0.3678 Tw (imilarities and differences) Tj 134.25 0 TD 0 Tc 0 Tw ( ) Tj -279.75 -20.25 TD /F2 12 Tf 0.375 Tc 1.125 Tw (The a) Tj 28.5 0 TD -0.0194 Tc 1.5194 Tw (geing of populations, mai) Tj 126.75 0 TD -0.0459 Tc 1.3584 Tw (nly driven by lower fertility and higher life ) Tj -155.25 -13.5 TD -0.0035 Tc 2.2535 Tw (expectancy, is a world) Tj 114 0 TD -0.246 Tc 0 Tw (-) Tj 3.75 0 TD 0 Tc 1.8744 Tw (wide phenomenon. There are, however, important ) Tj -117.75 -13.5 TD 0.0126 Tc 2.7374 Tw (differences in the pace and degree of ageing, between Europe and the ) Tj 0 -14.25 TD -0.0033 Tc 2.0283 Tw (United States for example but mainly between developing and developed ) Tj 0 -13.5 TD -0.078 Tc 0 Tw (c) Tj 5.25 0 TD -0.0373 Tc (ountries.) 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The degree of ) Tj -322.5 -14.25 TD -0.1118 Tc 1.7056 Tw (ageing, however, is rather different. In Africa the old) Tj 262.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0886 Tc 1.5886 Tw (age dependency ratio in 2050 is ) Tj -267 -13.5 TD -0.039 Tc 1.9429 Tw (with 7% very low in international perspective. It is in sharp contrast with Ja) Tj 385.5 0 TD 0.099 Tc 1.026 Tw (pan and ) Tj -385.5 -18 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj 67.5 0 TD ( ) Tj 67.5 0 TD ( ) Tj ET 84.75 133.5 144 0.75 re f BT 228.75 132 TD ( ) Tj -144 -24.75 TD /F0 6.75 Tf 0.375 Tc 0 Tw (1) Tj 3.75 -4.5 TD /F0 9.75 Tf 0.181 Tc -0.2435 Tw ( The medium projection variant assumes medium) Tj 198 0 TD -0.2467 Tc 0 Tw (-) Tj 3 0 TD 0.2307 Tc -0.4182 Tw (fertility, normal) Tj 63.75 0 TD -0.2467 Tc 0 Tw (-) Tj 3.75 0 TD 0.197 Tc -0.3845 Tw (mortality and normal) Tj 84 0 TD -0.2467 Tc 0 Tw (-) Tj 3.75 0 TD 0.109 Tc -0.2965 Tw (migration. More ) Tj -360 -12 TD 0.1773 Tc -0.3648 Tw (details can be found in UN \(2001\).) 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Projections for the old) Tj 114.75 0 TD -0.246 Tc 0 Tw (-) Tj 3.75 0 TD -0.0243 Tc 0.0243 Tw (age dependency ratio, 2000) Tj 133.5 0 TD -0.246 Tc 0 Tw (-) Tj 3.75 0 TD 0 Tc (50) Tj 12 0 TD ( ) Tj 0.75 w 1 J 1 j 0 0 0 RG ET 84.75 388.5 392.25 240 re S 112.5 622.5 m 112.5 424.5 l S 110.25 424.5 m 112.5 424.5 l S 110.25 449.25 m 112.5 449.25 l S 110.25 474 m 112.5 474 l S 110.25 498.75 m 112.5 498.75 l S 110.25 523.5 m 112.5 523.5 l S 110.25 548.25 m 112.5 548.25 l S 110.25 573 m 112.5 573 l S 110.25 597.75 m 112.5 597.75 l S 110.25 622.5 m 112.5 622.5 l S 112.5 424.5 m 465.75 424.5 l S 112.5 422.25 m 112.5 424.5 l S 183.75 422.25 m 183.75 424.5 l S 254.25 422.25 m 254.25 424.5 l S 324.75 422.25 m 324.75 424.5 l S 395.25 422.25 m 395.25 424.5 l S 465.75 422.25 m 465.75 424.5 l S 112.5 441 m 183.75 441.75 l S 183.75 441.75 m 254.25 443.25 l S 254.25 443.25 m 324.75 447 l S 324.75 447 m 395.25 450.75 l S 395.25 450.75 m 465.75 459 l S 112.5 459 m 116.25 459.75 l 116.25 459 l 112.5 458.25 l 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135 517.5 l 133.5 516.75 l 133.5 517.5 l h b* 136.5 518.25 m 137.25 519 l 138 518.25 l 136.5 518.25 l h b* 139.5 519.75 m 140.25 519.75 l 141 519 l 139.5 519 l 139.5 519.75 l h b* 142.5 520.5 m 143.25 521.25 l 144 520.5 l 142.5 519.75 l 142.5 520.5 l h b* 145.5 522 m 146.25 522 l 147 521.25 l 145.5 521.25 l 145.5 522 l h b* 148.5 522.75 m 149.25 522.75 l 150 522.75 l 148.5 522 l 148.5 522.75 l h b* 151.5 523.5 m 152.25 524.25 l 153 523.5 l 151.5 523.5 l h b* 154.5 525 m 155.25 525 l 156 525 l 154.5 524.25 l 154.5 525 l h b* 157.5 525.75 m 158.25 526.5 l 159 525.75 l 157.5 525.75 l h b* 160.5 527.25 m 162 527.25 l 162 526.5 l 160.5 526.5 l 160.5 527.25 l h b* 163.5 528 m 165 528.75 l 165 528 l 163.5 527.25 l 163.5 528 l h b* 166.5 528.75 m 168 529.5 l 168 528.75 l 166.5 528.75 l h b* 169.5 530.25 m 171 530.25 l 169.5 529.5 l 169.5 530.25 l h b* 172.5 531 m 173.25 531.75 l 174 531 l 172.5 531 l h b* 175.5 532.5 m 177 532.5 l 175.5 531.75 l 175.5 532.5 l h b* 178.5 533.25 m 180 534 l 180 533.25 l 178.5 532.5 l 178.5 533.25 l h b* 181.5 534.75 m 182.25 534.75 l 183 534 l 181.5 534 l 181.5 534.75 l h b* 183.75 535.5 m 185.25 535.5 l 184.5 534.75 l 183.75 535.5 l h b* 187.5 537 m 188.25 537 l 188.25 536.25 l 187.5 536.25 l 187.5 537 l h b* 189.75 537.75 m 191.25 538.5 l 191.25 537.75 l 190.5 537 l 189.75 537.75 l h b* 192.75 539.25 m 194.25 539.25 l 192.75 538.5 l 192.75 539.25 l h b* 195.75 540 m 197.25 540.75 l 197.25 540 l 196.5 539.25 l 195.75 540 l h b* 198.75 541.5 m 200.25 541.5 l 198.75 540.75 l 198.75 541.5 l h b* 201.75 542.25 m 203.25 543 l 203.25 542.25 l 201.75 542.25 l h b* 204.75 543.75 m 205.5 543.75 l 206.25 543.75 l 204.75 543 l 204.75 543.75 l h b* 207.75 544.5 m 209.25 545.25 l 209.25 544.5 l 207.75 544.5 l h b* 210.75 546 m 211.5 546 l 212.25 546 l 210.75 545.25 l 210.75 546 l h b* 213.75 547.5 m 214.5 547.5 l 215.25 546.75 l 213.75 546.75 l 213.75 547.5 l h b* 216.75 548.25 m 217.5 549 l 218.25 548.25 l 216.75 547.5 l 216.75 548.25 l h b* 219.75 549.75 m 220.5 549.75 l 221.25 549 l 219.75 549 l 219.75 549.75 l h b* 222.75 550.5 m 223.5 551.25 l 224.25 550.5 l 222.75 549.75 l 222.75 550.5 l h b* 225.75 552 m 226.5 552 l 225.75 551.25 l 225.75 552 l h b* 228.75 552.75 m 229.5 553.5 l 229.5 552.75 l 228.75 552 l 228.75 552.75 l h b* 231.75 554.25 m 232.5 554.25 l 231.75 553.5 l 231.75 554.25 l h b* 234.75 555 m 235.5 555.75 l 235.5 555 l 234.75 555 l h b* 237.75 556.5 m 238.5 556.5 l 237.75 555.75 l 237.75 556.5 l h b* 240.75 557.25 m 241.5 558 l 241.5 557.25 l 240.75 557.25 l h b* 243.75 558.75 m 244.5 558.75 l 243.75 558 l 243.75 558.75 l h b* 246.75 559.5 m 247.5 560.25 l 247.5 559.5 l 246.75 559.5 l h b* 249.75 561 m 250.5 561.75 l 250.5 561 l 249.75 560.25 l 249.75 561 l h b* 252.75 562.5 m 253.5 562.5 l 253.5 561.75 l 252.75 561.75 l 252.75 562.5 l h b* 255 563.25 m 255.75 563.25 l 256.5 562.5 l 255 562.5 l 255 563.25 l h b* 258 563.25 m 259.5 563.25 l 258 563.25 l h b* 261 564 m 262.5 564 l 262.5 563.25 l 261 563.25 l 261 564 l h b* 264.75 564.75 m 265.5 564.75 l 265.5 564 l 264.75 564 l 264.75 564.75 l h b* 267.75 564.75 m 268.5 564.75 l 267.75 564 l 267.75 564.75 l h b* 270.75 565.5 m 271.5 565.5 l 272.25 564.75 l 270.75 564.75 l 270.75 565.5 l h b* 273.75 565.5 m 275.25 566.25 l 275.25 565.5 l 274.5 565.5 l 273.75 565.5 l h b* 276.75 566.25 m 278.25 566.25 l 278.25 565.5 l 277.5 565.5 l 276.75 566.25 l h b* 280.5 567 m 281.25 567 l 281.25 566.25 l 280.5 566.25 l 280.5 567 l h b* 283.5 567 m 284.25 567 l 283.5 567 l h b* 286.5 567.75 m 288 567.75 l 288 567 l 286.5 567 l 286.5 567.75 l h b* 289.5 568.5 m 291 568.5 l 291 567.75 l 289.5 567.75 l 289.5 568.5 l h b* 293.25 568.5 m 294 568.5 l 293.25 567.75 l 293.25 568.5 l h b* 296.25 569.25 m 297 569.25 l 297 568.5 l 296.25 568.5 l 296.25 569.25 l h b* 299.25 569.25 m 300 569.25 l 300.75 569.25 l 299.25 568.5 l 299.25 569.25 l h b* 302.25 570 m 303.75 570 l 303.75 569.25 l 302.25 569.25 l 302.25 570 l h b* 305.25 570 m 306.75 570.75 l 306.75 570 l 305.25 570 l h b* 309 570.75 m 309.75 570.75 l 309 570 l 309 570.75 l h b* 312 571.5 m 312.75 571.5 l 312.75 570.75 l 312 570.75 l 312 571.5 l h b* 315 571.5 m 315.75 572.25 l 316.5 571.5 l 315 571.5 l h b* 318 572.25 m 319.5 572.25 l 318 571.5 l 318 572.25 l h b* 321 572.25 m 322.5 573 l 322.5 572.25 l 321.75 572.25 l 321 572.25 l h b* 324.75 573 m 324.75 572.25 l 324.75 573 l h b* 324 573 m 324.75 573.75 l 324.75 573 l 324.75 572.25 l 324 573 l h b* 327 573.75 m 327.75 574.5 l 328.5 573.75 l 327 573.75 l h b* 330 575.25 m 330.75 575.25 l 331.5 574.5 l 330 574.5 l 330 575.25 l h b* 333 575.25 m 334.5 576 l 334.5 575.25 l 333 575.25 l h b* 336 576.75 m 337.5 576.75 l 337.5 576 l 336 576 l 336 576.75 l h b* 339 577.5 m 340.5 577.5 l 339.75 576.75 l 339 577.5 l h b* 342.75 578.25 m 343.5 579 l 343.5 578.25 l 342.75 577.5 l 342.75 578.25 l h b* 345.75 579 m 346.5 579.75 l 346.5 579 l 345.75 579 l h b* 348.75 579.75 m 349.5 580.5 l 349.5 579.75 l 348.75 579.75 l h b* 351.75 581.25 m 352.5 581.25 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394.5 593.25 m 395.25 593.25 l 395.25 592.5 l 394.5 592.5 l 394.5 593.25 l h b* 394.5 593.25 m 395.25 593.25 l 395.25 592.5 l 394.5 592.5 l 394.5 593.25 l h b* 397.5 594 m 398.25 594 l 398.25 593.25 l 397.5 593.25 l 397.5 594 l h b* 400.5 594.75 m 401.25 594.75 l 401.25 594 l 400.5 594 l 400.5 594.75 l h b* 403.5 594.75 m 404.25 594.75 l 403.5 594 l 403.5 594.75 l h b* 406.5 595.5 m 407.25 595.5 l 408 594.75 l 406.5 594.75 l 406.5 595.5 l h b* 409.5 595.5 m 411 596.25 l 411 595.5 l 410.25 595.5 l 409.5 595.5 l h b* 412.5 596.25 m 414 596.25 l 413.25 595.5 l 412.5 596.25 l h b* 416.25 597 m 417 597 l 417 596.25 l 416.25 596.25 l 416.25 597 l h b* 419.25 597.75 m 420 597.75 l 420.75 597 l 419.25 597 l 419.25 597.75 l h b* 422.25 597.75 m 423.75 597.75 l 422.25 597 l 422.25 597.75 l h b* 425.25 598.5 m 426.75 598.5 l 426.75 597.75 l 425.25 597.75 l 425.25 598.5 l h b* 429 598.5 m 429.75 599.25 l 429.75 598.5 l 429 598.5 l h b* 432 599.25 m 432.75 599.25 l 432 598.5 l 432 599.25 l h b* 435 600 m 435.75 600 l 436.5 599.25 l 435 599.25 l 435 600 l h b* 438 600 m 439.5 600.75 l 439.5 600 l 438 600 l h b* 441 600.75 m 442.5 601.5 l 442.5 600.75 l 441 600 l 441 600.75 l h b* 444.75 601.5 m 445.5 601.5 l 445.5 600.75 l 444.75 600.75 l 444.75 601.5 l h b* 447.75 602.25 m 448.5 602.25 l 448.5 601.5 l 447.75 601.5 l 447.75 602.25 l h b* 450.75 602.25 m 451.5 602.25 l 452.25 602.25 l 450.75 602.25 l h b* 453.75 603 m 455.25 603 l 455.25 602.25 l 453.75 602.25 l 453.75 603 l h b* 457.5 603 m 458.25 603.75 l 458.25 603 l 457.5 603 l h b* 460.5 603.75 m 461.25 603.75 l 460.5 603 l 460.5 603.75 l h b* 463.5 604.5 m 464.25 604.5 l 464.25 603.75 l 463.5 603.75 l 463.5 604.5 l h b* 112.5 497.25 m 116.25 498 l 116.25 497.25 l 112.5 497.25 l h b* 118.5 498 m 119.25 498.75 l 119.25 498 l 118.5 498 l h b* 121.5 498.75 m 125.25 499.5 l 125.25 498.75 l 121.5 498 l 121.5 498.75 l h b* 127.5 499.5 m 128.25 499.5 l 128.25 498.75 l 127.5 498.75 l 127.5 499.5 l h b* 130.5 499.5 m 134.25 500.25 l 134.25 499.5 l 130.5 499.5 l h b* 136.5 500.25 m 137.25 500.25 l 137.25 499.5 l 136.5 499.5 l 136.5 500.25 l h b* 139.5 501 m 143.25 501 l 143.25 500.25 l 139.5 500.25 l 139.5 501 l h b* 145.5 501 m 146.25 501.75 l 146.25 501 l 145.5 501 l h b* 148.5 501.75 m 152.25 501.75 l 148.5 501 l 148.5 501.75 l h b* 154.5 502.5 m 155.25 502.5 l 155.25 501.75 l 154.5 501.75 l 154.5 502.5 l h b* 157.5 502.5 m 161.25 503.25 l 161.25 502.5 l 157.5 502.5 l h b* 163.5 503.25 m 164.25 503.25 l 164.25 502.5 l 163.5 502.5 l 163.5 503.25 l h b* 166.5 504 m 170.25 504 l 170.25 503.25 l 166.5 503.25 l 166.5 504 l h b* 171.75 504 m 173.25 504.75 l 173.25 504 l 172.5 504 l 171.75 504 l h b* 175.5 504.75 m 179.25 504.75 l 175.5 504 l 175.5 504.75 l h b* 181.5 505.5 m 182.25 505.5 l 182.25 504.75 l 181.5 504.75 l 181.5 505.5 l h b* 183.75 505.5 m 187.5 506.25 l 183.75 505.5 l h b* 189.75 507 m 190.5 507 l 190.5 506.25 l 189.75 506.25 l 189.75 507 l h b* 192.75 507.75 m 196.5 508.5 l 196.5 507.75 l 192.75 507 l 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91.5 492.75 l h b 93 495.75 m 89.25 495.75 l 89.25 496.5 l 93 496.5 l 93 495.75 l h b 93 498.75 m 93 497.25 l 92.25 497.25 l 92.25 496.5 l 91.5 496.5 l 90.75 497.25 l 90 497.25 l 90 498 l 90.75 498.75 l 89.25 498.75 l 89.25 499.5 l 93 499.5 l 93 498.75 l 91.5 497.25 m 92.25 497.25 l 93 498 l 92.25 498.75 l 90.75 498.75 l 90.75 497.25 l 91.5 497.25 l h b 92.25 499.5 m 91.5 499.5 l 91.5 501 l 92.25 501 l 92.25 499.5 l h b 93 503.25 m 93 501.75 l 91.5 501.75 l 91.5 503.25 l 90.75 503.25 l 90.75 502.5 l 90.75 502.5 l 90.75 501.75 l 90.75 502.5 l 90 502.5 l 90 503.25 l 90.75 504 l 93 504 l 93 503.25 l 91.5 503.25 m 92.25 503.25 l 92.25 502.5 l 93 502.5 l 93 503.25 l 91.5 503.25 l h b 93.75 504.75 m 93.75 506.25 l 93 506.25 l 93 504.75 l 90.75 504.75 l 90.75 505.5 l 90 505.5 l 90 506.25 l 90.75 506.25 l 90 506.25 l 90 507 l 93.75 507 l 94.5 506.25 l 94.5 504.75 l 93.75 504.75 l 91.5 505.5 m 93 505.5 l 93 506.25 l 90.75 506.25 l 90.75 505.5 l 91.5 505.5 l h b 92.25 510 m 93 510 l 93 507.75 l 90.75 507.75 l 90.75 508.5 l 90 508.5 l 90 509.25 l 90.75 510 l 91.5 510 l 91.5 510.75 l 91.5 508.5 l 92.25 508.5 l 92.25 508.5 l 93 508.5 l 93 509.25 l 92.25 510 l 91.5 508.5 m 91.5 510 l 90.75 510 l 90.75 508.5 l 91.5 508.5 l h b 93 514.5 m 93 513 l 92.25 512.25 l 90.75 512.25 l 90.75 513 l 90 513 l 90 513.75 l 90.75 513.75 l 90.75 514.5 l 89.25 514.5 l 93 514.5 l 91.5 513 m 93 513 l 93 513.75 l 92.25 514.5 l 90.75 514.5 l 90.75 513 l 91.5 513 l h b 92.25 517.5 m 92.25 518.25 l 93 518.25 l 93 515.25 l 90.75 515.25 l 90.75 516 l 90 516.75 l 90.75 517.5 l 90.75 518.25 l 91.5 518.25 l 91.5 516 l 92.25 516 l 92.25 516 l 93 516.75 l 93 517.5 l 92.25 517.5 l 91.5 516 m 91.5 517.5 l 90.75 517.5 l 90.75 516 l 91.5 516 l h b 94.5 518.25 m 90 518.25 l 90 519 l 90.75 519 l 90.75 519.75 l 90 519.75 l 90 520.5 l 90.75 520.5 l 90.75 521.25 l 92.25 521.25 l 93 520.5 l 93 519 l 94.5 519 l 94.5 518.25 l 91.5 519 m 92.25 519 l 92.25 519.75 l 93 519.75 l 92.25 520.5 l 90.75 520.5 l 90.75 519.75 l 91.5 519 l h b 92.25 523.5 m 92.25 524.25 l 93 524.25 l 93 522 l 92.25 521.25 l 91.5 521.25 l 90 522.75 l 90 523.5 l 90.75 523.5 l 90.75 524.25 l 91.5 524.25 l 91.5 522 l 92.25 522 l 92.25 522 l 93 522.75 l 93 523.5 l 92.25 523.5 l 91.5 522 m 91.5 523.5 l 90.75 523.5 l 90.75 522 l 91.5 522 l h b 93 525 m 90 525 l 90.75 525 l 90.75 525.75 l 90 525.75 l 90 526.5 l 90.75 526.5 l 90.75 527.25 l 93 527.25 l 93 526.5 l 90.75 526.5 l 90.75 525 l 91.5 525 l 91.5 525 l 93 525 l h b 93 529.5 m 93 528 l 92.25 528 l 91.5 527.25 l 91.5 528 l 90.75 528 l 90 528.75 l 90.75 529.5 l 89.25 529.5 l 89.25 530.25 l 93 530.25 l 93 529.5 l 91.5 528 m 92.25 528 l 92.25 528.75 l 93 528.75 l 92.25 529.5 l 90.75 529.5 l 90.75 528.75 l 91.5 528 l h b 93 532.5 m 93 531 l 91.5 531 l 91.5 532.5 l 90.75 532.5 l 90.75 531.75 l 90.75 531 l 90 531.75 l 90 532.5 l 90.75 532.5 l 90.75 533.25 l 93 533.25 l 93 532.5 l 91.5 532.5 m 92.25 532.5 l 92.25 531 l 93 531 l 93 532.5 l 91.5 532.5 l h b 93 534 m 90 534 l 90 534.75 l 90.75 534.75 l 90 534.75 l 90 535.5 l 90.75 535.5 l 90.75 536.25 l 93 536.25 l 93 535.5 l 90.75 535.5 l 90.75 534.75 l 91.5 534.75 l 91.5 534.75 l 93 534.75 l 93 534 l h b 92.25 538.5 m 92.25 539.25 l 93 539.25 l 93 537 l 90.75 537 l 90 537.75 l 90 538.5 l 90.75 539.25 l 91.5 538.5 l 90.75 538.5 l 90.75 537.75 l 90.75 537.75 l 91.5 537 l 92.25 537 l 92.25 537.75 l 93 537.75 l 93 538.5 l 92.25 538.5 l h b 94.5 540 m 93.75 539.25 l 93.75 540.75 l 93 540.75 l 90 539.25 l 90 540 l 92.25 540.75 l 90 541.5 l 90 542.25 l 93 540.75 l 94.5 540.75 l 94.5 540 l 94.5 540 l 94.5 540 l h b 93 544.5 m 90 544.5 l 90.75 544.5 l 90 544.5 l 90 545.25 l 90.75 546 l 90.75 544.5 l 93 544.5 l h b 93 547.5 m 93 546 l 91.5 546 l 91.5 547.5 l 90.75 547.5 l 90.75 546.75 l 90.75 546 l 90 546.75 l 90 547.5 l 90.75 548.25 l 93 548.25 l 93 547.5 l 91.5 547.5 m 92.25 547.5 l 92.25 546 l 93 546.75 l 93 547.5 l 91.5 547.5 l h b 93 549.75 m 93 550.5 l 93 549 l 89.25 549 l 89.25 549.75 l 93 549.75 l 93 549.75 l h b 90 550.5 m 89.25 550.5 l 89.25 551.25 l 90 551.25 l 90 550.5 l 93 550.5 m 90 550.5 l 90 551.25 l 93 551.25 l 93 550.5 l h b 91.5 551.25 m 91.5 552 l 90.75 552 l 90 552.75 l 90 553.5 l 90.75 553.5 l 90.75 554.25 l 93 554.25 l 93 552 l 92.25 552 l 91.5 551.25 l 91.5 552 m 92.25 552 l 92.25 552.75 l 93 552.75 l 93 553.5 l 90.75 553.5 l 90.75 552.75 l 91.5 552 l h b 143.25 395.25 m 159.75 395.25 l S 162 392.25 m 164.25 398.25 l 165 398.25 l 167.25 392.25 l 166.5 392.25 l 165.75 394.5 l 163.5 394.5 l 162.75 392.25 l 162 392.25 l 163.5 395.25 m 165.75 395.25 l 165 396.75 l 165 397.5 l 164.25 397.5 l 164.25 396.75 l 163.5 395.25 l h b 168 392.25 m 168 397.5 l 168.75 398.25 l 170.25 398.25 l 170.25 397.5 l 168.75 397.5 l 168.75 396.75 l 169.5 396.75 l 169.5 396 l 168.75 396 l 168.75 392.25 l 168 392.25 l h b 170.25 392.25 m 170.25 396.75 l 171 396.75 l 171 396 l 171.75 396.75 l 172.5 396.75 l 172.5 396 l 171.75 396 l 171.75 395.25 l 171 395.25 l 171 392.25 l 170.25 392.25 l h b 173.25 397.5 m 173.25 398.25 l 174 398.25 l 174 397.5 l 173.25 397.5 l 173.25 392.25 m 173.25 396.75 l 174 396.75 l 174 392.25 l 173.25 392.25 l h b 177.75 393.75 m 178.5 393.75 l 178.5 393 l 177.75 393 l 177.75 392.25 l 175.5 392.25 l 175.5 393 l 174.75 393.75 l 174.75 396 l 175.5 396 l 175.5 396.75 l 177.75 396.75 l 178.5 396 l 178.5 395.25 l 177.75 395.25 l 177.75 396 l 177.75 396 l 176.25 396 l 175.5 395.25 l 175.5 393.75 l 176.25 393.75 l 176.25 393 l 177.75 393 l 177.75 393.75 l h b 182.25 393 m 181.5 392.25 l 180 392.25 l 179.25 393 l 179.25 394.5 l 180 394.5 l 180 395.25 l 182.25 395.25 l 182.25 396 l 180 396 l 180 396 l 180 395.25 l 179.25 395.25 l 179.25 396 l 180 396.75 l 182.25 396.75 l 182.25 396 l 183 396 l 183 392.25 l 182.25 392.25 l 182.25 393 l 182.25 394.5 m 180.75 394.5 l 180 393.75 l 180 393 l 181.5 393 l 181.5 393.75 l 182.25 393.75 l 182.25 394.5 l h b 186.75 395.25 m 190.5 395.25 l 186.75 395.25 l h b* 192.75 395.25 m 196.5 395.25 l 192.75 395.25 l h b* 198.75 395.25 m 202.5 395.25 l 198.75 395.25 l h b* 210.75 394.5 m 211.5 394.5 l 210.75 393.75 l 210.75 393 l 210 392.25 l 207.75 392.25 l 207 393 l 207 393.75 l 206.25 393.75 l 206.25 396.75 l 207.75 398.25 l 210 398.25 l 210.75 397.5 l 210.75 397.5 l 210.75 396.75 l 210 396.75 l 210 397.5 l 207.75 397.5 l 207 396.75 l 207 393.75 l 207.75 393.75 l 207.75 393 l 209.25 393 l 210 393.75 l 210.75 393.75 l 210.75 394.5 l h b 212.25 392.25 m 212.25 398.25 l 213 398.25 l 213 396 l 213.75 396.75 l 215.25 396.75 l 215.25 396 l 216 396 l 216 392.25 l 215.25 392.25 l 215.25 395.25 l 214.5 395.25 l 214.5 396 l 213 396 l 213 392.25 l 212.25 392.25 l h b 216.75 397.5 m 216.75 398.25 l 217.5 398.25 l 217.5 397.5 l 216.75 397.5 l 216.75 392.25 m 216.75 396.75 l 217.5 396.75 l 217.5 392.25 l 216.75 392.25 l h b 219 392.25 m 219 396.75 l 219.75 396.75 l 219.75 396 l 219.75 396.75 l 222 396.75 l 222 392.25 l 221.25 392.25 l 221.25 396 l 219.75 396 l 219.75 395.25 l 219.75 394.5 l 219.75 392.25 l 219 392.25 l h b 225.75 393 m 225.75 392.25 l 223.5 392.25 l 223.5 394.5 l 224.25 394.5 l 224.25 395.25 l 225.75 395.25 l 225.75 396 l 224.25 396 l 224.25 396 l 224.25 395.25 l 223.5 395.25 l 223.5 396.75 l 226.5 396.75 l 226.5 393 l 227.25 393 l 227.25 392.25 l 226.5 392.25 l 226.5 393 l 225.75 393 l 225.75 394.5 m 224.25 394.5 l 224.25 393 l 225.75 393 l 225.75 394.5 l h b 231 395.25 m 231.75 395.25 l 231 395.25 l h b* 234 395.25 m 235.5 395.25 l 234 395.25 l h b* 237.75 395.25 m 238.5 395.25 l 237.75 395.25 l h b* 240.75 395.25 m 241.5 395.25 l 240.75 395.25 l h b* 243.75 395.25 m 244.5 395.25 l 243.75 395.25 l h b* 246.75 395.25 m 248.25 395.25 l 246.75 395.25 l h b* 249.75 393.75 m 251.25 394.5 l 251.25 393 l 252 393 l 252.75 393.75 l 252.75 398.25 l 253.5 398.25 l 253.5 393 l 252.75 393 l 252.75 392.25 l 250.5 392.25 l 250.5 393 l 249.75 393.75 l h b 257.25 393 m 257.25 392.25 l 255 392.25 l 255 393 l 254.25 393 l 254.25 393.75 l 255 394.5 l 255.75 394.5 l 255.75 395.25 l 257.25 395.25 l 257.25 396 l 255.75 396 l 255.75 396 l 255.75 395.25 l 254.25 395.25 l 255 396 l 255 396.75 l 258 396.75 l 258 393 l 258.75 392.25 l 257.25 392.25 l 257.25 393 l 257.25 394.5 m 255.75 394.5 l 255.75 393.75 l 255 393.75 l 255.75 393 l 256.5 393 l 257.25 393.75 l 257.25 394.5 l h b 259.5 390.75 m 259.5 396.75 l 260.25 396.75 l 260.25 396 l 260.25 396.75 l 262.5 396.75 l 262.5 396 l 263.25 395.25 l 263.25 393.75 l 262.5 393.75 l 262.5 392.25 l 260.25 392.25 l 260.25 393 l 260.25 390.75 l 259.5 390.75 l 260.25 394.5 m 260.25 393.75 l 261 393 l 261.75 393 l 261.75 393.75 l 262.5 393.75 l 262.5 395.25 l 261.75 395.25 l 261.75 396 l 260.25 396 l 260.25 394.5 l h b 266.25 393 m 266.25 392.25 l 264 392.25 l 264 394.5 l 264.75 394.5 l 264.75 395.25 l 266.25 395.25 l 266.25 396 l 264.75 396 l 264.75 396 l 264.75 395.25 l 264 395.25 l 264 396.75 l 267 396.75 l 267 396 l 267.75 396 l 267.75 392.25 l 267 392.25 l 267 393 l 266.25 393 l 266.25 394.5 m 264.75 394.5 l 264.75 393 l 266.25 393 l 266.25 394.5 l h b 268.5 392.25 m 268.5 396.75 l 269.25 396.75 l 269.25 396 l 270 396.75 l 271.5 396.75 l 271.5 396 l 272.25 396 l 272.25 392.25 l 271.5 392.25 l 271.5 395.25 l 270.75 396 l 270 396 l 270 395.25 l 269.25 395.25 l 269.25 394.5 l 269.25 392.25 l 268.5 392.25 l h b 276 395.25 m 279.75 395.25 l 276 395.25 l h b* 282 395.25 m 282.75 395.25 l 282 395.25 l h b* 285 395.25 m 288.75 395.25 l 285 395.25 l h b* 291 395.25 m 291.75 395.25 l 291 395.25 l h b* 295.5 392.25 m 295.5 398.25 l 300 398.25 l 300 397.5 l 296.25 397.5 l 296.25 396 l 300 396 l 300 395.25 l 296.25 395.25 l 296.25 393 l 300 393 l 300 392.25 l 295.5 392.25 l h b 303.75 392.25 m 303.75 393 l 303 392.25 l 301.5 392.25 l 301.5 396.75 l 302.25 396.75 l 302.25 393 l 303.75 393 l 303.75 394.5 l 303.75 392.25 0.75 4.5 re b 306 392.25 m 306 396.75 l 306.75 396.75 l 306.75 396 l 306.75 396.75 l 308.25 396.75 l 307.5 396 l 306.75 396 l 306.75 392.25 l 306 392.25 l h b 308.25 394.5 m 308.25 395.25 l 309 396 l 309 396.75 l 311.25 396.75 l 312 396 l 312 393 l 311.25 392.25 l 309 392.25 l 309 393.75 l 308.25 393.75 l 308.25 394.5 l 309 394.5 m 309 393.75 l 309.75 393.75 l 309.75 393 l 310.5 393 l 311.25 393.75 l 311.25 396 l 309.75 396 l 309 395.25 l 309 394.5 l h b 313.5 390.75 m 313.5 396.75 l 314.25 396.75 l 314.25 396 l 314.25 396.75 l 315.75 396.75 l 317.25 395.25 l 317.25 394.5 l 316.5 393.75 l 316.5 393 l 315.75 392.25 l 314.25 392.25 l 314.25 393 l 314.25 390.75 l 313.5 390.75 l 314.25 394.5 m 314.25 393 l 315.75 393 l 315.75 396 l 314.25 396 l 314.25 394.5 l h b 321 393.75 m 321.75 393.75 l 321.75 393 l 321 393 l 320.25 392.25 l 318.75 392.25 l 318 393 l 318 396 l 318.75 396.75 l 321 396.75 l 321 396 l 321.75 396 l 321.75 394.5 l 318 394.5 l 319.5 393 l 320.25 393 l 320.25 393.75 l 321 393.75 l 318 395.25 m 321 395.25 l 320.25 396 l 318.75 396 l 318.75 395.25 l 318 395.25 l h b 0.2 0.2 0.2 RG 325.5 395.25 m 342 395.25 l S 0.502 0 0.502 RG 333.75 395.25 m 332.25 396.75 l S 333.75 395.25 m 335.25 393.75 l S 333.75 395.25 m 332.25 393.75 l S 333.75 395.25 m 335.25 396.75 l S 333.75 395.25 m 333.75 396.75 l S 333.75 395.25 m 333.75 393.75 l S 0 0 0 RG 345 392.25 m 345 398.25 l 345.75 398.25 l 345.75 393 l 348.75 393 l 348.75 392.25 l 345 392.25 l h b 351.75 393 m 351.75 392.25 l 350.25 392.25 l 349.5 393 l 349.5 394.5 l 350.25 394.5 l 350.25 395.25 l 351.75 395.25 l 351.75 396 l 350.25 396 l 350.25 396 l 350.25 395.25 l 349.5 395.25 l 349.5 396 l 350.25 396.75 l 352.5 396.75 l 352.5 396 l 353.25 396 l 353.25 392.25 l 352.5 392.25 l 352.5 393 l 351.75 393 l 351.75 394.5 m 351 394.5 l 350.25 393.75 l 350.25 393 l 351.75 393 l 351.75 394.5 l h b 355.5 393 m 355.5 392.25 l 354.75 392.25 l 354 393 l 354 397.5 l 354.75 398.25 l 354.75 396.75 l 355.5 396.75 l 355.5 396 l 354.75 396 l 354.75 393.75 l 355.5 393.75 l 355.5 393 l 355.5 393 l h b 356.25 397.5 m 356.25 398.25 l 357 398.25 l 357 397.5 l 356.25 397.5 l 356.25 392.25 m 356.25 396.75 l 357 396.75 l 357 392.25 l 356.25 392.25 l h b 358.5 392.25 m 358.5 396.75 l 359.25 396.75 l 359.25 396 l 359.25 396.75 l 361.5 396.75 l 361.5 392.25 l 360.75 392.25 l 360.75 396 l 359.25 396 l 359.25 395.25 l 359.25 394.5 l 359.25 392.25 l 358.5 392.25 l h b 364.5 392.25 m 367.5 398.25 l 368.25 398.25 l 370.5 392.25 l 369.75 392.25 l 369 394.5 l 366 394.5 l 366 392.25 l 364.5 392.25 l 366.75 395.25 m 369 395.25 l 368.25 396.75 l 368.25 397.5 l 367.5 397.5 l 367.5 396.75 l 366.75 395.25 l h b 371.25 392.25 m 371.25 396.75 l 372 396.75 l 372 396 l 372 396.75 l 373.5 396.75 l 374.25 396 l 375 396.75 l 376.5 396.75 l 376.5 396 l 377.25 396 l 377.25 392.25 l 376.5 392.25 l 376.5 396 l 375.75 396 l 375.75 396 l 375 396 l 374.25 395.25 l 374.25 392.25 l 373.5 392.25 l 373.5 396 l 372 396 l 372 392.25 l 371.25 392.25 l h b 381 393.75 m 381.75 393.75 l 381.75 393 l 381 393 l 381 392.25 l 378.75 392.25 l 378 393 l 378 396 l 378.75 396.75 l 381 396.75 l 381 396 l 381.75 396 l 381.75 394.5 l 378.75 394.5 l 378.75 393.75 l 379.5 393 l 380.25 393 l 381 393.75 l 378.75 395.25 m 381 395.25 l 381 396 l 378.75 396 l 378.75 395.25 l h b 382.5 392.25 m 382.5 396.75 l 383.25 396.75 l 383.25 396 l 384 396.75 l 384.75 396.75 l 384.75 396 l 384 396 l 384 395.25 l 383.25 395.25 l 383.25 392.25 l 382.5 392.25 l h b 385.5 397.5 m 385.5 398.25 l 386.25 398.25 l 386.25 397.5 l 385.5 397.5 l 385.5 392.25 m 385.5 396.75 l 386.25 396.75 l 386.25 392.25 l 385.5 392.25 l h b 390 393.75 m 390.75 393.75 l 390.75 393 l 390 393 l 390 392.25 l 387.75 392.25 l 387.75 393.75 l 387 393.75 l 387 395.25 l 387.75 396 l 387.75 396.75 l 390 396.75 l 390.75 396 l 390.75 395.25 l 390 395.25 l 390 396 l 390 396 l 388.5 396 l 387.75 395.25 l 387.75 393.75 l 388.5 393.75 l 388.5 393 l 390 393 l 390 393.75 l h b 394.5 393 m 393.75 392.25 l 392.25 392.25 l 391.5 393 l 391.5 394.5 l 392.25 394.5 l 393 395.25 l 394.5 395.25 l 394.5 396 l 393 396 l 392.25 396 l 392.25 395.25 l 391.5 395.25 l 391.5 396 l 392.25 396.75 l 394.5 396.75 l 395.25 396 l 395.25 392.25 l 394.5 392.25 l 394.5 393 l 394.5 394.5 m 393 394.5 l 392.25 393.75 l 392.25 393 l 393.75 393 l 393.75 393.75 l 394.5 393.75 l 394.5 394.5 l h b 0.2 0.2 0.2 RG 399.75 395.25 m 416.25 395.25 l S 0.502 0 0 rg 0.502 0 0 RG 408.75 395.25 m 408.75 396 l 408 396 l 408 396.75 l 407.25 396.75 l 406.5 396 l 406.5 394.5 l 407.25 393.75 l 408 393.75 l 408.75 394.5 l 408.75 395.25 l h b* 408.75 395.25 m 408.75 396 l 408 396 l 408 396.75 l 407.25 396.75 l 406.5 396 l 406.5 394.5 l 407.25 393.75 l 408 393.75 l 408.75 394.5 l 408.75 395.25 l S 0 0 0 rg 0 0 0 RG 422.25 398.25 m 423 398.25 l 423 393 l 422.25 393 l 422.25 392.25 l 420 392.25 l 419.25 393 l 419.25 393.75 l 418.5 393.75 l 418.5 398.25 l 419.25 398.25 l 419.25 394.5 l 420 393.75 l 420 393 l 420.75 393 l 420.75 393 l 421.5 393 l 422.25 393.75 l 422.25 398.25 l h b 424.5 394.5 m 425.25 394.5 l 425.25 393.75 l 426 393.75 l 426 393 l 428.25 393 l 428.25 394.5 l 427.5 395.25 l 425.25 395.25 l 425.25 396 l 424.5 396.75 l 424.5 397.5 l 425.25 397.5 l 425.25 398.25 l 428.25 398.25 l 429 397.5 l 429 396.75 l 428.25 396.75 l 427.5 397.5 l 425.25 397.5 l 425.25 396.75 l 426 396 l 427.5 396 l 427.5 395.25 l 429 395.25 l 429 393 l 428.25 393 l 428.25 392.25 l 425.25 392.25 l 425.25 393 l 424.5 393.75 l 424.5 394.5 l h b 429.75 392.25 m 432 398.25 l 432.75 398.25 l 435 392.25 l 434.25 392.25 l 433.5 394.5 l 431.25 394.5 l 430.5 392.25 l 429.75 392.25 l 431.25 395.25 m 433.5 395.25 l 432.75 396.75 l 432.75 397.5 l 432 397.5 l 432 396.75 l 431.25 395.25 l h b BT 477.75 387.75 TD /F6 8.25 Tf -0.0435 Tw ( ) Tj -393 -20.25 TD /F2 11.25 Tf 0.0375 Tc 0 Tw (Source:) Tj 34.5 0 TD /F0 11.25 Tf -0.1963 Tc 0.3838 Tw ( United Nations \(2001\).) Tj 103.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -138 -14.25 TD /F0 12 Tf 0 Tw ( ) Tj 0 -13.5 TD ( ) Tj 0 -14.25 TD -0.0412 Tc 3.7912 Tw (The differences across countries ) Tj 3.672 Tc 0 Tw (a) Tj 177.75 0 TD -0.0576 Tc 3.9014 Tw (nd world regions are even clearer in Figure 2,) Tj 0 Tc 0.75 Tw ( ) Tj -177.75 -13.5 TD -0.0974 Tc 4.3474 Tw (showing the future developments in the working) Tj 253.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.052 Tc 3.802 Tw (age ) Tj 3.504 Tc 0 Tw (\() Tj 27.75 0 TD -0.388 Tc (i.e) Tj 10.5 0 TD 0 Tc 3.75 Tw (. 20) Tj 21.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0098 Tc 3.0097 Tw (64\) population as a ) Tj -322.5 -14.25 TD -0.0598 Tc 1.7643 Tw (percentage of the total population. In Africa, the share of the working) Tj 348 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.0198 Tc 0.7302 Tw (age population ) Tj -352.5 -13.5 TD -0.071 Tc 0.3925 Tw (shows a steady increase over the next ) Tj 183 0 TD 0 Tc 0 Tw (50) Tj 12 0 TD 0.75 Tc ( y) Tj 9 0 TD -0.0415 Tc 0.4165 Tw (ears. In Europe, Japan and the ) Tj 148.5 0 TD -0.543 Tc 0 Tw (US) Tj 15 0 TD -0.0365 Tc 0.7865 Tw ( the relative ) Tj -367.5 -13.5 TD -0.0979 Tc 0.8479 Tw (size of the working) Tj 92.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0266 Tc 0.7766 Tw (age population starts to shrink around 2010) Tj 211.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.138 Tc 0.513 Tw (20, and ) Tj 39 0 TD -0.181 Tc 0.556 Tw (in 2050 ) Tj 39.75 0 TD -0.168 Tc -0.582 Tw (will ) Tj 21.75 0 TD 0.336 Tc 0.414 Tw (be ) Tj -413.25 -14.25 TD -0.0528 Tc 1.084 Tw (6 to 9 percentage points lower than at present. Also, in Latin America the share of ) Tj 410.25 0 TD 0.112 Tc 0.638 Tw (the ) Tj -410.25 -13.5 TD -0.0351 Tc 0 Tw (working) Tj 39 0 TD -0.246 Tc (-) Tj 4.5 0 TD -0.0406 Tc 1.7906 Tw (age population is expecte) Tj 126 0 TD -0.0419 Tc 1.6782 Tw (d to decrease, but the turning point is later and the ) Tj -169.5 -14.25 TD -0.0631 Tc 0.3631 Tw (effect of ageing is less pronounced.) Tj 169.5 0 TD 0 Tc 0 Tw ( ) Tj -169.5 -73.5 TD /F0 9.75 Tf -0.1875 Tw ( ) Tj 67.5 0 TD ( ) Tj 67.5 0 TD ( ) Tj ET 84.75 156.75 144 0.75 re f BT 228.75 155.25 TD ( ) Tj -144 -25.5 TD /F0 6.75 Tf 0.375 Tc 0 Tw (2) Tj 3.75 -4.5 TD /F0 9.75 Tf 0.129 Tc -0.2588 Tw ( Since \(official and actual\) retirement ages differ across countries, the definition of old) Tj 346.5 0 TD -0.2467 Tc 0 Tw (-) Tj 3 0 TD 0.273 Tc -0.4605 Tw (age dependenc) Tj 60.75 0 TD 0.375 Tc 0.1875 Tw (y ) Tj 6.75 0 TD 0 Tw (\226) Tj 4.5 0 TD 0 Tc -0.1875 Tw ( ) Tj -425.25 -11.25 TD 0.1557 Tc 0.4537 Tw (the number of people of age 65 and older as a fraction of the total population ) Tj 321.75 0 TD 0.375 Tc 0 Tw (\226) Tj 5.25 0 TD 0.1057 Tc 0.4568 Tw ( is somewhat imprecise. ) Tj -327 -11.25 TD 0.0732 Tc 1.1952 Tw (Data on the number of people who actually retired, are not readily available. Therefore, we follow the ) Tj 0 -12 TD 0.1319 Tc -0.2123 Tw (convention of using 65 as marking the transit) Tj 181.5 0 TD 0.1386 Tc -0.3261 Tw (ion from working to retirement.) 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l 91.5 661.5 l h b 90.75 668.25 m 90.75 665.25 l 90.75 668.25 l 92.25 668.25 m 92.25 665.25 l 91.5 665.25 l 91.5 668.25 l 92.25 668.25 l h b 93 672 m 90 672 l 90 671.25 l 90.75 671.25 l 90.75 670.5 l 90 670.5 l 90 671.25 l 89.25 672 l 93 672 l h b 91.5 673.5 m 90 673.5 l 89.25 674.25 l 89.25 675.75 l 93 675.75 l 93 673.5 l 91.5 673.5 l 91.5 674.25 m 93 674.25 l 93 675 l 92.25 675 l 92.25 675.75 l 90 675.75 l 90 674.25 l 91.5 674.25 l h b 91.5 676.5 m 90 676.5 l 89.25 677.25 l 89.25 678.75 l 93 678.75 l 93 676.5 l 91.5 676.5 l 91.5 677.25 m 93 677.25 l 93 678 l 92.25 678.75 l 90 678.75 l 90 677.25 l 91.5 677.25 l h b 94.5 679.5 m 93 680.25 l 90 680.25 l 90 679.5 l 89.25 679.5 l 90 680.25 l 90.75 680.25 l 90.75 681 l 92.25 681 l 93 680.25 l 93.75 680.25 l 94.5 679.5 l h b 145.5 489.75 m 162 489.75 l S 164.25 486.75 m 166.5 492.75 l 167.25 492.75 l 169.5 486.75 l 168.75 486.75 l 168 489 l 165.75 489 l 165 486.75 l 164.25 486.75 l 165.75 489.75 m 168 489.75 l 167.25 491.25 l 167.25 492 l 166.5 491.25 l 165.75 489.75 l h b 171 486.75 m 171 490.5 l 170.25 490.5 l 170.25 491.25 l 171 491.25 l 171 492.75 l 172.5 492.75 l 172.5 492 l 171.75 492 l 171.75 491.25 l 172.5 491.25 l 172.5 490.5 l 171.75 490.5 l 171.75 486.75 l 171 486.75 l h b 173.25 486.75 m 173.25 491.25 l 173.25 490.5 l 174 491.25 l 174.75 491.25 l 174.75 490.5 l 174 490.5 l 174 489.75 l 173.25 489 l 173.25 486.75 l h b 175.5 492 m 175.5 492.75 l 176.25 492.75 l 176.25 492 l 175.5 492 l 175.5 486.75 m 175.5 491.25 l 176.25 491.25 l 176.25 486.75 l 175.5 486.75 l h b 180 488.25 m 180.75 488.25 l 180.75 487.5 l 180 487.5 l 180 486.75 l 178.5 486.75 l 177.75 487.5 l 177.75 488.25 l 177 488.25 l 177 489.75 l 178.5 491.25 l 180 491.25 l 180.75 490.5 l 180.75 489.75 l 180 489.75 l 180 490.5 l 180 490.5 l 178.5 490.5 l 178.5 489.75 l 177.75 489.75 l 177.75 488.25 l 178.5 488.25 l 178.5 487.5 l 180 487.5 l 180 488.25 l h b 184.5 487.5 m 183.75 486.75 l 182.25 486.75 l 182.25 487.5 l 181.5 487.5 l 181.5 489 l 182.25 489 l 183 489.75 l 184.5 489.75 l 184.5 490.5 l 183 490.5 l 182.25 490.5 l 182.25 489.75 l 181.5 489.75 l 181.5 490.5 l 182.25 490.5 l 182.25 491.25 l 185.25 491.25 l 185.25 486.75 l 184.5 486.75 l 184.5 487.5 l 184.5 489 m 183 489 l 182.25 488.25 l 182.25 487.5 l 183.75 487.5 l 183.75 488.25 l 184.5 488.25 l 184.5 489 l h b 189 489.75 m 192.75 489.75 l 189 489.75 l h b* 195 489.75 m 198.75 489.75 l 195 489.75 l h b* 201 489.75 m 204.75 489.75 l 201 489.75 l h b* 213 489 m 213.75 489 l 213.75 488.25 l 212.25 486.75 l 210 486.75 l 210 487.5 l 209.25 487.5 l 209.25 488.25 l 208.5 489 l 208.5 491.25 l 209.25 491.25 l 209.25 492 l 210 492.75 l 213 492.75 l 213 492 l 213 492 l 213.75 491.25 l 212.25 491.25 l 212.25 492 l 210 492 l 210 491.25 l 209.25 491.25 l 209.25 488.25 l 210 488.25 l 210 487.5 l 212.25 487.5 l 212.25 488.25 l 213 488.25 l 213 489 l h b 214.5 486.75 m 214.5 492.75 l 215.25 492.75 l 215.25 490.5 l 216 491.25 l 217.5 491.25 l 218.25 490.5 l 218.25 486.75 l 217.5 486.75 l 217.5 490.5 l 216 490.5 l 216 489.75 l 215.25 489.75 l 215.25 486.75 l 214.5 486.75 l h b 219.75 492 m 219.75 492.75 l 219.75 492 l 219.75 486.75 m 219.75 491.25 l 219.75 486.75 l h b 221.25 486.75 m 221.25 491.25 l 222 491.25 l 222 490.5 l 222 491.25 l 224.25 491.25 l 224.25 490.5 l 225 489.75 l 225 486.75 l 223.5 486.75 l 223.5 490.5 l 222 490.5 l 222 489.75 l 222 489 l 222 486.75 l 221.25 486.75 l h b 228.75 487.5 m 228 486.75 l 226.5 486.75 l 225.75 487.5 l 225.75 489 l 226.5 489 l 226.5 489.75 l 228.75 489.75 l 228.75 490.5 l 226.5 490.5 l 226.5 490.5 l 226.5 489.75 l 225.75 489.75 l 225.75 490.5 l 226.5 491.25 l 228.75 491.25 l 228.75 490.5 l 229.5 490.5 l 229.5 486.75 l 228.75 486.75 l 228.75 487.5 l 228.75 489 m 227.25 489 l 226.5 488.25 l 226.5 487.5 l 228 487.5 l 228 488.25 l 228.75 488.25 l 228.75 489 l h b 233.25 489.75 m 234.75 489.75 l 233.25 489.75 l h b* 236.25 489.75 m 237.75 489.75 l 236.25 489.75 l h b* 240 489.75 m 240.75 489.75 l 240 489.75 l h b* 243 489.75 m 243.75 489.75 l 243 489.75 l h b* 246 489.75 m 247.5 489.75 l 246 489.75 l h b* 249 489.75 m 250.5 489.75 l 249 489.75 l h b* 252.75 488.25 m 253.5 489 l 253.5 487.5 l 255 487.5 l 255 492.75 l 255.75 492.75 l 255.75 487.5 l 255 487.5 l 255 486.75 l 253.5 486.75 l 252.75 487.5 l 252.75 488.25 l h b 259.5 487.5 m 259.5 486.75 l 257.25 486.75 l 257.25 487.5 l 256.5 488.25 l 257.25 488.25 l 257.25 489 l 258 489 l 258 489.75 l 259.5 489.75 l 259.5 490.5 l 258 490.5 l 258 490.5 l 258 489.75 l 257.25 489.75 l 257.25 491.25 l 260.25 491.25 l 260.25 487.5 l 261 487.5 l 261 486.75 l 260.25 486.75 l 259.5 487.5 l 259.5 489 m 258 489 l 258 488.25 l 257.25 488.25 l 258 488.25 l 258 487.5 l 258.75 487.5 l 259.5 488.25 l 259.5 489 l h b 261.75 485.25 m 261.75 491.25 l 262.5 491.25 l 262.5 490.5 l 262.5 491.25 l 264.75 491.25 l 264.75 490.5 l 265.5 490.5 l 265.5 488.25 l 264.75 487.5 l 264.75 486.75 l 262.5 486.75 l 262.5 487.5 l 262.5 485.25 l 261.75 485.25 l 262.5 489 m 262.5 488.25 l 263.25 487.5 l 264 487.5 l 264 488.25 l 264.75 488.25 l 264.75 489.75 l 264 490.5 l 262.5 490.5 l 262.5 489 l h b 269.25 487.5 m 268.5 486.75 l 267 486.75 l 266.25 487.5 l 266.25 489 l 267 489 l 267.75 489.75 l 269.25 489.75 l 269.25 490.5 l 267 490.5 l 267 490.5 l 267 489.75 l 266.25 489.75 l 266.25 490.5 l 267 491.25 l 269.25 491.25 l 270 490.5 l 270 486.75 l 269.25 486.75 l 269.25 487.5 l 269.25 489 m 267.75 489 l 267 488.25 l 267 487.5 l 268.5 487.5 l 268.5 488.25 l 269.25 488.25 l 269.25 489 l h b 270.75 486.75 m 270.75 491.25 l 271.5 491.25 l 271.5 490.5 l 272.25 491.25 l 273.75 491.25 l 274.5 490.5 l 274.5 486.75 l 273.75 486.75 l 273.75 490.5 l 272.25 490.5 l 272.25 489.75 l 271.5 489.75 l 271.5 489 l 271.5 486.75 l 270.75 486.75 l h b 278.25 489.75 m 282 489.75 l 278.25 489.75 l h b* 284.25 489.75 m 285.75 489.75 l 284.25 489.75 l h b* 287.25 489.75 m 291 489.75 l 287.25 489.75 l h b* 293.25 489.75 m 294.75 489.75 l 293.25 489.75 l h b* 298.5 486.75 m 298.5 492.75 l 302.25 492.75 l 302.25 492 l 298.5 492 l 298.5 490.5 l 302.25 490.5 l 302.25 489.75 l 298.5 489.75 l 298.5 487.5 l 302.25 487.5 l 302.25 486.75 l 298.5 486.75 l h b 306 486.75 m 306 487.5 l 305.25 486.75 l 303.75 486.75 l 303.75 491.25 l 304.5 491.25 l 304.5 487.5 l 306 487.5 l 306 489 l 306 486.75 0.75 4.5 re b 308.25 486.75 m 308.25 491.25 l 309 491.25 l 309 490.5 l 309 491.25 l 310.5 491.25 l 310.5 490.5 l 309 490.5 l 309 486.75 l 308.25 486.75 l h b 310.5 489 m 310.5 489.75 l 312 491.25 l 313.5 491.25 l 314.25 490.5 l 314.25 489.75 l 315 489 l 314.25 488.25 l 314.25 487.5 l 313.5 486.75 l 312 486.75 l 311.25 487.5 l 311.25 488.25 l 310.5 488.25 l 310.5 489 l 311.25 489 m 311.25 488.25 l 312 488.25 l 312 487.5 l 313.5 487.5 l 313.5 488.25 l 314.25 488.25 l 314.25 489.75 l 313.5 489.75 l 313.5 490.5 l 312 490.5 l 312 489.75 l 311.25 489.75 l 311.25 489 l h b 315.75 485.25 m 315.75 491.25 l 316.5 491.25 l 316.5 490.5 l 316.5 491.25 l 318.75 491.25 l 318.75 490.5 l 319.5 490.5 l 319.5 488.25 l 318.75 487.5 l 318.75 486.75 l 316.5 486.75 l 316.5 487.5 l 316.5 485.25 l 315.75 485.25 l 316.5 489 m 316.5 488.25 l 317.25 487.5 l 318 487.5 l 318 488.25 l 318.75 488.25 l 318.75 489.75 l 318 490.5 l 316.5 490.5 l 316.5 489 l h b 323.25 488.25 m 324 488.25 l 324 487.5 l 323.25 487.5 l 323.25 486.75 l 321 486.75 l 320.25 487.5 l 320.25 490.5 l 321 491.25 l 323.25 491.25 l 323.25 490.5 l 324 490.5 l 324 489 l 321 489 l 321 488.25 l 321.75 487.5 l 322.5 487.5 l 323.25 488.25 l 321 489.75 m 323.25 489.75 l 323.25 490.5 l 321 490.5 l 321 489.75 l h b 0.2 0.2 0.2 RG 327.75 489.75 m 344.25 489.75 l S 336 489.75 m 335.25 491.25 l S 336 489.75 m 337.5 488.25 l S 336 489.75 m 335.25 488.25 l S 336 489.75 m 337.5 491.25 l S 336 489.75 m 336 491.25 l S 336 489.75 m 336 488.25 l S 0 0 0 RG 347.25 486.75 m 347.25 492.75 l 348 492.75 l 348 487.5 l 351 487.5 l 351 486.75 l 347.25 486.75 l h b 354.75 487.5 m 354 486.75 l 352.5 486.75 l 351.75 487.5 l 351.75 489 l 352.5 489 l 353.25 489.75 l 354.75 489.75 l 354.75 490.5 l 353.25 490.5 l 352.5 490.5 l 352.5 489.75 l 351.75 489.75 l 351.75 490.5 l 352.5 491.25 l 354.75 491.25 l 355.5 490.5 l 355.5 486.75 l 354.75 486.75 l 354.75 487.5 l 354.75 489 m 353.25 489 l 352.5 488.25 l 352.5 487.5 l 354 487.5 l 354 488.25 l 354.75 488.25 l 354.75 489 l h b 358.5 487.5 m 358.5 486.75 l 357 486.75 l 357 490.5 l 356.25 490.5 l 356.25 491.25 l 357 491.25 l 357 492 l 357.75 492.75 l 357.75 491.25 l 358.5 491.25 l 358.5 490.5 l 357.75 490.5 l 357.75 487.5 l 358.5 487.5 l h b 359.25 492 m 359.25 492.75 l 360 492.75 l 360 492 l 359.25 492 l 359.25 486.75 m 359.25 491.25 l 360 491.25 l 360 486.75 l 359.25 486.75 l h b 360.75 486.75 m 360.75 491.25 l 361.5 491.25 l 361.5 490.5 l 362.25 491.25 l 363.75 491.25 l 363.75 490.5 l 364.5 490.5 l 364.5 486.75 l 363.75 486.75 l 363.75 489.75 l 363 489.75 l 363 490.5 l 362.25 490.5 l 361.5 489.75 l 361.5 489 l 361.5 486.75 l 360.75 486.75 l h b 367.5 486.75 m 369.75 492.75 l 370.5 492.75 l 372.75 486.75 l 372 486.75 l 371.25 489 l 369 489 l 368.25 486.75 l 367.5 486.75 l 369 489.75 m 371.25 489.75 l 370.5 491.25 l 370.5 492 l 369.75 492 l 369.75 491.25 l 369 489.75 l h b 373.5 486.75 m 373.5 491.25 l 374.25 491.25 l 374.25 490.5 l 374.25 491.25 l 376.5 491.25 l 376.5 490.5 l 377.25 491.25 l 378.75 491.25 l 379.5 490.5 l 379.5 486.75 l 378.75 486.75 l 378.75 490.5 l 378 490.5 l 378 490.5 l 377.25 490.5 l 376.5 489.75 l 376.5 486.75 l 375.75 486.75 l 375.75 490.5 l 374.25 490.5 l 374.25 486.75 l 373.5 486.75 l h b 383.25 488.25 m 384 488.25 l 384 487.5 l 383.25 487.5 l 383.25 486.75 l 381 486.75 l 381 487.5 l 380.25 488.25 l 380.25 490.5 l 381 490.5 l 381 491.25 l 383.25 491.25 l 384 490.5 l 384 489 l 381 489 l 381 488.25 l 381.75 487.5 l 383.25 487.5 l 383.25 488.25 l 381 489.75 m 383.25 489.75 l 383.25 490.5 l 381 490.5 l 381 489.75 l h b 385.5 486.75 m 385.5 491.25 l 385.5 490.5 l 386.25 491.25 l 387.75 491.25 l 387 490.5 l 386.25 490.5 l 386.25 489.75 l 385.5 489 l 385.5 486.75 l h b 387.75 492 m 387.75 492.75 l 388.5 492.75 l 388.5 492 l 387.75 492 l 387.75 486.75 m 387.75 491.25 l 388.5 491.25 l 388.5 486.75 l 387.75 486.75 l h b 392.25 488.25 m 393 488.25 l 393 487.5 l 392.25 486.75 l 390.75 486.75 l 390 487.5 l 390 488.25 l 389.25 488.25 l 389.25 489.75 l 390.75 491.25 l 393 491.25 l 393 489.75 l 392.25 489.75 l 392.25 490.5 l 392.25 490.5 l 390.75 490.5 l 390.75 489.75 l 390 489.75 l 390 488.25 l 390.75 488.25 l 390.75 487.5 l 392.25 487.5 l 392.25 488.25 l h b 396.75 487.5 m 396 486.75 l 394.5 486.75 l 394.5 487.5 l 393.75 487.5 l 393.75 489 l 394.5 489 l 395.25 489.75 l 396.75 489.75 l 396.75 490.5 l 395.25 490.5 l 394.5 490.5 l 394.5 489.75 l 393.75 489.75 l 393.75 490.5 l 394.5 490.5 l 394.5 491.25 l 397.5 491.25 l 397.5 486.75 l 396.75 486.75 l 396.75 487.5 l 396.75 489 m 395.25 489 l 394.5 488.25 l 394.5 487.5 l 396 487.5 l 396 488.25 l 396.75 488.25 l 396.75 489 l h b 0.2 0.2 0.2 RG 402 489.75 m 418.5 489.75 l S 0.502 0 0 rg 0.502 0 0 RG 411 489.75 m 411 490.5 l 410.25 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h b 432 486.75 m 434.25 492.75 l 435 492.75 l 437.25 486.75 l 436.5 486.75 l 435.75 489 l 433.5 489 l 432.75 486.75 l 432 486.75 l 433.5 489.75 m 435.75 489.75 l 435 491.25 l 435 492 l 434.25 491.25 l 433.5 489.75 l h b BT 477.75 482.25 TD /F6 8.25 Tf -0.0435 Tw ( ) Tj -393 -24.75 TD /F2 11.25 Tf 0.0375 Tc 0 Tw (Source:) Tj 34.5 0 TD /F0 11.25 Tf -0.1963 Tc 0.3838 Tw ( United Nations \(2001\).) Tj 103.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -138 -30.75 TD /F0 12 Tf -0.041 Tc 1.666 Tw (To sum up, while the projected demog) Tj 192 0 TD -0.0643 Tc 1.4143 Tw (raphic changes over the next ) Tj 147 0 TD 0 Tc 0 Tw (50) Tj 12 0 TD -0.1006 Tc 1.4131 Tw ( years differ in ) Tj -351 -13.5 TD -0.0277 Tc 1.0902 Tw (their timing and magnitude throughout the world, the differences are most pronounced ) Tj 0 -14.25 TD -0.0485 Tc 2.2985 Tw (between the developed countries on the one hand and the developing and emerging ) Tj 0 -13.5 TD 0.0219 Tc 1.6031 Tw (regions \(Africa, Asia, and Latin America\) o) Tj 219.75 0 TD -0.1074 Tc 1.9824 Tw (n the other.) Tj 57.75 5.25 TD /F0 8.25 Tf 0.375 Tc 0 Tw (3) Tj 4.5 -5.25 TD /F0 12 Tf 0 Tc ( ) Tj 4.5 0 TD -0.0018 Tc 1.1267 Tw (But differences also emerge ) Tj -286.5 -14.25 TD 0.1035 Tc 0 Tw (with) Tj 21 0 TD -0.0297 Tc 0.2641 Tw (in the group of rich countries. 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Tj 3 0 TD ( ) Tj -93.75 -25.5 TD /F3 12 Tf (2.1) Tj 15 0 TD /F5 12 Tf -0.336 Tw ( ) Tj 21 0 TD /F3 12 Tf -0.0757 Tc 0.3257 Tw (Factors behind population ageing) Tj 171 0 TD 0 Tc 0 Tw ( ) Tj -207 -20.25 TD /F0 12 Tf -0.0323 Tc 0.1394 Tw (Various forces drive the process of ageing: ) Tj 208.5 0 TD 0 Tc 0 Tw ( ) Tj -197.25 -20.25 TD /F1 12 Tf -0.27 Tc (\267) Tj 5.25 0 TD /F6 12 Tf 0 Tc -0.336 Tw ( ) Tj 12.75 0 TD /F0 12 Tf -0.023 Tc 0.773 Tw (declining fertility) Tj 83.25 0 TD -0.336 Tc 0 Tw (;) Tj 3 0 TD 0 Tc ( ) Tj 3 0 TD ( ) Tj -107.25 -15 TD /F1 12 Tf -0.27 Tc (\267) Tj 5.25 0 TD /F6 12 Tf 0 Tc -0.336 Tw ( ) Tj 12.75 0 TD /F0 12 Tf -0.1476 Tc 0 Tw (incre) Tj 23.25 0 TD -0.092 Tc 0.842 Tw (asing life) Tj 44.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.0774 Tc (expectancy) Tj 54 0 TD -0.336 Tc (;) Tj 3 0 TD -0.026 Tc 0.026 Tw ( and ) Tj 23.25 0 TD 0 Tc 0 Tw ( ) Tj -170.25 -14.25 TD /F1 12 Tf -0.27 Tc (\267) Tj 5.25 0 TD /F6 12 Tf 0 Tc -0.336 Tw ( ) Tj 12.75 0 TD /F0 12 Tf -0.138 Tc 0 Tw (the) Tj 14.25 0 TD -0.0226 Tc 0.1164 Tw ( baby boom after the Second World War. ) Tj 201 0 TD 0 Tc 0 Tw ( ) Tj -244.5 -20.25 TD -0.085 Tc 1.785 Tw (It is important to distinguish the forces behind ageing as they may affect savings and ) Tj 0 -13.5 TD -0.0502 Tc 0.8002 Tw (investments in different ways. First, ) Tj 178.5 0 TD /F2 12 Tf 0.0733 Tc 0 Tw (fertility) Tj 35.25 0 TD /F0 12 Tf -0.0204 Tc 0.7704 Tw ( typically shows a sharp decline when poor ) Tj -213.75 -14.25 TD -0.228 Tc 0 Tw (countrie) Tj 39 0 TD -0.0855 Tc 2.148 Tw (s improve their living standards. The Asian experience is illuminating in this ) Tj -39 -13.5 TD 0.0328 Tc 0.061 Tw (respect. Higgins and Williamson \(1996\) present data on youth) Tj 299.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.0214 Tc 0.3536 Tw (dependency rates in Asia ) Tj -303.75 -23.25 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj 67.5 0 TD ( ) Tj 67.5 0 TD ( ) Tj ET 84.75 179.25 144 0.75 re f BT 228.75 177.75 TD ( ) Tj -144 -24.75 TD /F0 6.75 Tf 0.375 Tc 0 Tw (3) Tj 3.75 -4.5 TD /F0 9.75 Tf 0.1366 Tc 1.6447 Tw ( It should be noted that demographic projections are uncertain and should be treated with caution, ) Tj -3.75 -11.25 TD 0.1373 Tc 4.2329 Tw (especially for developing and emerging countries. In particular, it is difficult to obtain good) Tj 0 Tc -0.1875 Tw ( ) Tj 0 -12 TD 0.1092 Tc 0.4533 Tw (approximations for future ch) Tj 116.25 0 TD 0.0663 Tc 0.3599 Tw (anges in fertility, life expectancy and migration. These three components are ) Tj -116.25 -11.25 TD 0.1256 Tc 2.6869 Tw (likely to be influenced by the process of economic growth, improvements in health care and the) Tj 0 Tc -0.9375 Tw ( ) Tj 0 -11.25 TD 0.1209 Tc 1.0979 Tw (development of new drugs, policies \(such as China\222s one) Tj 237.75 0 TD -0.2467 Tc 0 Tw (-) Tj 3 0 TD 0.0295 Tc 1.283 Tw (child policy and immigratio) Tj 114 0 TD 0.0864 Tc 1.0386 Tw (n policies in rich ) Tj -354.75 -12 TD 0.1675 Tc -0.355 Tw (countries\), and so forth.) 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Each of these ) Tj -348 -13.5 TD -0.0511 Tc 1.6582 Tw (channels will be discussed separately in the following three sections 3.1, 3.2 and 3.3. ) Tj 0 -25.5 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj 67.5 0 TD ( ) Tj 67.5 0 TD ( ) Tj ET 84.75 156.75 144 0.75 re f BT 228.75 155.25 TD ( ) Tj -144 -25.5 TD /F0 6.75 Tf 0.375 Tc 0 Tw (4) Tj 3.75 -4.5 TD /F0 9.75 Tf 0.1382 Tc 0.4659 Tw ( Higher levels of educational achievement not only lead to lower birth rates but also imply that people ) Tj -3.75 -11.25 TD 0.1206 Tc 0.4419 Tw (are entering the workforce later in their li) Tj 168.75 0 TD 0.375 Tc 0 Tw (v) Tj 5.25 0 TD 0.1051 Tc 0.4574 Tw (es. Both effects of better education reduce the relative size) Tj 239.25 0 TD 0.4391 Tc 0.1234 Tw ( of ) Tj -413.25 -11.25 TD 0.0944 Tc 0.3275 Tw (the population that participates on the labour market. 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It also depends on the pol) Tj 279 0 TD -0.164 Tc 0 Tw (icy) Tj 13.5 0 TD 0 Tc ( ) Tj 4.5 0 TD -0.0189 Tc 0.7689 Tw (reaction to the ) Tj -297 -13.5 TD 0.0313 Tc 0.7187 Tw (increasing longevity) Tj 98.25 0 TD 0 Tc 0 Tw (,) Tj 3 0 TD 0.0214 Tc 0.8036 Tw ( which may mitigate the decrease in labour force. The ) Tj -101.25 -14.25 TD -0.0105 Tc 0.0105 Tw (implication for productivity per worker is uncertain as well as ambiguous.) Tj 357 0 TD 0 Tc 0 Tw ( ) Tj -384 -19.5 TD /F0 12 Tf -0.291 Tc 0.291 Tw (As ) Tj 18 0 TD 0.1035 Tc 0 Tw (long) Tj 21 0 TD 0.007 Tc 1.868 Tw ( as ageing is driven by the decline in fertility it will imply a decline in \(th) Tj 380.25 0 TD 0.672 Tc 0.078 Tw (e ) Tj -419.25 -14.25 TD -0.027 Tc 2.277 Tw (growth rate of\) employment. Given the stock of capital, this decline amounts to an ) Tj 0 -13.5 TD 0.0348 Tc 4.7152 Tw (increase in the capital) Tj 117.75 0 TD -0.246 Tc 0 Tw (-) Tj 5.25 0 TD -0.0024 Tc 4.8239 Tw (labour ratio. Capital deepening will reduce the marginal) Tj 0 Tc 0 Tw ( ) Tj -123 -13.5 TD -0.0976 Tc 1.3092 Tw (productivity of capital and, in turn, the incentive to accumulate capital. In other words,) Tj 425.25 0 TD 0 Tc 0 Tw ( ) Tj -425.25 -14.25 TD -0.0631 Tc 0.3131 Tw (investment demand will fall.) Tj 136.5 0 TD 0 Tc 0 Tw ( ) Tj -136.5 -19.5 TD -0.0293 Tc 1.5293 Tw (That ageing reduce) Tj 95.25 0 TD -0.168 Tc 0 Tw (s) Tj 4.5 0 TD -0.0742 Tc 2.3242 Tw ( investment is recogni) Tj 111 0 TD -0.168 Tc 0 Tw (s) Tj 4.5 0 TD -0.0111 Tc 1.2611 Tw (ed in the ) Tj 49.5 0 TD -0.0195 Tc 0.0195 Tw (economic ) Tj 51.75 0 TD -0.057 Tc 0 Tw (literature) Tj 42.75 0 TD 0.4656 Tc 1.4094 Tw (, but t) Tj 31.5 0 TD -0.0156 Tc 1.5156 Tw (o what ) Tj -390.75 -14.25 TD -0.0913 Tc 1.8257 Tw (extent is, however, less clear. It depends on at least two factors, about which there is ) Tj 0 -13.5 TD -0.0582 Tc 4.5582 Tw (less consensus. First, the elasticity of substitutio) Tj 255.75 0 TD -0.1622 Tc 5.1122 Tw (n between capital and labour is) Tj 0 Tc 0.75 Tw ( ) Tj -255.75 -13.5 TD -0.0455 Tc 1.7062 Tw (important for the effect of lower employment on the return on investment. A smaller ) Tj 0 -14.25 TD -0.0338 Tc 0.3838 Tw (elasticity implies a larger effect \(in absolute terms\) on the investment return and thus on ) Tj 0 -13.5 TD 0.0366 Tc 0.8384 Tw (investment demand. Second, the existence of adju) Tj 246 0 TD -0.0312 Tc 1.2098 Tw (stment costs may dampen the fall in ) Tj -246 -14.25 TD -0.0835 Tc 0 Tw (investment.) Tj 54.75 0 TD 0 Tc ( ) Tj -54.75 -19.5 TD -0.0577 Tc 1.3077 Tw (Ageing not only ) Tj 85.5 0 TD 0.1457 Tc 0 Tw (affects) Tj 32.25 0 TD -0.0037 Tc 1.6768 Tw ( the number of workers but may also have a direct effect on ) Tj -117.75 -13.5 TD 0.0196 Tc 0.8458 Tw (productivity of these workers \(apart from capital deepening\). On the one hand, ageing ) Tj 0 -14.25 TD 0.0394 Tc 1.4606 Tw (may positively affect average productiv) Tj 198 0 TD 0.0019 Tc 1.7124 Tw (ity since older workers are more experienced ) Tj -198 -13.5 TD -0.0184 Tc 4.5184 Tw (and productive \(the) Tj 0 Tc 0 Tw ( ) Tj 109.5 0 TD /F2 12 Tf 0.1278 Tc (experience) Tj 52.5 0 TD /F0 12 Tf 0.0309 Tc 4.5628 Tw ( effect\). On the other hand, ageing could retard) Tj 0 Tc 0.75 Tw ( ) Tj -162 -14.25 TD -0.0746 Tc 1.7109 Tw (productivity growth when switching to a new technology becomes increasingly costly ) Tj 0 -13.5 TD -0.123 Tc 0.123 Tw (or ) Tj 12.75 0 TD 0 Tc 0 Tw (\226) Tj 6 0 TD -0.0817 Tc 0.5817 Tw ( more generally ) Tj 78.75 0 TD 0 Tc 0 Tw (\226) Tj 6.75 0 TD -0.0265 Tc 0.4015 Tw ( when change is increasingly) Tj 139.5 0 TD -0.0065 Tc 0.2565 Tw ( held suspect with age \(the ) Tj 132.75 0 TD /F2 12 Tf 0.009 Tc 0 Tw (resistance) Tj 48.75 0 TD /F0 12 Tf 0 Tc ( ) Tj -425.25 -13.5 TD -0.0346 Tc 0.4721 Tw (effect\). These direct effects have received little attention in economics literature. Nahuis ) Tj 0 -14.25 TD -0.3156 Tc 1.8156 Tw (et al.) Tj 24 0 TD -0.0533 Tc 1.6158 Tw ( \(2000\) take a first step towards analysing the relationship between demographic ) Tj -24 -13.5 TD 0.0125 Tc 0.7375 Tw (composition and productivity \(growth\)) Tj 189 0 TD -0.0029 Tc 1.0743 Tw (. The available empirical evidence suggests that ) Tj -189 -14.25 TD 0.0157 Tc 0.1718 Tw (the share of people aged 65 and over hampers) Tj 221.25 0 TD -0.0182 Tc 0.3182 Tw ( productivity growth, while the ) Tj 153.75 0 TD -0.0066 Tc 0.0066 Tw (fraction of ) Tj -375 -13.5 TD -0.1532 Tc 1.1532 Tw (people in the 50) Tj 78 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0 Tc (64 ) Tj 15.75 0 TD -0.1992 Tc (group) Tj 27.75 0 TD -0.0472 Tc 1.0785 Tw ( contributes favourably to productivity growth. Clearly, more ) Tj -126 -13.5 TD -0.0068 Tc 1.5068 Tw (theoretical and empirical resear) Tj 155.25 0 TD -0.01 Tc 1.6975 Tw (ch is needed to establish robust relationships between ) Tj -155.25 -14.25 TD -0.0676 Tc 0.0676 Tw (ageing and productivity.) Tj 116.25 0 TD 0 Tc 0 Tw ( ) Tj -116.25 -25.5 TD /F3 12 Tf (3.2) Tj 15 0 TD /F5 12 Tf -0.336 Tw ( ) Tj 21 0 TD /F3 12 Tf -0.0296 Tc 0.0296 Tw (Private savings) Tj 78 0 TD 0 Tc 0 Tw ( ) Tj -87 -20.25 TD /F2 12 Tf 0.008 Tc 0.742 Tw (The basic idea of the life) Tj 121.5 0 TD -0.246 Tc 0 Tw (-) Tj 3.75 0 TD -0.041 Tc 0.5098 Tw (cycle hypothesis is that people save when working ) Tj -125.25 -13.5 TD 0.0073 Tc 0.8109 Tw (and dissave when retired. The results from microeconomic research do not ) Tj 0 -13.5 TD 0.1836 Tc 0 Tw (fundamenta) Tj 57.75 0 TD 0.0289 Tc -0.0914 Tw (lly challenge this idea but raise doubts about the extent to which ) Tj -57.75 -14.25 TD 0.0055 Tc 0.0627 Tw (retired generations dissave. Moreover, to what extent and in which direction ) Tj 0 -13.5 TD -0.0118 Tc 3.668 Tw (a higher life expectation and lower fertility affect consumption) Tj 329.25 0 TD -0.246 Tc 0 Tw (-) Tj 3.75 0 TD 0 Tc (savings ) Tj -333 -14.25 TD -0.0217 Tc 5.2717 Tw (decisions of households is unclear. Mac) Tj 217.5 0 TD 0.0263 Tc 5.2237 Tw (roeconomic estimations give,) Tj 0 Tc 0 Tw ( ) Tj -217.5 -13.5 TD -0.0657 Tc 0.7003 Tw (however, a clear picture: they suggest a clearly negative effect of ageing on ) Tj 0 -13.5 TD -0.0123 Tc 0.0123 Tw (national savings rates.) Tj 108.75 0 TD 0 Tc 0 Tw ( ) Tj ET endstream endobj 666 0 obj 8264 endobj 667 0 obj << /Type /Page /Parent 652 0 R /Resources << /Font << /F0 6 0 R /F2 622 0 R /F3 628 0 R /F6 655 0 R >> /ProcSet 2 0 R >> /Contents 668 0 R >> endobj 668 0 obj << /Length 669 0 R >> stream BT 183 762 TD 0 0 0 rg /F2 9.75 Tf 0.0428 Tc 0 Tw (P) Tj 6 0 TD /F2 8.25 Tf -0.0417 Tc -0.5208 Tw (OPULATION ) Tj 47.25 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (A) Tj 5.25 0 TD /F2 8.25 Tf -0.0567 Tc -0.1308 Tw (GEING AND ) Tj 45 0 TD /F2 9.75 Tf -0.2467 Tc 0 Tw (I) Tj 3 0 TD /F2 8.25 Tf -0.1155 Tc 0.303 Tw (NTERNATIONAL ) Tj 59.25 0 TD /F2 9.75 Tf 0.2468 Tc 0 Tw (C) Tj 6.75 0 TD /F2 8.25 Tf -0.1323 Tc 0.3198 Tw (APITAL ) Tj 28.5 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (F) Tj 6 0 TD /F2 8.25 Tf -0.5102 Tc (LOWS) Tj 21 0 TD /F2 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj -116.25 -688.5 TD /F0 11.25 Tf 0.375 Tc 0 Tw (7) Tj 5.25 0 TD 0 Tc 0.1875 Tw ( ) Tj -215.25 664.5 TD /F3 12 Tf 0 Tw (3.2.1) Tj 24 0 TD ( ) Tj 12 0 TD -0.1071 Tc 0.1071 Tw (The life) Tj 39 0 TD -0.246 Tc 0 Tw (-) Tj 3.75 0 TD 0.0315 Tc -0.0315 Tw (circle hypothesis) Tj 86.25 0 TD 0 Tc 0 Tw ( ) Tj -165 -20.25 TD /F0 12 Tf -0.2366 Tc 3.9866 Tw (The life) Tj 39.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0783 Tc 3.1408 Tw (cycle hypothesis as put forward by Modigliani and Brumberg \(1954\) is a ) Tj -44.25 -13.5 TD -0.0376 Tc 2.2876 Tw (common start) Tj 67.5 0 TD -0.0248 Tc 1.8463 Tw (ing point for studies into households\222 savings behaviour.) Tj 284.25 5.25 TD /F0 8.25 Tf 0.375 Tc 0 Tw (5) Tj 4.5 -5.25 TD /F0 12 Tf -0.0671 Tc 1.3171 Tw ( According to ) Tj -356.25 -13.5 TD -0.1154 Tc 3.1154 Tw (the hypothesis) Tj 70.5 0 TD 0.0091 Tc 2.1046 Tw (, people tend to smooth their consumption pattern by dissaving when ) Tj -70.5 -14.25 TD -0.0344 Tc 0.201 Tw (young, saving during working life, and again dissaving when old.) Tj 315 5.25 TD /F0 8.25 Tf 0.375 Tc 0 Tw (6) Tj 4.5 -5.25 TD /F0 12 Tf 0 Tc ( ) Tj -319.5 -19.5 TD -0.0565 Tc 0.4315 Tw (Empirically, the life) Tj 96 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0886 Tc 0.8386 Tw (cycle hypothes) Tj 72 0 TD -0.0745 Tc 0.5432 Tw (is has had \223more successes than failures\224 \(Browning ) Tj -172.5 -14.25 TD -0.1315 Tc 0.8815 Tw (and Crossley,) Tj 65.25 0 TD 0 Tc 0.75 Tw ( 2001,) Tj 30.75 0 TD -0.0146 Tc 0.848 Tw ( pp. 20\). Nevertheless, the exact shape of the age) Tj 241.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0623 Tc 1.0623 Tw (savings profile is ) Tj -342 -13.5 TD 0.0187 Tc -0.0187 Tw (subject to an ongoing debate. For example, Poterba \(2001\) presents data on age) Tj 383.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.0225 Tc 0.7275 Tw (specific ) Tj -387.75 -13.5 TD -0.0793 Tc 3.3293 Tw (asset holdings, see Figure) Tj 0 Tc 0 Tw ( ) Tj 137.25 0 TD (3.) Tj 9.75 5.25 TD /F0 8.25 Tf 0.375 Tc (7) Tj 4.5 -5.25 TD /F0 12 Tf -0.0363 Tc 3.13 Tw ( The figure clearly shows that asset holdings rapidly) Tj 0 Tc 0 Tw ( ) Tj -151.5 -14.25 TD -0.135 Tc 1.0174 Tw (increase in the period of life between 40 and 64. But the figure also shows that the age) Tj 420.75 0 TD -0.246 Tc 0 Tw (-) Tj -420.75 -13.5 TD -0.059 Tc 0.3999 Tw (wealth profile declines rather gradually when households are in their retirement years.) 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0 0 rg 285 297.75 m 285 302.25 l 285.75 302.25 l 285.75 301.5 l 286.5 302.25 l 288 302.25 l 288 301.5 l 288.75 301.5 l 288.75 297.75 l 288 297.75 l 288 300.75 l 287.25 301.5 l 285.75 301.5 l 285.75 300.75 l 285.75 300 l 285.75 297.75 l 285 297.75 l h b 292.5 299.25 m 293.25 299.25 l 293.25 298.5 l 292.5 298.5 l 292.5 297.75 l 290.25 297.75 l 290.25 298.5 l 289.5 299.25 l 289.5 301.5 l 290.25 301.5 l 290.25 302.25 l 292.5 302.25 l 292.5 301.5 l 293.25 301.5 l 293.25 300 l 290.25 300 l 290.25 299.25 l 291 298.5 l 292.5 298.5 l 292.5 299.25 l 290.25 300.75 m 292.5 300.75 l 292.5 301.5 l 290.25 301.5 l 290.25 300.75 l h b 296.25 298.5 m 296.25 297.75 l 294.75 297.75 l 294.75 301.5 l 294 301.5 l 294 302.25 l 294.75 302.25 l 294.75 303 l 295.5 303.75 l 295.5 302.25 l 296.25 302.25 l 296.25 301.5 l 295.5 301.5 l 295.5 298.5 l 296.25 298.5 l h b 299.25 297.75 m 299.25 301.5 l 298.5 301.5 l 298.5 302.25 l 299.25 302.25 l 299.25 303.75 l 301.5 303.75 l 301.5 303 l 300 303 l 300 302.25 l 300.75 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l 378 298.5 l 378 298.5 l h b 382.5 297.75 m 381 302.25 l 381.75 302.25 l 382.5 300 l 382.5 298.5 l 382.5 300 l 383.25 302.25 l 384 302.25 l 384.75 300 l 384.75 299.25 l 385.5 300 l 386.25 302.25 l 387 302.25 l 385.5 297.75 l 384.75 297.75 l 384 300.75 l 384 301.5 l 383.25 297.75 l 382.5 297.75 l h b 387 300 m 387 300.75 l 387.75 301.5 l 387.75 302.25 l 390 302.25 l 390 301.5 l 390.75 301.5 l 390.75 298.5 l 390 298.5 l 390 297.75 l 387.75 297.75 l 387.75 298.5 l 387 299.25 l 387 300 l 387.75 300 m 387.75 299.25 l 388.5 298.5 l 389.25 298.5 l 390 299.25 l 390 301.5 l 387.75 301.5 l 387.75 300 l h b 391.5 297.75 m 391.5 302.25 l 392.25 302.25 l 392.25 301.5 l 393 302.25 l 394.5 302.25 l 393.75 301.5 l 393 301.5 l 393 297.75 l 391.5 297.75 l h b 396 298.5 m 396 297.75 l 395.25 297.75 l 394.5 298.5 l 394.5 303 l 395.25 303.75 l 395.25 302.25 l 396 302.25 l 396 301.5 l 395.25 301.5 l 395.25 298.5 l 396 298.5 l 396 298.5 l h b 396.75 297.75 m 396.75 303.75 l 397.5 303.75 l 397.5 301.5 l 398.25 302.25 l 399.75 302.25 l 400.5 301.5 l 400.5 297.75 l 399.75 297.75 l 399.75 301.5 l 398.25 301.5 l 398.25 300.75 l 397.5 300 l 397.5 297.75 l 396.75 297.75 l h b BT 477.75 293.25 TD /F6 8.25 Tf -0.0435 Tw ( ) Tj -393 -21 TD /F2 11.25 Tf 0.0431 Tc 0 Tw (Source) Tj 31.5 0 TD /F0 11.25 Tf -0.1867 Tc 0.3742 Tw (: Poterba \(2001\).) Tj 73.5 0 TD /F0 12 Tf 0 Tc 0 Tw ( ) Tj -105 -65.25 TD /F0 9.75 Tf -0.1875 Tw ( ) Tj 67.5 0 TD ( ) Tj 67.5 0 TD ( ) Tj ET 84.75 208.5 144 0.75 re f BT 228.75 207 TD ( ) Tj -144 -24.75 TD /F0 6.75 Tf 0.375 Tc 0 Tw (5) Tj 3.75 -4.5 TD /F0 9.75 Tf 0.0065 Tc 2.056 Tw ( For more elaborate discussions of the life) Tj 179.25 0 TD -0.2467 Tc 0 Tw (-) Tj 3 0 TD 0.0436 Tc 1.8522 Tw (cycle model, the reader is referred to Modigliani \(1986\), ) Tj -186 -12 TD 0.1023 Tc -0.2898 Tw (Browning a) Tj 46.5 0 TD 0.1679 Tc -0.2148 Tw (nd Crossley \(2001\), and Kapteyn and Panis \(2002\). See also Chapter 15 in Mankiw \(1992\) for ) Tj -46.5 -11.25 TD 0.199 Tc -0.3865 Tw (a textbook discussion.) Tj 89.25 0 TD 0 Tc -0.1875 Tw ( ) Tj -89.25 -9.75 TD /F0 6.75 Tf 0.375 Tc 0 Tw (6) Tj 3.75 -4.5 TD /F0 9.75 Tf 0.0741 Tc 1.754 Tw ( More precisely, agents want to smooth the marginal utility of consumption over their lifetime \(see ) Tj -3.75 -12 TD 0.1297 Tc -0.1029 Tw (Browning and Crossley \(2001\) for a clear ) Tj 168.75 0 TD 0.1101 Tc -0.2976 Tw (discussion and examples\).) Tj 104.25 0 TD 0 Tc -0.1875 Tw ( ) Tj -273 -9.75 TD /F0 6.75 Tf 0.375 Tc 0 Tw (7) Tj 3.75 -4.5 TD /F0 9.75 Tf 0.1812 Tc 0.3813 Tw ( The data are derived from cross) Tj 134.25 0 TD -0.2467 Tc 0 Tw (-) Tj 3 0 TD 0.1195 Tc 0.443 Tw (sectional estimates using the 1995 Survey of Consumer Finances \(US ) Tj -141 -11.25 TD 0.0855 Tc 0.477 Tw (households\). Cohort and time effects may hamper the interpretation. ) Tj 279.75 0 TD 0.1784 Tc 0 Tw (Nevertheless) Tj 52.5 0 TD 0.0741 Tc 0.3009 Tw (, Poterba \(2001\) shows ) Tj -332.25 -12 TD 0.1141 Tc -0.3016 Tw (that the quantitative impo) Tj 102 0 TD 0.1603 Tc -0.3478 Tw (rtance of these cohort and time effects is limited.) Tj 195 0 TD 0 Tc -0.1875 Tw ( ) Tj ET endstream endobj 669 0 obj 51732 endobj 670 0 obj << /Type /Page /Parent 652 0 R /Resources << /Font << /F0 6 0 R /F2 622 0 R >> /ProcSet 2 0 R >> /Contents 671 0 R >> endobj 671 0 obj << /Length 672 0 R >> stream BT 249.75 762 TD 0 0 0 rg /F2 9.75 Tf 0.2468 Tc 0 Tw (C) Tj 6.75 0 TD /F2 8.25 Tf -0.068 Tc (ANTON) Tj 26.25 0 TD /F2 9.75 Tf -0.1875 Tc (,) Tj 2.25 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (E) Tj 6 0 TD /F2 8.25 Tf -0.1963 Tc -0.3662 Tw (WIJK ) Tj 20.25 0 TD /F2 9.75 Tf -0.0855 Tc 0 Tw (&) Tj 7.5 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf -0.171 Tc 0 Tw (T) Tj 5.25 0 TD /F2 8.25 Tf 0 Tc (ANG) Tj 16.5 0 TD /F2 9.75 Tf -0.1875 Tw ( ) Tj -50.25 -701.25 TD /F0 11.25 Tf 0.375 Tc 0 Tw (8) Tj 5.25 0 TD 0 Tc 0.1875 Tw ( ) Tj -215.25 677.25 TD /F0 12 Tf -0.0757 Tc 5.7348 Tw (That retired generations do not dissave much and leave bequests, has several) Tj 0 Tc 0 Tw ( ) Tj 0 -14.25 TD -0.0411 Tc 2.1547 Tw (explanations. First, generations are connected and parents are altruistic towards their ) Tj 0 -13.5 TD -0.1193 Tc 0.1193 Tw (children. ) Tj 48.75 0 TD -0.375 Tc 0 Tw (Thus) Tj 23.25 0 TD -0.1012 Tc 4.0012 Tw ( dissaving by the elderly is) Tj 145.5 0 TD -0.144 Tc 4.644 Tw ( limited) Tj 0 Tc 0 Tw ( ) Tj 47.25 0 TD -0.0686 Tc (because) Tj 37.5 0 TD -0.1131 Tc 4.0131 Tw ( part of their wealth is) Tj 0 Tc 0.75 Tw ( ) Tj -302.25 -13.5 TD -0.0695 Tc 1.0695 Tw (transferred to the next generation through bequests.) Tj 250.5 5.25 TD /F0 8.25 Tf 0.375 Tc 0 Tw (8) Tj 4.5 -5.25 TD /F0 12 Tf -0.0958 Tc 0.8458 Tw ( Second, people have uncertain life ) Tj -255 -14.25 TD -0.0688 Tc 3.9438 Tw (spans and they cannot write perfect life insurance contracts, so that bequests are) Tj 0 Tc 0.75 Tw ( ) Tj 0 -13.5 TD 0.003 Tc 1.797 Tw (sometimes unintended \(cf. Davies, 1981\). Th) Tj 225.75 0 TD -0.0012 Tc 1.7155 Tw (ird, bequests may arise from a strategic ) Tj -225.75 -14.25 TD -0.0177 Tc 0.9408 Tw (motive. In particular, testators may use bequests to influence the decisions of potential ) Tj 0 -13.5 TD 0.0051 Tc 3.9949 Tw (beneficiaries, cf. Bernheim et al. \(1985\). For example, bequests can be used as) Tj 0 Tc 0.75 Tw ( ) Tj T* -0.0399 Tc 0.1899 Tw (compensation for services rendered by benefic) Tj 223.5 0 TD -0.0514 Tc 0.0514 Tw (iaries, such as care and attention.) Tj 158.25 5.25 TD /F0 8.25 Tf 0.375 Tc 0 Tw (9) Tj 4.5 -5.25 TD /F0 12 Tf 0 Tc ( ) Tj -386.25 -20.25 TD -0.0084 Tc 1.5084 Tw (Notwithstanding the discussion about the exact relation between age and savings, the ) Tj 0 -13.5 TD 0.0114 Tc 0.104 Tw (broad pattern of dissaving when young, saving when working and again dissaving when ) Tj 0 -14.25 TD -0.0093 Tc 0.2905 Tw (old is fairly robust. It also appears from estimat) Tj 230.25 0 TD 0.0151 Tc 0.3063 Tw (ions across countries and over time, that ) Tj -230.25 -13.5 TD -0.0273 Tc 0.938 Tw (relate countries\222 savings rates to the age structure of their population. A robust finding ) Tj 0 -13.5 TD -0.0278 Tc 0.9752 Tw (is that a higher share of the population between the age of 40 and 65 leads to a higher ) Tj 0 -14.25 TD -0.076 Tc 1.876 Tw (savings rate, whereas a higher shar) Tj 174 0 TD -0.0324 Tc 1.6688 Tw (e of the population older than 65 leads to a lower ) Tj -174 -13.5 TD 0.0245 Tc 0 Tw (macroeconom) Tj 67.5 0 TD -0.0228 Tc 3.0228 Tw (ic propensity to save. Figure ) Tj 3 Tc 0 Tw (4) Tj 159.75 0 TD -0.0458 Tc 3.1529 Tw ( shows the estimated effect of age on) Tj 0 Tc 0 Tw ( ) Tj -227.25 -14.25 TD -0.0637 Tc 1.5637 Tw (savings rates. Estimation res) Tj 140.25 0 TD -0.0794 Tc 1.7294 Tw (ults are presented in the Appendix) Tj 169.5 0 TD 0 Tc 1.3119 Tw (. Clearly, the estimated ) Tj -309.75 -13.5 TD -0.552 Tc 0 Tw (age) Tj 15.75 0 TD -0.246 Tc (-) Tj 4.5 0 TD -0.0422 Tc 4.0922 Tw (savings profile agrees with the ) Tj 4.164 Tc 0 Tw (l) Tj 171.75 0 TD -0.22 Tc (ife) Tj 12 0 TD -0.246 Tc (-) Tj 4.5 0 TD -0.054 Tc 4.254 Tw (cycle hypothesis. For example, the group) Tj 0 Tc 0.75 Tw ( ) Tj -208.5 -13.5 TD -0.026 Tc 0.026 Tw (between 40) Tj 54.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.0304 Tc 0.0633 Tw (45 saves above average, whereas the group between 65) Tj 267.75 0 TD -0.026 Tc 0.026 Tw ( and ) Tj 23.25 0 TD 0.14 Tc -0.14 Tw (70 saves below ) Tj -350.25 -14.25 TD -0.0698 Tc 0 Tw (average.) Tj 39.75 0 TD 0 Tc ( ) Tj -39.75 -207.75 TD /F0 9.75 Tf -0.1875 Tw ( ) Tj 67.5 0 TD ( ) Tj 67.5 0 TD ( ) Tj ET 84.75 263.25 144 0.75 re f BT 228.75 261.75 TD ( ) Tj -144 -25.5 TD /F0 6.75 Tf 0.375 Tc 0 Tw (8) Tj 3.75 -4.5 TD /F0 9.75 Tf 0.1571 Tc 1.1554 Tw ( Canton and Meijdam \(1997\) study the impact of population ageing on macroeconomic outcomes in ) Tj -3.75 -11.25 TD 0.1928 Tc 0 Tw (often) Tj 21 0 TD -0.2467 Tc (-) Tj 3 0 TD 0.0678 Tc 0.2741 Tw (used models, varying with respect to the degree of altruism. With altruism parents take the utility of ) Tj -24 -11.25 TD 0.0843 Tc 1.9246 Tw (their children into account in the design of their savings plan. Without altruism, parents ) Tj 379.5 0 TD 0.375 Tc 0 Tw (\226) Tj 5.25 0 TD 0.0374 Tc 1.0251 Tw ( and their ) Tj -384.75 -12 TD 0.0818 Tc -0.2693 Tw (\221unloved children\222 ) Tj 75.75 0 TD 0.375 Tc 0 Tw (\226) Tj 5.25 0 TD 0.1968 Tc -0.1968 Tw ( make separate savings plans.) Tj 119.25 0 TD 0 Tc -0.1875 Tw ( ) Tj -200.25 -9.75 TD /F0 6.75 Tf 0.375 Tc 0 Tw (9) Tj 3.75 -4.5 TD /F0 9.75 Tf 0.0839 Tc 3.1036 Tw ( The model by Bernheim) Tj 0 Tc -0.1875 Tw ( ) Tj 117 0 TD 0.2303 Tc 2.5822 Tw (et al) Tj 20.25 0 TD /F2 9.75 Tf -0.1875 Tc 0 Tw (.) Tj 2.25 0 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj 5.25 0 TD 0.0428 Tc 0 Tw (\(1985\)) Tj 27 0 TD /F2 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj 5.25 0 TD /F0 9.75 Tf 0.1488 Tc 2.3304 Tw (and the notion of strategic bequests can have important ) Tj -180.75 -11.25 TD 0.1641 Tc 0 Tw (macroecon) Tj 44.25 0 TD 0.075 Tc 3.4875 Tw (omic implications. Although parents are altruistic towards their children,) Tj 0 Tc -0.1875 Tw ( ) Tj 323.25 0 TD 0.2785 Tc -0.466 Tw (the ) Tj 18.75 0 TD 0.1213 Tc 0.4412 Tw (Ricardian ) Tj -386.25 -12 TD 0.0674 Tc 1.7273 Tw (equivalence \(see text box\) no longer holds. Also, the model suggests interesting interactions between ) Tj 0 -11.25 TD 0.0729 Tc 2.5729 Tw (demography and savings. As a credible threat of disinheritance re) Tj 284.25 0 TD 0.0309 Tc 2.2459 Tw (quires that there are at least two ) Tj -284.25 -11.25 TD 0.0808 Tc 1.2317 Tw (beneficiaries, the increasing number of single) Tj 188.25 0 TD -0.2467 Tc 0 Tw (-) Tj 3 0 TD 0.1629 Tc 0.9246 Tw (child families could reduce the incentive to save to buy ) Tj -191.25 -12 TD 0.1502 Tc 0.454 Tw (attention. Likewise, Japan\222s high savings rate can be explained \(at least to some extent\) by the fact that ) Tj 0 -11.25 TD 0.2866 Tc 0.2759 Tw (the vast m) Tj 42 0 TD 0.1072 Tc 0.4553 Tw (ajority of elderly Japanese live with their children. Finally, the strategic bequest mechanism is ) Tj -42 -11.25 TD 0.0636 Tc 1.0724 Tw (inoperative in some European countries, such as Sweden, as testators are required to divide the bulk of ) Tj 0 -12 TD 0.1319 Tc -0.3194 Tw (their estates evenly between their children.) 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Estimated relation between gross domestic savings \(% GDP\) and age ) Tj 0 -14.25 TD 0.0154 Tc -0.0154 Tw (structure of population) Tj 111 0 TD 0 Tc 0 Tw ( ) Tj 0.75 w 1 J 1 j 0 0 0 RG ET 84.75 469.5 396.75 240 re S 119.25 703.5 m 119.25 487.5 l S 116.25 487.5 m 119.25 487.5 l S 116.25 523.5 m 119.25 523.5 l S 116.25 559.5 m 119.25 559.5 l S 116.25 595.5 m 119.25 595.5 l S 116.25 631.5 m 119.25 631.5 l S 116.25 667.5 m 119.25 667.5 l S 116.25 703.5 m 119.25 703.5 l S 119.25 631.5 m 471.75 631.5 l S 119.25 629.25 m 119.25 631.5 l S 141 629.25 m 141 631.5 l S 162.75 629.25 m 162.75 631.5 l S 185.25 629.25 m 185.25 631.5 l S 207 629.25 m 207 631.5 l S 229.5 629.25 m 229.5 631.5 l S 251.25 629.25 m 251.25 631.5 l S 273.75 629.25 m 273.75 631.5 l S 295.5 629.25 m 295.5 631.5 l S 317.25 629.25 m 317.25 631.5 l S 339.75 629.25 m 339.75 631.5 l S 361.5 629.25 m 361.5 631.5 l S 383.25 629.25 m 383.25 631.5 l S 405.75 629.25 m 405.75 631.5 l S 427.5 629.25 m 427.5 631.5 l S 449.25 629.25 m 449.25 631.5 l S 471.75 629.25 m 471.75 631.5 l S 119.25 604.5 m 141 621 l S 141 621 m 162.75 635.25 l S 162.75 635.25 m 185.25 647.25 l S 185.25 647.25 m 207 657.75 l S 207 657.75 m 229.5 664.5 l S 229.5 664.5 m 251.25 669.75 l S 251.25 669.75 m 273.75 671.25 l S 273.75 671.25 m 295.5 670.5 l S 295.5 670.5 m 317.25 666 l S 317.25 666 m 339.75 657.75 l S 339.75 657.75 m 361.5 646.5 l S 361.5 646.5 m 383.25 630.75 l S 383.25 630.75 m 405.75 612 l S 405.75 612 m 427.5 588.75 l S 427.5 588.75 m 449.25 561 l S 449.25 561 m 471.75 528.75 l S 105.75 486.75 m 105.75 487.5 l 108 487.5 l 108 486.75 l 105.75 486.75 l h b 112.5 485.25 m 112.5 484.5 l 108 484.5 l 108 485.25 l 108.75 485.25 l 108.75 486 l 109.5 486 l 109.5 486.75 l 110.25 487.5 l 111 487.5 l 111 488.25 l 111.75 489 l 111 489.75 l 109.5 489.75 l 109.5 489 l 108 489 l 108.75 489.75 l 108.75 490.5 l 109.5 490.5 l 110.25 490.5 l 111.75 490.5 l 111.75 489.75 l 112.5 489.75 l 112.5 488.25 l 111.75 488.25 l 111.75 487.5 l 111 487.5 l 111 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623.25 l 357.75 623.25 l 357.75 621.75 l 358.5 622.5 l 359.25 622.5 l 359.25 621.75 l 360 621.75 l 360 619.5 l 359.25 619.5 l 359.25 618.75 l 357.75 618.75 l 357.75 619.5 l 357 619.5 l 357 620.25 l h b 360.75 620.25 m 360.75 621 l 362.25 621 l 362.25 620.25 l 360.75 620.25 l h b 366 622.5 m 365.25 622.5 l 365.25 623.25 l 363.75 623.25 l 363.75 621.75 l 364.5 621.75 l 364.5 622.5 l 365.25 622.5 l 365.25 621.75 l 366 621.75 l 366 619.5 l 365.25 619.5 l 365.25 618.75 l 364.5 618.75 l 364.5 618.75 l 363 620.25 l 363 623.25 l 363.75 623.25 l 363.75 624 l 366 624 l 366 622.5 l 363.75 621 m 363.75 620.25 l 364.5 619.5 l 365.25 619.5 l 365.25 621.75 l 363.75 621.75 l 363.75 621 l h b 366.75 621.75 m 366.75 622.5 l 367.5 623.25 l 367.5 624 l 369 624 l 369 623.25 l 369.75 623.25 l 369.75 619.5 l 369 619.5 l 369 618.75 l 368.25 618.75 l 366.75 620.25 l 366.75 621.75 l 367.5 621.75 m 367.5 620.25 l 368.25 619.5 l 369 619.5 l 369 623.25 l 367.5 623.25 l 367.5 621.75 l h b 378 622.5 m 377.25 623.25 l 376.5 623.25 l 375.75 622.5 l 375.75 621.75 l 376.5 621.75 l 376.5 622.5 l 377.25 622.5 l 378.75 621 l 378.75 620.25 l 378 620.25 l 378 619.5 l 377.25 618.75 l 376.5 618.75 l 375 620.25 l 375 622.5 l 375.75 623.25 l 375.75 624 l 378 624 l 378 622.5 l 375.75 621 m 375.75 620.25 l 376.5 619.5 l 377.25 619.5 l 377.25 620.25 l 378 620.25 l 378 621 l 377.25 621.75 l 375.75 621.75 l 375.75 621 l h b 378.75 621.75 m 379.5 622.5 l 379.5 624 l 381.75 624 l 381.75 622.5 l 382.5 621.75 l 381.75 621 l 381.75 619.5 l 381 618.75 l 380.25 618.75 l 379.5 619.5 l 379.5 621 l 378.75 621.75 l 379.5 621.75 m 379.5 620.25 l 380.25 620.25 l 380.25 619.5 l 381 619.5 l 381 620.25 l 381.75 620.25 l 381.75 622.5 l 381 623.25 l 380.25 623.25 l 379.5 622.5 l 379.5 621.75 l h b 382.5 620.25 m 382.5 621 l 384.75 621 l 384.75 620.25 l 382.5 620.25 l h b 387.75 622.5 m 387.75 623.25 l 386.25 623.25 l 385.5 622.5 l 385.5 621.75 l 386.25 621.75 l 386.25 622.5 l 387 622.5 l 388.5 621 l 388.5 620.25 l 387.75 620.25 l 387.75 619.5 l 387 618.75 l 386.25 618.75 l 385.5 619.5 l 385.5 620.25 l 384.75 620.25 l 384.75 621.75 l 385.5 622.5 l 385.5 624 l 387.75 624 l 387.75 622.5 l 385.5 621 m 385.5 620.25 l 386.25 620.25 l 386.25 619.5 l 387 619.5 l 387.75 620.25 l 387.75 621.75 l 386.25 621.75 l 385.5 621 l h b 388.5 620.25 m 390 620.25 l 390 619.5 l 390.75 619.5 l 391.5 620.25 l 391.5 621.75 l 390 621.75 l 389.25 621 l 389.25 624 l 391.5 624 l 391.5 623.25 l 390 623.25 l 390 621.75 l 390 622.5 l 390.75 622.5 l 391.5 621.75 l 391.5 621.75 l 392.25 621.75 l 392.25 620.25 l 390.75 618.75 l 390 618.75 l 390 619.5 l 389.25 619.5 l 389.25 620.25 l 388.5 620.25 l h b 400.5 622.5 m 399.75 622.5 l 399.75 623.25 l 398.25 623.25 l 398.25 621.75 l 399 622.5 l 399.75 622.5 l 399.75 621.75 l 400.5 621.75 l 400.5 620.25 l 399 618.75 l 398.25 618.75 l 398.25 619.5 l 397.5 619.5 l 397.5 623.25 l 398.25 624 l 399.75 624 l 400.5 623.25 l 400.5 622.5 l 398.25 621 m 398.25 619.5 l 399 619.5 l 399.75 620.25 l 399.75 621.75 l 398.25 621.75 l 398.25 621 l h b 401.25 620.25 m 402 620.25 l 402 619.5 l 402.75 619.5 l 403.5 620.25 l 403.5 621.75 l 402 621.75 l 402 621 l 401.25 621.75 l 402 624 l 404.25 624 l 404.25 623.25 l 402 623.25 l 402 621.75 l 402.75 622.5 l 403.5 622.5 l 403.5 621.75 l 403.5 621.75 l 404.25 621.75 l 404.25 619.5 l 403.5 619.5 l 402.75 618.75 l 402 618.75 l 402 619.5 l 401.25 619.5 l 401.25 620.25 l h b 405 620.25 m 405 621 l 406.5 621 l 406.5 620.25 l 405 620.25 l h b 407.25 623.25 m 407.25 624 l 410.25 624 l 410.25 623.25 l 409.5 622.5 l 409.5 621.75 l 408.75 621 l 408.75 618.75 l 408 618.75 l 408 620.25 l 408.75 621 l 408.75 621.75 l 409.5 622.5 l 409.5 623.25 l 407.25 623.25 l h b 411 621.75 m 411 623.25 l 411.75 624 l 413.25 624 l 413.25 623.25 l 414 623.25 l 414 619.5 l 413.25 619.5 l 413.25 618.75 l 411.75 618.75 l 411.75 619.5 l 411 619.5 l 411 621.75 l 411.75 621.75 m 411.75 619.5 l 413.25 619.5 l 413.25 623.25 l 411.75 623.25 l 411.75 621.75 l h b 419.25 623.25 m 419.25 624 l 422.25 624 l 422.25 622.5 l 421.5 621.75 l 421.5 621 l 420.75 620.25 l 420.75 618.75 l 420 618.75 l 420 620.25 l 420.75 621 l 420.75 621.75 l 421.5 622.5 l 421.5 623.25 l 419.25 623.25 l h b 423 621.75 m 423 622.5 l 423.75 623.25 l 423.75 624 l 425.25 624 l 425.25 623.25 l 426 623.25 l 426 619.5 l 425.25 619.5 l 425.25 618.75 l 424.5 618.75 l 423 620.25 l 423 621.75 l 423.75 621.75 m 423.75 620.25 l 424.5 619.5 l 425.25 619.5 l 425.25 623.25 l 423.75 623.25 l 423.75 621.75 l h b 426.75 620.25 m 426.75 621 l 428.25 621 l 428.25 620.25 l 426.75 620.25 l h b 429 623.25 m 429 624 l 432 624 l 432 622.5 l 431.25 621.75 l 431.25 621 l 430.5 620.25 l 430.5 618.75 l 429.75 618.75 l 429.75 619.5 l 430.5 620.25 l 430.5 621.75 l 431.25 622.5 l 431.25 623.25 l 429 623.25 l h b 432.75 620.25 m 433.5 620.25 l 433.5 619.5 l 435 619.5 l 435 621.75 l 433.5 621.75 l 433.5 621 l 432.75 621.75 l 433.5 624 l 435.75 624 l 435.75 623.25 l 434.25 623.25 l 433.5 621.75 l 434.25 622.5 l 435 622.5 l 435 621.75 l 435.75 621.75 l 435.75 619.5 l 435 619.5 l 435 618.75 l 434.25 618.75 l 433.5 619.5 l 432.75 619.5 l 432.75 620.25 l h b 441 623.25 m 441 624 l 444.75 624 l 444.75 623.25 l 443.25 621.75 l 443.25 620.25 l 442.5 619.5 l 442.5 618.75 l 441.75 618.75 l 442.5 619.5 l 442.5 621 l 443.25 621.75 l 443.25 622.5 l 444 623.25 l 441 623.25 l h b 445.5 620.25 m 446.25 619.5 l 447 619.5 l 447.75 620.25 l 447.75 621.75 l 446.25 621.75 l 445.5 621 l 445.5 624 l 447.75 624 l 447.75 623.25 l 446.25 623.25 l 446.25 621.75 l 446.25 622.5 l 447 622.5 l 447.75 621.75 l 447.75 621.75 l 448.5 621 l 447.75 620.25 l 447.75 619.5 l 447 618.75 l 446.25 618.75 l 445.5 619.5 l 445.5 620.25 l h b 448.5 620.25 m 448.5 621 l 450.75 621 l 450.75 620.25 l 448.5 620.25 l h b 452.25 621.75 m 451.5 621.75 l 451.5 623.25 l 452.25 624 l 453.75 624 l 453.75 621 l 454.5 620.25 l 453 618.75 l 453 618.75 l 452.25 618.75 l 452.25 619.5 l 451.5 619.5 l 451.5 621.75 l 452.25 621.75 l 452.25 622.5 m 452.25 621.75 l 453 621.75 l 453 622.5 l 453.75 622.5 l 453.75 623.25 l 452.25 623.25 l 452.25 622.5 l 451.5 620.25 m 452.25 620.25 l 452.25 619.5 l 453 619.5 l 453.75 620.25 l 453.75 621 l 453 621.75 l 452.25 621.75 l 452.25 621 l 451.5 620.25 l h b 455.25 621.75 m 455.25 623.25 l 456 624 l 457.5 624 l 457.5 623.25 l 458.25 623.25 l 458.25 620.25 l 456.75 618.75 l 456 618.75 l 456 619.5 l 455.25 619.5 l 455.25 621.75 l 455.25 621.75 m 455.25 621 l 456 620.25 l 456 619.5 l 456.75 619.5 l 457.5 620.25 l 457.5 623.25 l 456 623.25 l 456 622.5 l 455.25 621.75 l h b 465 621.75 m 465 624 l 466.5 624 l 467.25 623.25 l 467.25 621.75 l 466.5 621.75 l 467.25 621.75 l 467.25 619.5 l 466.5 618.75 l 465.75 618.75 l 464.25 620.25 l 464.25 621 l 465 621 l 465 621.75 l 465 622.5 m 465.75 622.5 l 465.75 621.75 l 466.5 621.75 l 466.5 623.25 l 465 623.25 l 465 622.5 l 465 620.25 m 465.75 619.5 l 466.5 619.5 l 466.5 620.25 l 467.25 620.25 l 467.25 621 l 466.5 621 l 466.5 621.75 l 465.75 621.75 l 465 621 l 465 620.25 l h b 468 621.75 m 468 622.5 l 468.75 622.5 l 468.75 624 l 470.25 624 l 471 623.25 l 471 619.5 l 470.25 618.75 l 469.5 618.75 l 468.75 619.5 l 468.75 620.25 l 468 621 l 468 621.75 l 468.75 621.75 m 468.75 620.25 l 469.5 619.5 l 470.25 619.5 l 470.25 620.25 l 471 620.25 l 471 622.5 l 470.25 623.25 l 468.75 623.25 l 468.75 621.75 l h b 474 618.75 m 474 619.5 l 474 618.75 l 473.25 618.75 l 472.5 619.5 l 472.5 622.5 l 473.25 622.5 l 473.25 619.5 l 474 619.5 l 474 621 l 474 618.75 0.75 3.75 re b 476.25 618 m 476.25 622.5 l 476.25 621.75 l 477 622.5 l 478.5 622.5 l 478.5 621.75 l 479.25 621.75 l 479.25 620.25 l 478.5 620.25 l 478.5 619.5 l 477.75 618.75 l 477 618.75 l 477 619.5 l 476.25 619.5 l 476.25 618 l 476.25 621 m 476.25 620.25 l 477 620.25 l 477 619.5 l 477.75 619.5 l 477.75 620.25 l 478.5 620.25 l 478.5 621.75 l 477 621.75 l 476.25 621 l h b 282.75 475.5 m 282 475.5 l 282 476.25 l 282.75 477 l 283.5 477 l 284.25 476.25 l 284.25 474 l 283.5 474 l 282.75 473.25 l 282.75 474 l 282 474 l 282 474 l 282 475.5 l 283.5 475.5 l 283.5 476.25 l 282.75 476.25 l 282.75 475.5 l 283.5 474.75 m 282.75 474.75 l 282.75 474 l 283.5 474 l 283.5 474.75 l h b 285 473.25 m 287.25 473.25 l 287.25 474 l 285 474 l 285 476.25 l 285.75 476.25 l 285.75 477 l 286.5 477 l 286.5 476.25 l 287.25 476.25 l 287.25 477 l 288 477 l 288 473.25 l 287.25 473.25 l 287.25 472.5 l 285 472.5 l 285 473.25 l 285.75 475.5 m 285.75 474 l 286.5 474 l 287.25 474.75 l 287.25 475.5 l 286.5 476.25 l 285.75 476.25 l 285.75 475.5 l h b 290.25 474.75 m 291 474.75 l 291 474 l 290.25 474 l 289.5 473.25 l 289.5 474 l 288.75 474 l 288.75 474.75 l 288 475.5 l 288.75 475.5 l 288.75 476.25 l 289.5 477 l 290.25 477 l 290.25 476.25 l 291 476.25 l 291 474.75 l 289.5 474.75 l 289.5 474 l 290.25 474 0.24 0.75 re b 293.25 473.25 m 295.5 473.25 l 295.5 474 l 293.25 474 l 293.25 476.25 l 294 476.25 l 294 477 l 294.75 477 l 294.75 476.25 l 295.5 476.25 l 295.5 477 l 296.25 477 l 296.25 473.25 l 295.5 473.25 l 295.5 472.5 l 294 472.5 l 293.25 473.25 l 294 475.5 m 294 474 l 294.75 474 l 294.75 474.75 l 295.5 474.75 l 295.5 475.5 l 294.75 475.5 l 294.75 476.25 l 294 476.25 l 294 475.5 l h b 297.75 474 m 297 474 l 297 477 l 297.75 477 l 297.75 476.25 l 297.75 477 l 298.5 477 l 298.5 475.5 l 297.75 476.25 l 297.75 474 l h b 298.5 475.5 m 300 477 l 300.75 477 l 300.75 476.25 l 301.5 476.25 l 301.5 475.5 l 302.25 475.5 l 301.5 474.75 l 301.5 474 l 300.75 474 l 300 473.25 l 300 474 l 299.25 474 l 298.5 474.75 l 298.5 475.5 l 299.25 475.5 m 300 474.75 l 300 474 l 300.75 474 l 300.75 476.25 l 300 476.25 l 300 475.5 l 299.25 475.5 l h b 304.5 474 m 303.75 474 l 303.75 473.25 l 303 473.25 l 303 474 l 302.25 474 l 302.25 477 l 303 477 l 303 474.75 l 303.75 474 l 304.5 474 l 304.5 477 l 305.25 477 l 305.25 474 l 304.5 474 l h b 306 477 m 306.75 477 l 306.75 476.25 l 307.5 477 l 308.25 476.25 l 309 476.25 l 309 474 l 308.25 474 l 307.5 473.25 l 306.75 474 l 306.75 472.5 l 306 472.5 l 306 477 l 306.75 475.5 m 306.75 474.75 l 307.5 474 l 308.25 474.75 l 308.25 475.5 l 307.5 476.25 l 306.75 476.25 l 306.75 475.5 l h b 92.25 567 m 93 567.75 l 93 567 l 93.75 567 l 93.75 566.25 l 93 565.5 l 93 564.75 l 91.5 564.75 l 91.5 565.5 l 90.75 565.5 l 90.75 567.75 l 92.25 567.75 l 92.25 565.5 l 93 566.25 l 93 566.25 l 93 567 l 92.25 567 l 91.5 567 m 90.75 566.25 l 91.5 566.25 l 91.5 565.5 l 91.5 567 l h b 90.75 567.75 m 90.75 568.5 l 89.25 568.5 l 89.25 570 l 90 570 l 90 569.25 l 90.75 569.25 l 90.75 570 l 90.75 569.25 l 93.75 569.25 l 93.75 568.5 l 90.75 568.5 l 90.75 567.75 l h b 90.75 570 m 90 570 l 89.25 570.75 l 89.25 571.5 l 90 571.5 l 90 570.75 l 90.75 570.75 l 90.75 571.5 l 90.75 570.75 l 93.75 570.75 l 93.75 570 l 90.75 570 l h b 92.25 573.75 m 93 574.5 l 93 573.75 l 93.75 573.75 l 93.75 573 l 93 572.25 l 93 571.5 l 91.5 571.5 l 91.5 572.25 l 90.75 572.25 l 90.75 574.5 l 92.25 574.5 l 92.25 572.25 l 92.25 573 l 93 573 l 93 573.75 l 92.25 573.75 l 91.5 573.75 m 90.75 573.75 l 90.75 573 l 91.5 573 l 91.5 572.25 l 91.5 573.75 l h b 91.5 577.5 m 91.5 576.75 l 90.75 576.75 l 90.75 576 l 93 576 l 93 576.75 l 92.25 576.75 l 92.25 577.5 l 93 577.5 l 93.75 576.75 l 93.75 576 l 93 576 l 93 575.25 l 92.25 575.25 l 92.25 575.25 l 90.75 575.25 l 90.75 577.5 l 91.5 577.5 l h b 90.75 579.75 m 90.75 579 l 93 579 l 93 579.75 l 93.75 579.75 l 93.75 579 l 93 578.25 l 90 578.25 l 89.25 579 l 90.75 579 l 90.75 579.75 l h b 93 579.75 m 92.25 580.5 l 93 580.5 l 93 582 l 92.25 582 l 92.25 580.5 l 91.5 579.75 l 90.75 579.75 l 90.75 582 l 91.5 582 l 91.5 582 l 91.5 581.25 l 90.75 581.25 l 90.75 580.5 l 91.5 580.5 l 91.5 582 l 92.25 582 l 92.25 582.75 l 93 582.75 l 93 582 l 93.75 582 l 93.75 580.5 l 93 580.5 l 93 579.75 l h b 92.25 584.25 m 91.5 585 l 90.75 585 l 90.75 587.25 l 91.5 587.25 l 91.5 588 l 92.25 588 l 93.75 586.5 l 93.75 585.75 l 93 585.75 l 93 585 l 92.25 585 l 92.25 584.25 l 92.25 585.75 m 93 585.75 l 93 586.5 l 92.25 586.5 l 92.25 587.25 l 91.5 586.5 l 90.75 586.5 l 90.75 585.75 l 92.25 585.75 l h b 93.75 591 m 93.75 590.25 l 90.75 590.25 l 90.75 589.5 l 91.5 589.5 l 91.5 588.75 l 93.75 588.75 l 90.75 588.75 l 90.75 591 l 90.75 591 l 91.5 591 l 93.75 591 l h b 93 593.25 m 92.25 594 l 93 594 l 93 594.75 l 92.25 594.75 l 92.25 593.25 l 90.75 593.25 l 90.75 595.5 l 91.5 595.5 l 91.5 594.75 l 90.75 594.75 l 90.75 594 l 91.5 594 l 91.5 595.5 l 93.75 595.5 l 93.75 594 l 93 593.25 l h b 91.5 597 m 91.5 596.25 l 90.75 596.25 l 90.75 598.5 l 91.5 599.25 l 93.75 599.25 l 93.75 598.5 l 93 598.5 l 93 597.75 l 93.75 597.75 l 93.75 597 l 93 596.25 l 93 596.25 l 92.25 596.25 l 92.25 597 l 91.5 597 l 91.5 598.5 l 91.5 597.75 l 90.75 597.75 l 90.75 597 l 91.5 597 l 92.25 598.5 m 92.25 597 l 93 597 l 93 597.75 l 92.25 597.75 l 92.25 598.5 l h b 93.75 600.75 m 90.75 599.25 l 90.75 600 l 92.25 600.75 l 90.75 601.5 l 90.75 602.25 l 93.75 600.75 l h b 90 603 m 89.25 603 l 89.25 603.75 l 90 603.75 l 90 603 l 93.75 603 m 90.75 603 l 90.75 603.75 l 93.75 603.75 l 93.75 603 l h b 93.75 606.75 m 93.75 606 l 90.75 606 l 90.75 605.25 l 93.75 605.25 l 93.75 604.5 l 90.75 604.5 l 90.75 606.75 l 90.75 606.75 l 91.5 606.75 l 93.75 606.75 l h b 93.75 607.5 m 93.75 609.75 l 93 609.75 l 93.75 609 l 93.75 608.25 l 93 608.25 l 93 607.5 l 91.5 607.5 l 90.75 608.25 l 90.75 609 l 90.75 609.75 l 90.75 610.5 l 94.5 610.5 l 94.5 607.5 l 93.75 607.5 l 92.25 608.25 m 93 608.25 l 93 609.75 l 90.75 609.75 l 90.75 609 l 91.5 608.25 l 92.25 608.25 l h b 93 611.25 m 92.25 612 l 93 612 l 93 612.75 l 92.25 612.75 l 92.25 611.25 l 90.75 611.25 l 90.75 613.5 l 91.5 613.5 l 91.5 612.75 l 90.75 612.75 l 90.75 612 l 91.5 612 l 91.5 613.5 l 93.75 613.5 l 93.75 612 l 93 611.25 l h b 93.75 616.5 m 93.75 615.75 l 90.75 615.75 l 90.75 618 l 91.5 618 l 91.5 616.5 l 93.75 616.5 l h b 91.5 618.75 m 91.5 618 l 90.75 618 l 90.75 620.25 l 93 620.25 l 93.75 621 l 93.75 620.25 l 93 620.25 l 93 619.5 l 93.75 619.5 l 93.75 618.75 l 93 618 l 93 618 l 92.25 618 l 91.5 618.75 l 91.5 619.5 l 90.75 619.5 l 90.75 618.75 l 91.5 618.75 l 92.25 619.5 m 92.25 618.75 l 93 618.75 l 93 619.5 l 92.25 619.5 l h b 90.75 622.5 m 90.75 621.75 l 93 621.75 l 93 622.5 l 93.75 622.5 l 93.75 621.75 l 93 621.75 l 93 621 l 90 621 l 89.25 621.75 l 90.75 621.75 l 90.75 622.5 l h b 92.25 624.75 m 93 625.5 l 93.75 624.75 l 93.75 624 l 93 623.25 l 90.75 623.25 l 90.75 625.5 l 92.25 625.5 l 92.25 624 l 93 624 l 93 624.75 l 92.25 624.75 l 91.5 624.75 m 90.75 624.75 l 90.75 624 l 91.5 624 l 91.5 624.75 l h b BT 482.25 468.75 TD /F6 8.25 Tf -0.0435 Tw ( ) Tj -397.5 -21.75 TD /F2 11.25 Tf 0.0431 Tc 0 Tw (Source) Tj 30.75 0 TD 0.1237 Tc (s) Tj 4.5 0 TD 0.0038 Tc (:) Tj 3.75 0 TD /F0 11.25 Tf -0.2233 Tc 0.4108 Tw ( de Groot and Tang \(2003\); see also the Appendix) Tj 219 0 TD /F0 12 Tf 0 Tc 0 Tw (.) Tj 3 0 TD ( ) Tj -261 -20.25 TD ( ) Tj 0 -19.5 TD /F3 12 Tf (3.2.2) Tj 24 0 TD /F5 12 Tf -0.336 Tw ( ) Tj 12 0 TD /F3 12 Tf -0.0413 Tc 0.0413 Tw (The effect of ageing on savings) Tj 156 0 TD 0 Tc 0 Tw ( ) Tj -192 -19.5 TD /F0 12 Tf -0.1964 Tc 4.3214 Tw (With the life) Tj 66.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0497 Tc 3.936 Tw (cycle hypothesis in mind, we can explore the effects of ageing on) Tj 0 Tc 0 Tw ( ) Tj -71.25 -14.25 TD -0.0276 Tc 0.8714 Tw (macroeconomic \(private\) savings rates. A distinction between a ) Tj 314.25 0 TD /F2 12 Tf 0.0442 Tc 1.0808 Tw (composition effect an) Tj 105.75 0 TD -0.75 Tc 0 Tw (d ) Tj -420 -13.5 TD 0.0747 Tc -0.0747 Tw (behavioural effects) Tj 92.25 0 TD /F0 12 Tf -0.119 Tc 0.4404 Tw ( \(cf. Bloom et al., 2002\) is helpful.) Tj 165 0 TD 0 Tc 0 Tw ( ) Tj -257.25 -20.25 TD 0.013 Tc 0.2754 Tw (The composition effect follows from the assumptions that the average savings ratios for ) Tj 0 -13.5 TD -0.0755 Tc 0.9192 Tw (different age groups are constant but that the shares of the different groups in the entire ) Tj T* -0.0825 Tc 3.8325 Tw (population change) Tj 91.5 0 TD -0.0176 Tc 3.8613 Tw (. Under this assumption, population ageing reduces the average) Tj 0 Tc 0.75 Tw ( ) Tj -91.5 -14.25 TD -0.0644 Tc 1.0487 Tw (savings rate. As the fraction of elderly in the population grows, the groups with low or ) Tj 0 -13.5 TD -0.0648 Tc 0.4057 Tw (negative savings become relatively larger, leading to a lower overall savings rate.) Tj 390 0 TD 0 Tc 0 Tw ( ) Tj -390 -20.25 TD -0.077 Tc 0.452 Tw (Behavioural effects ) Tj 96.75 0 TD 0 Tc 0 Tw (\226) Tj 6 0 TD -0.207 Tc 1.332 Tw ( derived from the life) Tj 103.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.1046 Tc 0.8546 Tw (cycle framework ) Tj 84.75 0 TD 0 Tc 0 Tw (\226) Tj 6 0 TD -0.0271 Tc 0.7771 Tw ( presume that the savings ) Tj -301.5 -13.5 TD -0.0853 Tc 1.7103 Tw (ratios of different groups and individuals change. These effects are more complicated, ) Tj 0 -13.5 TD -0.0189 Tc 0.2689 Tw (and depend on the underlying causes of the ageing process, i.e. the increase in longevity ) Tj 0 -14.25 TD -0.2238 Tc 0.9738 Tw (and the fall) Tj 53.25 0 TD -0.2155 Tc 0.9655 Tw ( in fertility.) Tj 54 0 TD 0 Tc 0 Tw ( ) Tj -107.25 -19.5 TD 0.0232 Tc 1.6268 Tw (Bloom et al. \(2002\) study the effects of an increase in longevity on optimal savings ) Tj 0 -14.25 TD -0.1002 Tc 2.4002 Tw (plans. For a given retirement age, an increase in longevity will tend to spur savings ) Tj 0 -13.5 TD -0.0529 Tc 2.3711 Tw (during working life, to compensate for the longer period of dissaving ) Tj 359.25 0 TD -0.026 Tc 1.901 Tw (when retired. ) Tj -359.25 -13.5 TD -0.0068 Tc 0.3568 Tw (When retirement is endogenous and people spend a larger fraction of their lives in good ) Tj 0 -14.25 TD -0.0472 Tc 1.1472 Tw (health as longevity increases, the effect on savings is ambiguous as people may find it ) Tj 0 -13.5 TD -0.0139 Tc 1.0139 Tw (optimal to extend their working life and postpone retirement. Inde) Tj 325.5 0 TD 0.0791 Tc 0.4209 Tw (ed, the phenomenon ) Tj -325.5 -14.25 TD -0.108 Tc 0.108 Tw (of a ) Tj 21 0 TD -0.246 Tc 0 Tw (\221) Tj 4.5 0 TD -0.0315 Tc 0.0315 Tw (second career) Tj 66 0 TD -0.246 Tc 0 Tw (\222) Tj 3.75 0 TD 0.0089 Tc 0.2911 Tw ( is becoming more and more common, especially among knowledge ) Tj -95.25 -13.5 TD -0.0884 Tc 0.8384 Tw (workers \(cf. ) Tj 63 0 TD /F2 12 Tf -0.0345 Tc 1.5345 Tw (The Economist) Tj 73.5 0 TD /F0 12 Tf -0.048 Tc 1.548 Tw (, 2001\). According to Bloom et al., the dominant effect is ) Tj -136.5 -13.5 TD -0.0766 Tc 0.4857 Tw (that increases in longevity lead to higher savings rates at every age.) Tj 324 0 TD -0.0533 Tc 0.5033 Tw ( They apply this idea ) Tj ET endstream endobj 676 0 obj 40834 endobj 677 0 obj << /Type /Page /Parent 674 0 R /Resources << /Font << /F0 6 0 R /F2 622 0 R >> /ProcSet 2 0 R >> /Contents 678 0 R >> endobj 678 0 obj << /Length 679 0 R >> stream BT 249.75 762 TD 0 0 0 rg /F2 9.75 Tf 0.2468 Tc 0 Tw (C) Tj 6.75 0 TD /F2 8.25 Tf -0.068 Tc (ANTON) Tj 26.25 0 TD /F2 9.75 Tf -0.1875 Tc (,) Tj 2.25 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (E) Tj 6 0 TD /F2 8.25 Tf -0.1963 Tc -0.3662 Tw (WIJK ) Tj 20.25 0 TD /F2 9.75 Tf -0.0855 Tc 0 Tw (&) Tj 7.5 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf -0.171 Tc 0 Tw (T) Tj 5.25 0 TD /F2 8.25 Tf 0 Tc (ANG) Tj 16.5 0 TD /F2 9.75 Tf -0.1875 Tw ( ) Tj -53.25 -701.25 TD /F0 11.25 Tf -0.375 Tc 0 Tw (10) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -217.5 677.25 TD /F0 12 Tf -0.0351 Tc 1.7601 Tw (to explain the boom in savings in East Asia during 1950) Tj 285 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0029 Tc 1.61 Tw (90 as a result of rising life ) Tj -289.5 -14.25 TD -0.0411 Tc 0.3625 Tw (expectancy and falling youth dependency, and the decline in savings rates in response to ) Tj 0 -13.5 TD -0.0975 Tc 0.66 Tw (falling life expectancies in Africa.) Tj 162.75 0 TD 0 Tc 0 Tw ( ) Tj -162.75 -19.5 TD 0.0164 Tc 0.7336 Tw (The relation) Tj 57.75 0 TD 0.0615 Tc 0 Tw (ship) Tj 20.25 0 TD 0.2688 Tc -0.2688 Tw ( betwe) Tj 32.25 0 TD 0.0069 Tc 0.2931 Tw (en longevity and savings is, however, more complex than Bloom ) Tj -110.25 -14.25 TD -0.1013 Tc 2.0513 Tw (et al. may suggest. It ) Tj 112.5 0 TD -0.0463 Tc 3.0463 Tw (depends ) Tj 3 Tc 0 Tw (h) Tj 51 0 TD -0.0374 Tc 2.1937 Tw (ighly on the institutional setting. For example, their ) Tj -163.5 -13.5 TD 0.0263 Tc 0.8737 Tw (study seems more relevant for a country with a funded pension system than a country ) Tj 0 -14.25 TD -0.1753 Tc 0.5503 Tw (with a PAYG) Tj 64.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0156 Tc 0.0156 Tw (system \(cf.) Tj 52.5 0 TD -0.0106 Tc 0.0106 Tw ( Kapteyn and Panis, 2002\).) Tj 129.75 0 TD 0 Tc 0 Tw ( ) Tj -251.25 -19.5 TD -0.0895 Tc 0.4645 Tw (With declining ) Tj 76.5 0 TD /F2 12 Tf 0.1567 Tc 0 Tw (fertility) Tj 36 0 TD 0 Tc (,) Tj 3 0 TD /F0 12 Tf -0.054 Tc 1.804 Tw ( different mechanisms may be working in different directions. ) Tj -115.5 -13.5 TD -0.0757 Tc 0.8257 Tw (On the one hand, ) Tj 88.5 0 TD -0.414 Tc 0 Tw (for) Tj 12.75 0 TD -0.0417 Tc 1.1042 Tw ( smaller families less private saving is needed to keep the amount ) Tj -101.25 -14.25 TD 0.0266 Tc 0.8067 Tw (of resources available per child \(e.g. to pay for tuiti) Tj 253.5 0 TD -0.0195 Tc 1.1445 Tw (on\) unchanged. On the other hand, ) Tj -253.5 -13.5 TD -0.0499 Tc 1.1749 Tw (Brooks \(2000\) considers, however, the equally plausible possibility that the weight per ) Tj 0 -14.25 TD -0.0958 Tc 1.0801 Tw (child in the parental utility function is declining in the number of children. In that case, ) Tj 0 -13.5 TD -0.1428 Tc 2.7142 Tw (a decrease in the number of children lead) Tj 211.5 0 TD -0.0802 Tc 2.3302 Tw (s to an increase in consumption per child. ) Tj -211.5 -13.5 TD -0.041 Tc 0.791 Tw (Which consideration dominates the saving) Tj 204.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0703 Tc 1.0078 Tw (consumption decision is hard to tell a priori. ) Tj -209.25 -14.25 TD -0.0493 Tc 2.2311 Tw (Interestingly, Higgins and Williamson \(1996\) provide empirical evidence for a close ) Tj 0 -13.5 TD -0.0577 Tc 0.4327 Tw (relationship between the impressive decli) Tj 198 0 TD -0.0253 Tc 0.3586 Tw (ne in the Asian youth dependency ratio and the ) Tj -198 -14.25 TD -0.0749 Tc 1.0392 Tw (substantial increase in savings rates since the 1960s. This suggests that there is a trade) Tj 420.75 0 TD -0.246 Tc 0 Tw (-) Tj -420.75 -13.5 TD -0.015 Tc 1.5775 Tw (off between investment in human capital \(i.e. children\) and accumulation of physical ) Tj 0 -13.5 TD 0.0521 Tc 2.3479 Tw (capital. In any case, our underst) Tj 165 0 TD 0.0272 Tc 2.7228 Tw (anding of the relation) Tj 111 0 TD -0.126 Tc 0.126 Tw (ship ) Tj 24.75 0 TD 0.0769 Tc 1.6731 Tw (between private savings, ) Tj -300.75 -14.25 TD -0.0698 Tc 0.4031 Tw (fertility and education is limited and needs to be improved.) Tj 282.75 0 TD 0 Tc 0 Tw ( ) Tj -282.75 -19.5 TD 0.168 Tc (T) Tj 7.5 0 TD -0.0757 Tc 4.1257 Tw (he direct effects of lower fertility and higher life expectancy are) Tj 0 Tc 0 Tw ( ) Tj 349.5 0 TD 0.0112 Tc -0.7613 Tw (probably ) Tj 50.25 0 TD 0 Tc 0.75 Tw (less ) Tj -407.25 -14.25 TD -0.0501 Tc 0.5188 Tw (important than the indirect effects through forced changes i) Tj 285 0 TD 0.0058 Tc 0.2942 Tw (n the institutional setting and ) Tj -285 -13.5 TD -0.0014 Tc 4.0847 Tw (government policies. Ageing puts government budgets under pressure and forces) Tj 0 Tc 0.75 Tw ( ) Tj 0 -13.5 TD 0.0127 Tc 4.7373 Tw (governments to engineer important changes in pension systems, social security,) Tj 0 Tc 0.75 Tw ( ) Tj 0 -14.25 TD -0.0359 Tc 1.6859 Tw (budgetary policy and so on. The next subsection \(3.3\) continues wit) Tj 340.5 0 TD -0.0056 Tc 1.1306 Tw (h a discussion of ) Tj -340.5 -13.5 TD -0.0281 Tc 0.0281 Tw (government budgets and policies.) Tj 160.5 0 TD 0 Tc 0 Tw ( ) Tj -160.5 -20.25 TD -0.0942 Tc 2.3911 Tw (Before we turn to the public sector and public policies, let us at least conclude that ) Tj 0 -13.5 TD -0.0314 Tc 0.835 Tw (estimations across countries and over time come up with the robust finding that ageing ) Tj T* -0.1822 Tc 1.3072 Tw (has or will have a strong, nega) Tj 149.25 0 TD -0.0618 Tc 1.0368 Tw (tive impact on savings at the aggregate level. This could ) Tj -149.25 -14.25 TD -0.0554 Tc 1.5554 Tw (simply be the effect of changes in the composition of the population. Figure ) Tj 384.75 0 TD 0 Tc 0 Tw (5) Tj 6 0 TD 1.125 Tw ( shows ) Tj -390.75 -13.5 TD -0.0773 Tc 0.8898 Tw (both historical and projected savings rates for China, India, Italy and the ) Tj 355.5 0 TD -0.543 Tc 0 Tw (US) Tj 15 0 TD 0.03 Tc 0.72 Tw (, where the ) Tj -370.5 -14.25 TD -0.0423 Tc 3.7923 Tw (projections are based ) Tj 3.75 Tc 0 Tw (o) Tj 121.5 0 TD -0.0776 Tc 4.1089 Tw (n the same estimation results that also underlie Figure) Tj 0 Tc 0 Tw ( ) Tj 294 0 TD (4) Tj 6 0 TD 0.75 Tc (. ) Tj -421.5 -13.5 TD -0.0381 Tc 1.6881 Tw (Whereas in China and India the changing age structure of their populations lead to a ) Tj 0 -13.5 TD -0.0603 Tc 0.9257 Tw (peak in the savings rates between 2010 and 2020, in Italy and the ) Tj 325.5 0 TD -0.543 Tc 0 Tw (US) Tj 15 0 TD 0.0128 Tc 0.7372 Tw ( savings rates are ) Tj -340.5 -14.25 TD -0.1577 Tc 1.2827 Tw (projected to fall from 20) Tj 118.5 0 TD -0.0487 Tc 0.9237 Tw (00 onwards. For all countries, the decline in the savings rate is ) Tj -118.5 -13.5 TD -0.0602 Tc 0.9173 Tw (most pronounced between 2030 and 2040. Of course, these projections do not take into ) Tj 0 -14.25 TD -0.016 Tc 1.1122 Tw (account changes in policies and institutions that may boost savings rates, especially in ) Tj 0 -13.5 TD 0.018 Tc -0.018 Tw (developed countr) Tj 83.25 0 TD -0.333 Tc 0 Tw (ies.) Tj 15 0 TD 0 Tc ( ) Tj ET endstream endobj 679 0 obj 7136 endobj 680 0 obj << /Type /Page /Parent 674 0 R /Resources << /Font << /F0 6 0 R /F2 622 0 R /F3 628 0 R /F5 642 0 R >> /ProcSet 2 0 R >> /Contents 681 0 R >> endobj 681 0 obj << /Length 682 0 R >> stream BT 183 762 TD 0 0 0 rg /F2 9.75 Tf 0.0428 Tc 0 Tw (P) Tj 6 0 TD /F2 8.25 Tf -0.0417 Tc -0.5208 Tw (OPULATION ) Tj 47.25 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (A) Tj 5.25 0 TD /F2 8.25 Tf -0.0567 Tc -0.1308 Tw (GEING AND ) Tj 45 0 TD /F2 9.75 Tf -0.2467 Tc 0 Tw (I) Tj 3 0 TD /F2 8.25 Tf -0.1155 Tc 0.303 Tw (NTERNATIONAL ) Tj 59.25 0 TD /F2 9.75 Tf 0.2468 Tc 0 Tw (C) Tj 6.75 0 TD /F2 8.25 Tf -0.1323 Tc 0.3198 Tw (APITAL ) Tj 28.5 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (F) Tj 6 0 TD /F2 8.25 Tf -0.5102 Tc (LOWS) Tj 21 0 TD /F2 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj -119.25 -688.5 TD /F0 11.25 Tf -0.375 Tc 0 Tw (11) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -217.5 664.5 TD /F2 12 Tf -0.0177 Tc 0.0177 Tw (Figure 5. Historical n) Tj 105 0 TD -0.0107 Tc 0.0107 Tw (ational savings rates, 1960) Tj 129.75 0 TD -0.246 Tc 0 Tw (-) Tj 3.75 0 TD 0 Tc (2000,) Tj 27 0 TD 0.0535 Tc -0.0535 Tw ( and projected rates, 2010) Tj 127.5 0 TD -0.246 Tc 0 Tw (-) Tj 3.75 0 TD 0 Tc (50) Tj 12 0 TD ( ) Tj 0.75 w 1 J 1 j 0 0 0 RG ET 84.75 488.25 389.25 240 re S 114 722.25 m 114 524.25 l S 111.75 524.25 m 114 524.25 l S 111.75 546.75 m 114 546.75 l S 111.75 568.5 m 114 568.5 l S 111.75 590.25 m 114 590.25 l S 111.75 612 m 114 612 l S 111.75 634.5 m 114 634.5 l S 111.75 656.25 m 114 656.25 l S 111.75 678 m 114 678 l S 111.75 699.75 m 114 699.75 l S 111.75 722.25 m 114 722.25 l S 114 524.25 m 462.75 524.25 l S 114 522 m 114 524.25 l S 153 522 m 153 524.25 l S 192 522 m 192 524.25 l S 230.25 522 m 230.25 524.25 l S 269.25 522 m 269.25 524.25 l S 308.25 522 m 308.25 524.25 l S 346.5 522 m 346.5 524.25 l S 385.5 522 m 385.5 524.25 l S 423.75 522 m 423.75 524.25 l S 462.75 522 m 462.75 524.25 l S 153 651.75 m 192 678 l S 192 678 m 230.25 690.75 l S 230.25 690.75 m 269.25 699.75 l S 269.25 699.75 m 308.25 708.75 l S 308.25 708.75 m 346.5 705 l S 346.5 705 m 385.5 684.75 l S 385.5 684.75 m 423.75 653.25 l S 423.75 653.25 m 462.75 647.25 l S 153 642.75 m 156 642 l 153 643.5 l 153 642.75 l h b* 158.25 641.25 m 162 640.5 l 162 641.25 l 158.25 642 l 158.25 641.25 l h b* 164.25 639.75 m 168 639 l 168 639.75 l 164.25 640.5 l 164.25 639.75 l h b* 169.5 639 m 173.25 637.5 l 173.25 638.25 l 169.5 639 l h b* 175.5 637.5 m 179.25 636.75 l 175.5 637.5 l h b* 180.75 636 m 184.5 635.25 l 181.5 636.75 l 180.75 636 l h b* 186.75 634.5 m 190.5 633.75 l 190.5 634.5 l 186.75 635.25 l 186.75 634.5 l h b* 192 633 m 195.75 632.25 l 195.75 633 l 192 633.75 l 192 633 l h b* 197.25 631.5 m 201 630.75 l 201 631.5 l 197.25 632.25 l 197.25 631.5 l h b* 203.25 630 m 206.25 628.5 l 207 629.25 l 203.25 630.75 l 203.25 630 l h b* 208.5 628.5 m 212.25 627 l 212.25 627.75 l 209.25 628.5 l 208.5 628.5 l h b* 214.5 627 m 218.25 625.5 l 218.25 626.25 l 214.5 627 l h b* 219.75 624.75 m 223.5 624 l 223.5 624.75 l 219.75 625.5 l 219.75 624.75 l h b* 225.75 623.25 m 228.75 622.5 l 228.75 623.25 l 225.75 624 l 225.75 623.25 l h b* 230.25 621.75 m 234 621.75 l 234.75 622.5 l 231 622.5 l 230.25 621.75 l h b* 236.25 621.75 m 240 621 l 240 621.75 l 236.25 621.75 l h b* 242.25 621 m 246 621 l 246 621.75 l 242.25 621.75 l 242.25 621 l h b* 248.25 620.25 m 252 620.25 l 252 621 l 248.25 621 l 248.25 620.25 l h b* 254.25 620.25 m 258 619.5 l 258 620.25 l 254.25 621 l 254.25 620.25 l h b* 259.5 619.5 m 263.25 619.5 l 260.25 620.25 l 259.5 619.5 l h b* 265.5 619.5 m 269.25 618.75 l 269.25 619.5 l 265.5 619.5 l h b* 270.75 618.75 m 274.5 618 l 274.5 618.75 l 270.75 619.5 l 270.75 618.75 l h b* 276.75 618 m 280.5 618 l 276.75 618.75 l 276.75 618 l h b* 282.75 617.25 m 286.5 617.25 l 286.5 618 l 282.75 618 l 282.75 617.25 l h b* 288.75 617.25 m 291.75 616.5 l 291.75 617.25 l 288.75 617.25 l h b* 294 616.5 m 297.75 615.75 l 297.75 616.5 l 294 616.5 l h b* 300 615.75 m 303.75 615 l 303.75 615.75 l 300 616.5 l 300 615.75 l h b* 306 615 m 308.25 615 l 308.25 615.75 l 306 615.75 l 306 615 l h b* 307.5 615 m 309 615 l 307.5 615.75 l 307.5 615 l h b* 311.25 614.25 m 315 614.25 l 311.25 615 l 311.25 614.25 l h b* 317.25 613.5 m 320.25 612.75 l 321 613.5 l 317.25 614.25 l 317.25 613.5 l h b* 322.5 612.75 m 326.25 612.75 l 322.5 613.5 l 322.5 612.75 l h b* 328.5 612 m 332.25 612 l 328.5 612.75 l 328.5 612 l h b* 334.5 611.25 m 338.25 611.25 l 334.5 612 l 334.5 611.25 l h b* 339.75 610.5 m 343.5 610.5 l 340.5 611.25 l 339.75 610.5 l h b* 345.75 609.75 m 346.5 609.75 l 347.25 610.5 l 345.75 610.5 l 345.75 609.75 l h b* 346.5 609.75 m 348.75 609 l 348.75 609.75 l 346.5 610.5 l 346.5 609.75 l h b* 351 608.25 m 354.75 607.5 l 351 609 l 351 608.25 l h b* 356.25 606.75 m 360 605.25 l 360 606 l 356.25 607.5 l 356.25 606.75 l h b* 362.25 604.5 m 365.25 603.75 l 366 604.5 l 362.25 605.25 l 362.25 604.5 l h b* 367.5 603 m 371.25 602.25 l 367.5 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584.25 l 443.25 583.5 l 439.5 583.5 l 439.5 584.25 l h b* 445.5 584.25 m 449.25 584.25 l 449.25 583.5 l 445.5 583.5 l 445.5 584.25 l h b* 450.75 583.5 m 454.5 583.5 l 450.75 583.5 l h b* 456.75 583.5 m 460.5 582.75 l 460.5 583.5 l 456.75 583.5 l h b* 462.75 583.5 m 462.75 582.75 l 462.75 583.5 l h b* 114 609 m 114.75 609 l 115.5 609.75 l 114 609.75 l 114 609 l h b* 117 609 m 118.5 609 l 117 609 l h b* 120 608.25 m 121.5 608.25 l 121.5 609 l 120.75 609 l 120 608.25 l h b* 123.75 608.25 m 124.5 608.25 l 123.75 609 l 123.75 608.25 l h b* 126.75 607.5 m 127.5 607.5 l 127.5 608.25 l 126.75 608.25 l 126.75 607.5 l h b* 129.75 607.5 m 131.25 607.5 l 129.75 608.25 l 129.75 607.5 l h b* 132.75 606.75 m 134.25 606.75 l 134.25 607.5 l 132.75 607.5 l 132.75 606.75 l h b* 136.5 606.75 m 137.25 606.75 l 136.5 607.5 l 136.5 606.75 l h b* 139.5 606 m 140.25 606 l 140.25 606.75 l 139.5 606.75 l 139.5 606 l h b* 142.5 606 m 143.25 606 l 142.5 606.75 l 142.5 606 l h b* 145.5 606 m 147 605.25 l 147 606 l 145.5 606 l h b* 148.5 605.25 m 150 605.25 l 150 606 l 149.25 606 l 148.5 605.25 l h b* 152.25 605.25 m 153 604.5 l 153 605.25 l 152.25 605.25 l h b* 154.5 606 m 156 606 l 156 605.25 l 154.5 605.25 l 154.5 606 l h b* 157.5 606 m 159 606 l 158.25 605.25 l 157.5 606 l h b* 161.25 606 m 162 606.75 l 162 606 l 161.25 606 l h b* 164.25 606.75 m 165 606.75 l 164.25 606 l 164.25 606.75 l h b* 167.25 607.5 m 168 607.5 l 168.75 606.75 l 167.25 606.75 l 167.25 607.5 l h b* 170.25 607.5 m 171.75 607.5 l 170.25 607.5 l h b* 173.25 608.25 m 174.75 608.25 l 174.75 607.5 l 174 607.5 l 173.25 608.25 l h b* 177 609 m 177.75 609 l 177.75 608.25 l 177 608.25 l 177 609 l h b* 180 609 m 180.75 609 l 181.5 609 l 180 608.25 l 180 609 l h b* 183 609 m 183.75 609.75 l 184.5 609 l 183 609 l h b* 186 609.75 m 187.5 609.75 l 187.5 609 l 186 609 l 186 609.75 l h b* 189 610.5 m 190.5 610.5 l 190.5 609.75 l 189.75 609.75 l 189 610.5 l h b* 192 609.75 m 192.75 609.75 l 192 610.5 l 192 609.75 l h b* 195 609 m 195.75 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623.25 m 228.75 624.75 l S 230.25 623.25 m 231.75 621.75 l S 230.25 623.25 m 228.75 621.75 l S 230.25 623.25 m 231.75 624.75 l S 0 0 0 RG 267.75 619.5 m 270.75 619.5 l 270.75 616.5 l 267.75 616.5 l 267.75 619.5 l h b 0.2 0.2 0.2 RG 269.25 618.75 m 267.75 619.5 l S 269.25 618.75 m 270.75 617.25 l S 269.25 618.75 m 267.75 617.25 l S 269.25 618.75 m 270.75 619.5 l S 0 0 0 RG 306.75 633 m 309.75 633 l 309.75 630 l 306.75 630 l 306.75 633 l h b 0.2 0.2 0.2 RG 308.25 631.5 m 306.75 633 l S 308.25 631.5 m 309 630 l S 308.25 631.5 m 306.75 630 l S 308.25 631.5 m 309 633 l S 0 0 0 RG 345 638.25 m 348 638.25 l 348 635.25 l 345 635.25 l 345 638.25 l h b 0.2 0.2 0.2 RG 346.5 636.75 m 345 638.25 l S 346.5 636.75 m 348 635.25 l S 346.5 636.75 m 345 635.25 l S 346.5 636.75 m 348 638.25 l S 0 0 0 RG 384 627 m 387 627 l 387 624 l 384 624 l 384 627 l h b 0.2 0.2 0.2 RG 385.5 625.5 m 384 627 l S 385.5 625.5 m 387 624 l S 385.5 625.5 m 384 624 l S 385.5 625.5 m 387 627 l S 0 0 0 RG 422.25 615.75 m 425.25 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492 l 234.75 492 l h b 239.25 497.25 m 239.25 498 l 240 498 l 240 497.25 l 239.25 497.25 l 239.25 492 m 239.25 496.5 l 240 496.5 l 240 492 l 239.25 492 l h b 241.5 492 m 241.5 496.5 l 242.25 496.5 l 242.25 495.75 l 242.25 496.5 l 244.5 496.5 l 244.5 492 l 243.75 492 l 243.75 495.75 l 242.25 495.75 l 242.25 495 l 242.25 494.25 l 242.25 492 l 241.5 492 l h b 248.25 492.75 m 248.25 492 l 246 492 l 246 494.25 l 246.75 494.25 l 246.75 495 l 248.25 495 l 248.25 495.75 l 246.75 495.75 l 246.75 495.75 l 246.75 495 l 246 495 l 246 496.5 l 249 496.5 l 249 495 l 249.75 495 l 249.75 492 l 249 492 l 249 492.75 l 248.25 492.75 l 248.25 494.25 m 246.75 494.25 l 246.75 492.75 l 248.25 492.75 l 248.25 494.25 l h b 253.5 495 m 257.25 495 l 253.5 495 l h b* 259.5 495 m 263.25 495 l 259.5 495 l h b* 265.5 495 m 268.5 495 l 265.5 495 l h b* 273 492 m 273 498 l 273.75 498 l 273.75 492 l 273 492 l h b 276.75 492.75 m 276.75 492 l 275.25 492 l 275.25 495.75 l 274.5 495.75 l 274.5 496.5 l 275.25 496.5 l 275.25 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496.5 m 340.5 496.5 l 340.5 493.5 l 337.5 493.5 l 337.5 496.5 l h b 0.2 0.2 0.2 RG 339 495 m 337.5 496.5 l S 339 495 m 340.5 493.5 l S 339 495 m 337.5 493.5 l S 339 495 m 340.5 496.5 l S 0 0 0 RG 350.25 492 m 350.25 498 l 351 498 l 351 492 l 350.25 492 l h b 352.5 492 m 352.5 496.5 l 353.25 496.5 l 353.25 495.75 l 353.25 496.5 l 355.5 496.5 l 355.5 492 l 354.75 492 l 354.75 495.75 l 353.25 495.75 l 353.25 495 l 353.25 494.25 l 353.25 492 l 352.5 492 l h b 359.25 492 m 359.25 492.75 l 358.5 492 l 357.75 492 l 357 492.75 l 357 493.5 l 356.25 493.5 l 356.25 495 l 357.75 496.5 l 359.25 496.5 l 359.25 495.75 l 359.25 498 l 360 498 l 360 492 l 359.25 492 l 357.75 494.25 m 357.75 492.75 l 359.25 492.75 l 359.25 495.75 l 357.75 495.75 l 357.75 494.25 l h b 361.5 497.25 m 361.5 498 l 362.25 498 l 362.25 497.25 l 361.5 497.25 l 361.5 492 m 361.5 496.5 l 362.25 496.5 l 362.25 492 l 361.5 492 l h b 366 492.75 m 366 492 l 363.75 492 l 363.75 492.75 l 363 492.75 l 363 493.5 l 363.75 494.25 l 364.5 494.25 l 364.5 495 l 366 495 l 366 495.75 l 364.5 495.75 l 364.5 495.75 l 363.75 495 l 363 495 l 363 495.75 l 363.75 495.75 l 363.75 496.5 l 366.75 496.5 l 366.75 492 l 366 492 l 366 492.75 l 366 494.25 m 364.5 494.25 l 364.5 493.5 l 363.75 493.5 l 364.5 492.75 l 365.25 492.75 l 366 493.5 l 366 494.25 l h b BT 474.75 487.5 TD /F0 9.75 Tf -0.1875 Tw ( ) Tj -390 -16.5 TD /F2 11.25 Tf 0.0431 Tc 0 Tw (Source) Tj 30.75 0 TD 0.1237 Tc (s) Tj 4.5 0 TD 0.0038 Tc (:) Tj 3.75 0 TD /F0 11.25 Tf -0.2186 Tc 0.3124 Tw ( de Groot and Tang; see also the Appendix) Tj 186.75 0 TD /F0 12 Tf 0 Tc 0 Tw (.) Tj 3 0 TD ( ) Tj -228.75 -19.5 TD ( ) Tj 0 -20.25 TD /F3 12 Tf (3.3) Tj 15 0 TD /F5 12 Tf -0.336 Tw ( ) Tj 21 0 TD /F3 12 Tf -0.022 Tc 0.522 Tw (Government budget and policies) Tj 167.25 0 TD 0 Tc 0 Tw ( ) Tj -176.25 -19.5 TD /F2 12 Tf -0.0499 Tc 0.7317 Tw (The government budget is the third channel though which ageing influences ) Tj 0 -14.25 TD 0.112 Tc 3.638 Tw (the ) Tj 3.75 Tc 0 Tw (b) Tj 27.75 0 TD -0.0055 Tc 3.6617 Tw (alance between national savings and investment, and thereby the) Tj 0 Tc -0.75 Tw ( ) Tj -27.75 -13.5 TD 0.0309 Tc -0.0309 Tw (current account. Ageing puts the public sector under pressure. Expenditures ) Tj 0 -13.5 TD -0.0672 Tc 0.8172 Tw (on old) Tj 30.75 0 TD -0.246 Tc 0 Tw (-) Tj 3.75 0 TD -0.025 Tc 0.65 Tw (age pensions, as part of PAYG system, and health care are expected ) Tj -34.5 -14.25 TD 0.1518 Tc 2.8482 Tw (to rise. This threatens to raise the tax b) Tj 214.5 0 TD 0.0202 Tc 2.4173 Tw (urden on working generations ) Tj -214.5 -13.5 TD 0.0453 Tc 0.6365 Tw (significantly. When governments want to prevent this, they have two broad ) Tj 0 -14.25 TD 0.0369 Tc -0.0369 Tw (options. On the one hand governments may try to stimulate ) Tj 288.75 0 TD 0.112 Tc -0.112 Tw (the ) Tj 18 0 TD -0.0328 Tc 0.0328 Tw (participation ) Tj -306.75 -13.5 TD 0.092 Tc 1.408 Tw (of working) Tj 54 0 TD -0.246 Tc 0 Tw (-) Tj 3.75 0 TD -0.0351 Tc 0.7851 Tw (age generations ) Tj 82.5 0 TD -0.336 Tc 0 Tw (i) Tj 3 0 TD 0.0602 Tc 1.2732 Tw (n the labour market. On the other hand they ) Tj -143.25 -13.5 TD 0.084 Tc 0.666 Tw (can l) Tj 24 0 TD 0.0593 Tc 0.6907 Tw (ower the level of old) Tj 102 0 TD -0.246 Tc 0 Tw (-) Tj 3.75 0 TD 0.0376 Tc 0.8062 Tw (age pensions in the future or raise contributions ) Tj -129.75 -14.25 TD 0.0305 Tc 1.4695 Tw (and taxes now) Tj 72 0 TD 0.166 Tc 1.334 Tw ( or both) Tj 41.25 0 TD 0.0057 Tc 1.0776 Tw (. The first option tends to boost investment demand ) Tj -113.25 -13.5 TD 0.0081 Tc -0.0081 Tw (whereas the second option tends to raise the propensity to save.) Tj 306.75 0 TD 0 Tc 0 Tw ( ) Tj -333.75 -26.25 TD /F3 12 Tf (3.3.1) Tj 24 0 TD ( ) Tj 12 0 TD -0.0424 Tc 0.4174 Tw (Pressure on the government budget) Tj 181.5 0 TD 0 Tc 0 Tw ( ) Tj -217.5 -19.5 TD /F0 12 Tf -0.013 Tc (Ageing) Tj 34.5 0 TD -0.0225 Tc 1.094 Tw ( is first and foremost a problem of distribution, namely between young and old ) Tj -34.5 -13.5 TD -0.034 Tc 1.0653 Tw (generations. It has arisen with the introduction of PAYG) Tj 279 0 TD -0.1791 Tc 0.9291 Tw ( systems) Tj 41.25 0 TD 0.0948 Tc 0.6552 Tw (. The PAYG systems ) Tj -320.25 -14.25 TD -0.0926 Tc 1.1426 Tw (were introduced in many countries to give old generations a decent income. It was part ) Tj 0 -13.5 TD 0.036 Tc 1.464 Tw (of a br) Tj 33.75 0 TD -0.034 Tc 1.659 Tw (oader programme to provide assistance to those who saw their income decline ) Tj -33.75 -14.25 TD -0.0227 Tc 6.3636 Tw (and to provide insurance against labour market risks such as disability and) Tj 0 Tc 0.75 Tw ( ) Tj 0 -13.5 TD 0.0196 Tc 0.1411 Tw (unemployment. Public pension systems can also be seen as a form of insurance, namely ) Tj T* -0.0784 Tc 0.8284 Tw (against longevity. ) Tj 89.25 0 TD 0.0029 Tc 0.8153 Tw (In particular, the period during which elderly people are retired \(and ) Tj -89.25 -14.25 TD -0.0544 Tc 2.4198 Tw (are presumably unable to work\) is uncertain. Pensions ensure the income stream of ) Tj 0 -13.5 TD -0.0696 Tc 0.1767 Tw (people who run the risk of becoming old) Tj 194.25 0 TD -0.0666 Tc 0.5666 Tw ( without adequate income) Tj 123.75 0 TD 0 Tc 0 Tw (. ) Tj 6 0 TD ( ) Tj ET endstream endobj 682 0 obj 52550 endobj 683 0 obj << /Type /Page /Parent 674 0 R /Resources << /Font << /F0 6 0 R /F2 622 0 R >> /ProcSet 2 0 R >> /Contents 684 0 R >> endobj 684 0 obj << /Length 685 0 R >> stream BT 249.75 762 TD 0 0 0 rg /F2 9.75 Tf 0.2468 Tc 0 Tw (C) Tj 6.75 0 TD /F2 8.25 Tf -0.068 Tc (ANTON) Tj 26.25 0 TD /F2 9.75 Tf -0.1875 Tc (,) Tj 2.25 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (E) Tj 6 0 TD /F2 8.25 Tf -0.1963 Tc -0.3662 Tw (WIJK ) Tj 20.25 0 TD /F2 9.75 Tf -0.0855 Tc 0 Tw (&) Tj 7.5 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf -0.171 Tc 0 Tw (T) Tj 5.25 0 TD /F2 8.25 Tf 0 Tc (ANG) Tj 16.5 0 TD /F2 9.75 Tf -0.1875 Tw ( ) Tj -53.25 -701.25 TD /F0 11.25 Tf -0.375 Tc 0 Tw (12) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -217.5 677.25 TD /F0 12 Tf -0.0156 Tc 2.2656 Tw (A PAYG) Tj 45.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0958 Tc 2.4958 Tw (system is a social contract be) Tj 150 0 TD -0.0942 Tc 2.3442 Tw (tween young and old generations: the young ) Tj -200.25 -14.25 TD -0.0413 Tc 4.814 Tw (generations support the old generations in the expectation that once they retire) Tj 0 Tc 0.75 Tw ( ) Tj 0 -13.5 TD -0.0726 Tc 0.8226 Tw (themselves, they will also receive income support. If the age structure of the population ) Tj T* 0.011 Tc 0.3105 Tw (were stable, neither party would have an i) Tj 202.5 0 TD -0.0237 Tc 0.5862 Tw (ncentive to break the social contract. The root ) Tj -202.5 -14.25 TD -0.0766 Tc 1.0266 Tw (of the problem is, however, that the age structure of the population does change during ) Tj 0 -13.5 TD -0.0412 Tc 3.1566 Tw (the coming decades. The baby boom, fewer children, and longevity will raise the ) Tj 0 -14.25 TD -0.0332 Tc 1.6582 Tw (dependency ratios and put the social con) Tj 201.75 0 TD -0.0609 Tc 1.6859 Tw (tract between generations under pressure: the ) Tj -201.75 -13.5 TD -0.0479 Tc 4.6979 Tw (tax burden on young working generations will rise, sometimes dramatically. To) Tj 0 Tc 0.75 Tw ( ) Tj 0 -13.5 TD -0.0784 Tc 0.4534 Tw (illustrate, Figure ) Tj 82.5 0 TD 0 Tc 0 Tw (6) Tj 6 0 TD -0.1148 Tc 1.0314 Tw ( shows the expected increase in the expenditures on old) Tj 270 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0142 Tc 0.7642 Tw (age pensions ) Tj -363 -14.25 TD -0.0418 Tc 1.8231 Tw (in a number of countries. It reveals that t) Tj 206.25 0 TD -0.1058 Tc 1.7933 Tw (he increase is significant for the majority of ) Tj -206.25 -13.5 TD -0.0391 Tc 1.6328 Tw (countries and falls in the range of 3 to 5% of GDP. There are substantial differences ) Tj 0 -14.25 TD -0.0265 Tc 2.1265 Tw (between countries, however. In the Netherlands, Denmark and Finland, expenditures ) Tj 0 -13.5 TD -0.0755 Tc 2.3255 Tw (increase substantially. In Japan and Pola) Tj 204 0 TD -0.0644 Tc 2.1269 Tw (nd, they are actually projected to decline as ) Tj -204 -13.5 TD -0.0696 Tc 0.3196 Tw (share of GDP, in part because old) Tj 161.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.1003 Tc 0.4753 Tw (age pensions are not indexed to wages.) Tj 186.75 5.25 TD /F0 8.25 Tf 0.375 Tc 0 Tw (10) Tj 9 -5.25 TD /F0 12 Tf 0 Tc ( ) Tj -361.5 -12.75 TD /F0 9.75 Tf -0.1875 Tw ( ) Tj 0 -18.75 TD /F2 12 Tf -0.0328 Tc 0.7828 Tw (Figure 6. Public expenditure on old) Tj 174.75 0 TD -0.246 Tc 0 Tw (-) Tj 3.75 0 TD -0.0049 Tc 0.6612 Tw (age pensions in 2000 and 2035 for various ) Tj 214.5 0 TD 0.084 Tc 0 Tw (OECD) Tj 32.25 0 TD 0 Tc ( ) Tj -425.25 -13.5 TD -0.046 Tc (countries) Tj 44.25 0 TD 0 Tc ( ) Tj 0.75 w 1 J 1 j 0 0 0 RG ET 84.75 264.75 385.5 240 re S 447 318 m 152.25 318 l 152.25 315 l 447 315 l 447 318 l h b 447 318 m 152.25 318 l S 152.25 315 m 447 315 l S 447 315 m 447 318 l S 444.75 328.5 m 152.25 328.5 l 152.25 325.5 l 444.75 325.5 l 444.75 328.5 l h b* 444.75 328.5 m 152.25 328.5 l 152.25 325.5 l 444.75 325.5 l 444.75 328.5 l S 433.5 339 m 152.25 339 l 152.25 336 l 433.5 336 l 433.5 339 l h b* 433.5 339 m 152.25 339 l 152.25 336 l 433.5 336 l 433.5 339 l S 416.25 349.5 m 152.25 349.5 l 152.25 346.5 l 416.25 346.5 l 416.25 349.5 l h b 416.25 349.5 m 152.25 349.5 l S 152.25 346.5 m 416.25 346.5 l S 416.25 346.5 m 416.25 349.5 l S 411.75 360 m 152.25 360 l 152.25 357 l 411.75 357 l 411.75 360 l h b* 411.75 360 m 152.25 360 l 152.25 357 l 411.75 357 l 411.75 360 l S 402.75 370.5 m 152.25 370.5 l 152.25 367.5 l 402.75 367.5 l 402.75 370.5 l h b 402 370.5 m 152.25 370.5 l S 152.25 367.5 m 402 367.5 l S 402 367.5 m 402 370.5 l S 399 381 m 152.25 381 l 152.25 378 l 399 378 l 399 381 l h b* 399 381 m 152.25 381 l 152.25 378 l 399 378 l 399 381 l S 390.75 391.5 m 152.25 391.5 l 152.25 388.5 l 390.75 388.5 l 390.75 391.5 l h b 390.75 391.5 m 152.25 391.5 l S 152.25 388.5 m 390.75 388.5 l S 390.75 388.5 m 390.75 391.5 l S 389.25 402 m 152.25 402 l 152.25 399 l 389.25 399 l 389.25 402 l h b 389.25 402 m 152.25 402 l S 152.25 399 m 389.25 399 l S 389.25 399 m 389.25 402 l S 384 412.5 m 152.25 412.5 l 152.25 409.5 l 384 409.5 l 384 412.5 l h b 384 412.5 m 152.25 412.5 l S 152.25 409.5 m 384 409.5 l S 384 409.5 m 384 412.5 l S 379.5 423 m 152.25 423 l 152.25 420 l 379.5 420 l 379.5 423 l h b 379.5 423 m 152.25 423 l S 152.25 420 m 379.5 420 l S 379.5 420 m 379.5 423 l S 372 444 m 152.25 444 l 152.25 441 l 372 441 l 372 444 l h b* 372 444 m 152.25 444 l 152.25 441 l 372 441 l 372 444 l S 351.75 454.5 m 152.25 454.5 l 152.25 451.5 l 351.75 451.5 l 351.75 454.5 l h b 351.75 454.5 m 152.25 454.5 l S 152.25 451.5 m 351.75 451.5 l S 351.75 451.5 m 351.75 454.5 l S 333 464.25 m 152.25 464.25 l 152.25 462 l 333 462 l 333 464.25 l h b* 333 464.25 m 152.25 464.25 l 152.25 462 l 333 462 l 333 464.25 l S 432 485.25 m 152.25 485.25 l 152.25 483 l 432 483 l 432 485.25 l h b 432 485.25 m 152.25 485.25 l S 152.25 483 m 432 483 l S 432 483 m 432 485.25 l S 350.25 495.75 m 152.25 495.75 l 152.25 493.5 l 350.25 493.5 l 350.25 495.75 l h b* 350.25 495.75 m 152.25 495.75 l 152.25 493.5 l 350.25 493.5 l 350.25 495.75 l S 0.502 0.502 0.502 rg 0.502 0.502 0.502 RG 299.25 321 m 152.25 321 l 152.25 318 l 299.25 318 l 299.25 321 l h b 0 0 0 RG 299.25 321 m 152.25 321 l S 152.25 318 m 299.25 318 l S 299.25 318 m 299.25 321 l S 0.502 0.502 0.502 RG 285 331.5 m 152.25 331.5 l 152.25 328.5 m 285 328.5 l 285 331.5 l 152.25 328.5 m 152.25 331.5 l 152.25 328.5 l h b 0 0 0 RG 285 331.5 m 152.25 331.5 l S 152.25 328.5 m 285 328.5 l S 285 328.5 m 285 331.5 l S 0.502 0.502 0.502 RG 293.25 342 m 152.25 342 l 152.25 339 l 293.25 339 l 293.25 342 l h b 0 0 0 RG 292.5 342 m 152.25 342 l S 152.25 339 m 292.5 339 l S 292.5 339 m 292.5 342 l S 0.502 0.502 0.502 RG 284.25 352.5 m 152.25 352.5 l 152.25 349.5 l 284.25 349.5 l 284.25 352.5 l h b 0 0 0 RG 284.25 352.5 m 152.25 352.5 l S 152.25 349.5 m 284.25 349.5 l S 284.25 349.5 m 284.25 352.5 l S 0.502 0.502 0.502 RG 296.25 363 m 152.25 363 l 152.25 360 l 296.25 360 l 296.25 363 l h b 0 0 0 RG 296.25 363 m 152.25 363 l S 152.25 360 m 296.25 360 l S 296.25 360 m 296.25 363 l S 0.502 0.502 0.502 RG 291 373.5 m 152.25 373.5 l 152.25 370.5 l 291 370.5 l 291 373.5 l h b 0 0 0 RG 291 373.5 m 152.25 373.5 l S 152.25 370.5 m 291 370.5 l S 291 370.5 m 291 373.5 l S 0.502 0.502 0.502 RG 297 384 m 152.25 384 l 152.25 381 l 297 381 l 297 384 l h b 0 0 0 RG 297 384 m 152.25 384 l S 152.25 381 m 297 381 l S 297 381 m 297 384 l S 0.502 0.502 0.502 RG 265.5 394.5 m 152.25 394.5 l 152.25 391.5 l 265.5 391.5 l 265.5 394.5 l h b* 0 0 0 RG 265.5 394.5 m 152.25 394.5 l 152.25 391.5 l 265.5 391.5 l 265.5 394.5 l S 0.502 0.502 0.502 RG 300.75 405 m 152.25 405 l 152.25 402 l 300.75 402 l 300.75 405 l h b 0 0 0 RG 300.75 405 m 152.25 405 l S 152.25 402 m 300.75 402 l S 300.75 402 m 300.75 405 l S 0.502 0.502 0.502 RG 288 415.5 m 152.25 415.5 l 152.25 412.5 l 288 412.5 l 288 415.5 l h b 0 0 0 RG 288 415.5 m 152.25 415.5 l S 152.25 412.5 m 288 412.5 l S 288 412.5 m 288 415.5 l S 0.502 0.502 0.502 RG 278.25 426 m 152.25 426 l 152.25 423 l 278.25 423 l 278.25 426 l h b 0 0 0 RG 278.25 426 m 152.25 426 l S 152.25 423 m 278.25 423 l S 278.25 423 m 278.25 426 l S 0.502 0.502 0.502 RG 267.75 447 m 152.25 447 l 152.25 444 l 267.75 444 l 267.75 447 l h b 0 0 0 RG 267.75 447 m 152.25 447 l S 152.25 444 m 267.75 444 l S 267.75 444 m 267.75 447 l S 0.502 0.502 0.502 RG 257.25 457.5 m 152.25 457.5 l 152.25 454.5 l 257.25 454.5 l 257.25 457.5 l h b 0 0 0 RG 257.25 457.5 m 152.25 457.5 l S 152.25 454.5 m 257.25 454.5 l S 257.25 454.5 m 257.25 457.5 l S 0.502 0.502 0.502 RG 273 468 m 152.25 468 l 152.25 465 l 273 465 l 273 468 l h b* 0 0 0 RG 273 468 m 152.25 468 l 152.25 465 l 273 465 l 273 468 l S 0.502 0.502 0.502 RG 299.25 488.25 m 152.25 488.25 l 152.25 486 l 299.25 486 l 299.25 488.25 l h b 0 0 0 RG 299.25 488.25 m 152.25 488.25 l S 152.25 486 m 299.25 486 l S 299.25 486 m 299.25 488.25 l S 0.502 0.502 0.502 RG 261.75 498.75 m 152.25 498.75 l 152.25 496.5 m 261.75 496.5 l 261.75 498.75 l 152.25 496.5 m 152.25 498.75 l 152.25 496.5 l h b 0 0 0 RG 261.75 498.75 m 152.25 498.75 l S 152.25 496.5 m 261.75 496.5 l S 261.75 496.5 m 261.75 498.75 l S 152.25 312.75 m 463.5 312.75 l S 152.25 310.5 m 152.25 312.75 l S 204 310.5 m 204 312.75 l S 255.75 310.5 m 255.75 312.75 l S 307.5 310.5 m 307.5 312.75 l S 360 310.5 m 360 312.75 l S 411.75 310.5 m 411.75 312.75 l S 463.5 310.5 m 463.5 312.75 l S 152.25 501 m 152.25 312.75 l S 149.25 312.75 m 152.25 312.75 l S 149.25 323.25 m 152.25 323.25 l S 149.25 333.75 m 152.25 333.75 l S 149.25 344.25 m 152.25 344.25 l S 149.25 354.75 m 152.25 354.75 l S 149.25 365.25 m 152.25 365.25 l S 149.25 375.75 m 152.25 375.75 l S 149.25 386.25 m 152.25 386.25 l S 149.25 396.75 m 152.25 396.75 l S 149.25 407.25 m 152.25 407.25 l S 149.25 417.75 m 152.25 417.75 l S 149.25 428.25 m 152.25 428.25 l S 149.25 438.75 m 152.25 438.75 l S 149.25 449.25 m 152.25 449.25 l S 149.25 459.75 m 152.25 459.75 l S 149.25 470.25 m 152.25 470.25 l S 149.25 480 m 152.25 480 l S 149.25 490.5 m 152.25 490.5 l S 149.25 501 m 152.25 501 l S 0 0 0 rg 150 301.5 m 150 302.25 l 150.75 303 l 150.75 303.75 l 151.5 304.5 l 152.25 304.5 l 153 303.75 l 153.75 303.75 l 153.75 299.25 l 153 298.5 l 150.75 298.5 l 150 300 l 150 301.5 l 150.75 301.5 m 150.75 300 l 151.5 299.25 l 153 299.25 l 153 303 l 152.25 303.75 l 151.5 303.75 l 151.5 303 l 150.75 303 l 150.75 301.5 l h b 202.5 298.5 m 201.75 298.5 l 201.75 303 l 201 303 l 201 302.25 l 200.25 302.25 l 200.25 303 l 201 303 l 201 303.75 l 201.75 303.75 l 201.75 304.5 l 202.5 304.5 l 202.5 298.5 l h b 204 301.5 m 204 302.25 l 204.75 303 l 204.75 303.75 l 205.5 303.75 l 205.5 304.5 l 207 304.5 l 207 303.75 l 207.75 303.75 l 207.75 303 l 208.5 302.25 l 208.5 300.75 l 207.75 300 l 207.75 299.25 l 207 298.5 l 204.75 298.5 l 204.75 300 l 204 301.5 l 204.75 301.5 m 204.75 300.75 l 205.5 300 l 205.5 299.25 l 207 299.25 l 207 303 l 206.25 303.75 l 205.5 303.75 l 205.5 302.25 l 204.75 301.5 l h b 255.75 299.25 m 255.75 298.5 l 251.25 298.5 l 252 298.5 l 252 300 l 252.75 300 l 252.75 300.75 l 253.5 300.75 l 254.25 301.5 l 254.25 303.75 l 252.75 303.75 l 252.75 302.25 l 252 303 l 252 303.75 l 252.75 303.75 l 252.75 304.5 l 253.5 304.5 l 254.25 304.5 l 254.25 303.75 l 255 303.75 l 255.75 303 l 255.75 302.25 l 255 302.25 l 255 301.5 l 253.5 300 l 252.75 300 l 252.75 299.25 l 255.75 299.25 l h b 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l 310.5 303.75 l 309.75 303.75 l 309.75 303 l 309 303 l 309 301.5 l h b 357.75 298.5 m 357.75 300 l 355.5 300 l 355.5 300.75 l 357.75 304.5 l 358.5 304.5 l 358.5 300.75 l 359.25 300.75 l 359.25 300 l 358.5 300 l 358.5 298.5 l 357.75 298.5 l 357.75 300.75 m 357.75 303 l 356.25 300.75 l 357.75 300.75 l h b 360 301.5 m 360 303 l 361.5 304.5 l 362.25 304.5 l 363 303.75 l 363.75 303.75 l 363.75 299.25 l 363 298.5 l 360.75 298.5 l 360 300 l 360 301.5 l 360.75 301.5 m 360.75 300 l 361.5 299.25 l 363 299.25 l 363 303 l 362.25 303 l 362.25 303.75 l 361.5 303.75 l 361.5 303 l 360.75 303 l 360.75 301.5 l h b 407.25 300 m 408.75 300 l 408.75 299.25 l 410.25 299.25 l 410.25 300 l 411 300 l 411 300.75 l 410.25 300.75 l 410.25 301.5 l 408.75 301.5 l 408.75 300.75 l 408 301.5 l 408 304.5 l 411 304.5 l 411 303 l 408.75 303 l 408.75 301.5 l 409.5 302.25 l 410.25 302.25 l 411 301.5 l 411 300.75 l 411.75 300 l 411 300 l 411 299.25 l 410.25 298.5 l 408 298.5 l 408 299.25 l 407.25 300 l h b 412.5 301.5 m 412.5 303.75 l 413.25 303.75 l 413.25 304.5 l 414.75 304.5 l 414.75 303.75 l 415.5 303.75 l 415.5 303 l 416.25 302.25 l 416.25 300 l 415.5 299.25 l 415.5 298.5 l 412.5 298.5 l 412.5 300 l 412.5 301.5 l 413.25 301.5 m 413.25 299.25 l 414.75 299.25 l 414.75 300 l 415.5 300 l 415.5 302.25 l 414 303.75 l 413.25 303 l 413.25 301.5 l h b 463.5 303 m 462 303 l 462 303.75 l 461.25 303.75 l 461.25 303 l 460.5 303 l 460.5 301.5 l 460.5 302.25 l 462.75 302.25 l 462.75 301.5 l 463.5 301.5 l 463.5 299.25 l 462.75 298.5 l 462 298.5 l 461.25 298.5 l 460.5 298.5 l 459.75 299.25 l 459.75 302.25 l 460.5 303.75 l 461.25 304.5 l 462 304.5 l 463.5 303 l 460.5 300 m 460.5 299.25 l 462.75 299.25 l 462.75 300.75 l 462 301.5 l 460.5 301.5 l 460.5 300 l h b 464.25 301.5 m 464.25 303.75 l 465 303.75 l 465.75 304.5 l 466.5 304.5 l 467.25 303.75 l 467.25 303 l 468 303 l 468 299.25 l 467.25 299.25 l 467.25 298.5 l 464.25 298.5 l 464.25 300 l 464.25 301.5 l 465 301.5 m 465 299.25 l 466.5 299.25 l 467.25 300 l 467.25 303 l 466.5 303 l 466.5 303.75 l 465.75 303.75 l 465.75 303 l 465 303 l 465 301.5 l h b 131.25 315 m 131.25 321 l 132 321 l 132 315 l 131.25 315 l h b 135 315.75 m 135 315 l 134.25 315 l 134.25 315.75 l 133.5 315.75 l 133.5 320.25 l 134.25 321 l 134.25 319.5 l 135 319.5 l 135 318.75 l 134.25 318.75 l 134.25 315.75 l 135 315.75 l 135 315.75 l h b 138.75 315.75 m 138 315.75 l 138 315 l 136.5 315 l 136.5 315.75 l 135.75 315.75 l 135.75 317.25 l 136.5 317.25 l 136.5 318 l 138.75 318 l 138.75 318.75 l 137.25 318.75 l 136.5 318.75 l 136.5 318 l 135.75 318.75 l 136.5 319.5 l 138.75 319.5 l 139.5 318.75 l 139.5 315 l 138.75 315 l 138.75 315.75 l 138.75 317.25 m 136.5 317.25 l 136.5 315.75 l 138 315.75 l 138 316.5 l 138.75 316.5 l 138.75 317.25 l h b 140.25 315 m 140.25 321 l 141.75 321 l 141.75 315 l 140.25 315 l h b 142.5 313.5 m 142.5 314.25 l 143.25 314.25 l 143.25 315 l 141.75 319.5 l 142.5 319.5 l 143.25 317.25 l 144 316.5 l 144 317.25 l 144.75 319.5 l 145.5 319.5 l 144 315 l 144 314.25 l 143.25 313.5 l 142.5 313.5 l 142.5 313.5 l 142.5 313.5 l h b 120 325.5 m 122.25 331.5 l 123 331.5 l 126 325.5 l 124.5 325.5 l 124.5 327.75 l 121.5 327.75 l 120.75 325.5 l 120 325.5 l 121.5 328.5 m 123.75 328.5 l 123 330 l 123 330.75 l 122.25 330 l 121.5 328.5 l h b 129 325.5 m 129 326.25 l 128.25 326.25 l 128.25 325.5 l 126.75 325.5 l 126.75 326.25 l 126 326.25 l 126 330 l 126.75 330 l 126.75 327 l 127.5 327 l 127.5 326.25 l 128.25 326.25 l 128.25 327 l 129 327 l 129 327.75 l 129 325.5 0.75 4.5 re b 130.5 327 m 131.25 327 l 131.25 326.25 l 132.75 326.25 l 133.5 327 l 132.75 327 l 132.75 327.75 l 131.25 327.75 l 130.5 328.5 l 130.5 329.25 l 131.25 330 l 132 330 l 132.75 330 l 133.5 330 l 133.5 329.25 l 131.25 329.25 l 131.25 328.5 l 132.75 328.5 l 133.5 327.75 l 134.25 327.75 l 134.25 327 l 132.75 325.5 l 131.25 325.5 l 131.25 326.25 l 130.5 326.25 l 130.5 327 l h b 136.5 326.25 m 136.5 325.5 l 135.75 325.5 l 135 326.25 l 135 329.25 l 134.25 329.25 l 134.25 330 l 135 330 l 135 330.75 l 135.75 331.5 l 135.75 330 l 136.5 330 l 136.5 329.25 l 135.75 329.25 l 135.75 326.25 l 136.5 326.25 l 136.5 326.25 l h b 137.25 325.5 m 137.25 330 l 138 330 l 138 329.25 l 138 330 l 139.5 330 l 139.5 329.25 l 138 329.25 l 138 325.5 l 137.25 325.5 l h b 140.25 330.75 m 140.25 331.5 l 141 331.5 l 141 330.75 l 140.25 330.75 l 140.25 325.5 m 140.25 330 l 141 330 l 141 325.5 l 140.25 325.5 l h b 144.75 326.25 m 144 326.25 l 144 325.5 l 142.5 325.5 l 141.75 326.25 l 141.75 327.75 l 142.5 327.75 l 143.25 328.5 l 144.75 328.5 l 144.75 329.25 l 142.5 329.25 l 142.5 329.25 l 142.5 328.5 l 141.75 329.25 l 142.5 330 l 144.75 330 l 144.75 329.25 l 145.5 329.25 l 145.5 325.5 l 144.75 325.5 l 144.75 326.25 l 144.75 327.75 m 142.5 327.75 l 142.5 326.25 l 144 326.25 l 144 327 l 144.75 327 l 144.75 327.75 l h b 115.5 338.25 m 115.5 339 l 117.75 339 l 117.75 336.75 l 117 336.75 l 116.25 336 l 114.75 336 l 114 336.75 l 113.25 336.75 l 113.25 337.5 l 112.5 337.5 l 112.5 340.5 l 114 342 l 117 342 l 117.75 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l 123 360 l h b 126.75 357 m 126.75 363 l 127.5 363 l 127.5 357 l 126.75 357 l h b 128.25 357 m 129 357 l 129 356.25 l 131.25 356.25 l 131.25 357.75 l 130.5 357.75 l 130.5 357 l 129.75 357 l 128.25 358.5 l 128.25 360.75 l 129 360.75 l 129 361.5 l 130.5 361.5 l 130.5 361.5 l 131.25 360.75 l 131.25 361.5 l 132 361.5 l 132 356.25 l 131.25 356.25 l 131.25 355.5 l 129 355.5 l 128.25 356.25 l 128.25 357 l 129 359.25 m 129 358.5 l 129.75 357.75 l 130.5 357.75 l 130.5 358.5 l 131.25 358.5 l 131.25 360 l 130.5 360.75 l 129 360.75 l 129 359.25 l h b 133.5 362.25 m 133.5 363 l 134.25 363 l 134.25 362.25 l 133.5 362.25 l 133.5 357 m 133.5 361.5 l 134.25 361.5 l 134.25 357 l 133.5 357 l h b 137.25 357 m 137.25 357.75 l 136.5 357 l 135.75 357 l 135.75 357.75 l 135 357.75 l 135 361.5 l 135.75 361.5 l 135.75 357.75 l 137.25 357.75 l 137.25 359.25 l 137.25 357 0.75 4.5 re b 139.5 357 m 139.5 361.5 l 140.25 361.5 l 140.25 360.75 l 141 361.5 l 142.5 361.5 l 142.5 360.75 l 143.25 361.5 l 144.75 361.5 l 145.5 360.75 l 145.5 357 l 144.75 357 l 144.75 360.75 l 144 360.75 l 144 360.75 l 143.25 360.75 l 143.25 360 l 142.5 359.25 l 142.5 357 l 141.75 357 l 141.75 360.75 l 140.25 360.75 l 140.25 357 l 139.5 357 l h b 125.25 369.75 m 126 369.75 l 126 369 l 126.75 368.25 l 129 368.25 l 129 369.75 l 128.25 369.75 l 128.25 370.5 l 126 370.5 l 126 371.25 l 125.25 372 l 126 372 l 126 372.75 l 126 373.5 l 129 373.5 l 129.75 372.75 l 129.75 372 l 129 372 l 129 372.75 l 126.75 372.75 l 126.75 372 l 126 372 l 126.75 371.25 l 128.25 371.25 l 129 370.5 l 129.75 370.5 l 129.75 368.25 l 129 368.25 l 129 367.5 l 126.75 367.5 l 125.25 369 l 125.25 369.75 l h b 130.5 366 m 130.5 372 l 132 372 l 132 371.25 l 132 372 l 133.5 372 l 134.25 371.25 l 134.25 368.25 l 133.5 367.5 l 132 367.5 l 132 368.25 l 132 366 l 130.5 366 l 132 369.75 m 132 368.25 l 133.5 368.25 l 133.5 371.25 l 132 371.25 l 132 369.75 l h b 138 368.25 m 138 367.5 l 135.75 367.5 l 135 368.25 l 135 369 l 135.75 369 l 135.75 369.75 l 136.5 369.75 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l 141.75 381.75 l 142.5 382.5 l 144.75 382.5 l 144.75 381.75 l 145.5 381.75 l 145.5 380.25 l 142.5 380.25 l 142.5 378.75 l 144.75 378.75 l 144.75 379.5 l 142.5 381 m 144.75 381 l 144 381.75 l 142.5 381.75 l 142.5 381 l h b 102 388.5 m 102 394.5 l 102.75 394.5 l 105.75 390 l 105.75 394.5 l 106.5 394.5 l 106.5 388.5 l 105.75 388.5 l 102.75 393 l 102.75 388.5 l 102 388.5 l h b 111 390 m 111.75 390 l 111 389.25 l 111 388.5 l 108.75 388.5 l 108 389.25 l 108 390 l 107.25 390.75 l 108 391.5 l 108 392.25 l 108.75 393 l 111 393 l 111 391.5 l 111.75 391.5 l 111.75 390.75 l 108 390.75 l 108.75 390 l 108.75 389.25 l 110.25 389.25 l 111 390 l 108 391.5 m 111 391.5 l 110.25 391.5 l 110.25 392.25 l 108.75 392.25 l 108.75 391.5 l 108 391.5 l h b 114 389.25 m 114 388.5 l 112.5 388.5 l 112.5 392.25 l 111.75 392.25 l 111.75 393 l 112.5 393 l 112.5 393.75 l 113.25 394.5 l 113.25 393 l 114 393 l 114 392.25 l 113.25 392.25 l 113.25 389.25 l 114 389.25 l 114 389.25 l h b 114.75 388.5 m 114.75 394.5 l 115.5 394.5 l 115.5 392.25 l 116.25 393 l 117.75 393 l 117.75 392.25 l 118.5 391.5 l 118.5 388.5 l 117.75 388.5 l 117.75 391.5 l 117 391.5 l 117 392.25 l 116.25 392.25 l 115.5 391.5 l 115.5 388.5 l 114.75 388.5 l h b 122.25 390 m 123 390 l 123 389.25 l 122.25 388.5 l 120 388.5 l 120 389.25 l 119.25 389.25 l 119.25 391.5 l 120 392.25 l 120 393 l 122.25 393 l 122.25 392.25 l 123 391.5 l 123 390.75 l 120 390.75 l 120 389.25 l 122.25 389.25 l 122.25 390 l 120 391.5 m 122.25 391.5 l 121.5 392.25 l 120 392.25 l 120 391.5 l h b 123.75 388.5 m 123.75 393 l 124.5 393 l 124.5 392.25 l 125.25 392.25 l 125.25 393 l 126 393 l 126 392.25 l 125.25 392.25 l 125.25 391.5 l 124.5 391.5 l 124.5 388.5 l 123.75 388.5 l h b 126.75 388.5 m 126.75 394.5 l 127.5 394.5 l 127.5 388.5 l 126.75 388.5 l h b 131.25 389.25 m 130.5 388.5 l 129 388.5 l 128.25 389.25 l 128.25 390 l 129 390.75 l 129.75 390.75 l 130.5 391.5 l 131.25 391.5 l 131.25 392.25 l 129.75 392.25 l 129 391.5 l 128.25 391.5 l 128.25 392.25 l 129 392.25 l 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144.75 391.5 l 144 392.25 l 143.25 392.25 l 142.5 391.5 l 144 391.5 l 144 390.75 l 145.5 390.75 l 145.5 389.25 l 144.75 388.5 l 142.5 388.5 l 142.5 389.25 l 141.75 389.25 l 141.75 390 l h b 117 401.25 m 117.75 401.25 l 117.75 400.5 l 118.5 399.75 l 120.75 399.75 l 120.75 401.25 l 120 401.25 l 119.25 402 l 117.75 402 l 117 402.75 l 117 403.5 l 117.75 404.25 l 118.5 405 l 120 405 l 120.75 404.25 l 121.5 404.25 l 121.5 403.5 l 120.75 403.5 l 120 404.25 l 118.5 404.25 l 117.75 403.5 l 118.5 402.75 l 119.25 402.75 l 120 402 l 120.75 402 l 121.5 401.25 l 121.5 399.75 l 120.75 399.75 l 120.75 399 l 117.75 399 l 117.75 399.75 l 117 399.75 l 117 401.25 l h b 123 399 m 122.25 403.5 l 123 403.5 l 123.75 400.5 l 123.75 399.75 l 123.75 400.5 l 124.5 403.5 l 125.25 403.5 l 126 400.5 l 126 399.75 l 126 400.5 l 126.75 403.5 l 127.5 403.5 l 126.75 399 l 126 399 l 125.25 401.25 l 124.5 402 l 123.75 399 l 123 399 l h b 131.25 400.5 m 132 400.5 l 132 399.75 l 131.25 399.75 l 131.25 399 l 129 399 l 128.25 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144.75 402 l 144 402.75 l 143.25 402.75 l 143.25 402 l 142.5 402 l 142.5 401.25 l 142.5 399 l 141.75 399 l h b 91.5 415.5 m 92.25 415.5 l 92.25 410.25 l 91.5 409.5 l 88.5 409.5 l 88.5 410.25 l 87.75 411 l 87.75 415.5 l 88.5 415.5 l 88.5 411 l 89.25 411 l 89.25 410.25 l 90 410.25 l 90 410.25 l 90.75 410.25 l 91.5 411 l 91.5 415.5 l h b 93.75 409.5 m 93.75 414 l 94.5 414 l 94.5 413.25 l 95.25 414 l 96 414 l 96.75 413.25 l 96.75 409.5 l 96 409.5 l 96 413.25 l 94.5 413.25 l 94.5 412.5 l 94.5 411.75 l 94.5 409.5 l 93.75 409.5 l h b 98.25 414.75 m 98.25 415.5 l 99 415.5 l 99 414.75 l 98.25 414.75 l 98.25 409.5 m 98.25 414 l 99 414 l 99 409.5 l 98.25 409.5 l h b 102 410.25 m 102 409.5 l 100.5 409.5 l 100.5 413.25 l 99.75 413.25 l 99.75 414 l 100.5 414 l 100.5 414.75 l 101.25 415.5 l 101.25 414 l 102 414 l 102 413.25 l 101.25 413.25 l 101.25 410.25 l 102 410.25 l h b 105 411 m 105.75 411 l 105.75 410.25 l 105 409.5 l 102.75 409.5 l 102.75 410.25 l 102 410.25 l 102 413.25 l 102.75 413.25 l 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l 119.25 423 m 121.5 423 l 121.5 423.75 l 120 423.75 l 119.25 423 l h b 123.75 420 m 123.75 424.5 l 124.5 424.5 l 124.5 423.75 l 125.25 424.5 l 126 424.5 l 126.75 423.75 l 126.75 420 l 126 420 l 126 423.75 l 124.5 423.75 l 124.5 423 l 124.5 422.25 l 124.5 420 l 123.75 420 l h b 128.25 420 m 128.25 424.5 l 129 424.5 l 129 423.75 l 129 424.5 l 130.5 424.5 l 131.25 423.75 l 132 423.75 l 132 424.5 l 133.5 424.5 l 133.5 423.75 l 134.25 423 l 134.25 420 l 133.5 420 l 133.5 423 l 132.75 423.75 l 132.75 423.75 l 132 423.75 l 131.25 423 l 131.25 420 l 130.5 420 l 130.5 423.75 l 129 423.75 l 129 420 l 128.25 420 l h b 137.25 420.75 m 137.25 420 l 135 420 l 135 422.25 l 137.25 422.25 l 137.25 423.75 l 135.75 423.75 l 135.75 423.75 l 135.75 423 l 135 423 l 135 423.75 l 135.75 423.75 l 135.75 424.5 l 137.25 424.5 l 138 423.75 l 138 420.75 l 138.75 420.75 l 138.75 420 l 137.25 420 l 137.25 420.75 l 137.25 422.25 m 136.5 421.5 l 135.75 421.5 l 135.75 420.75 l 137.25 420.75 l 137.25 422.25 l h b 139.5 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441.75 l 136.5 441.75 l 136.5 442.5 l 137.25 442.5 l 137.25 443.25 l 136.5 444 l 136.5 444.75 l 135.75 444.75 l 135 444 l 135 443.25 l h b 138.75 441 m 138.75 447 l 139.5 447 l 139.5 441 l 138.75 441 l h b 140.25 446.25 m 140.25 447 l 141 447 l 141 446.25 l 140.25 446.25 l 140.25 441 m 140.25 445.5 l 141 445.5 l 141 441 l 140.25 441 l h b 144.75 442.5 m 145.5 442.5 l 145.5 441.75 l 144.75 441 l 143.25 441 l 141.75 442.5 l 141.75 444 l 142.5 444 l 142.5 444.75 l 143.25 444.75 l 143.25 445.5 l 144.75 445.5 l 144.75 444.75 l 145.5 444.75 l 145.5 444 l 144.75 444 l 144.75 444.75 l 143.25 444.75 l 143.25 443.25 l 142.5 443.25 l 143.25 442.5 l 143.25 441.75 l 144.75 441.75 l 144.75 442.5 l h b 120.75 451.5 m 120.75 457.5 l 124.5 457.5 l 124.5 456.75 l 125.25 456.75 l 125.25 454.5 l 124.5 454.5 l 124.5 453.75 l 121.5 453.75 l 121.5 451.5 l 120.75 451.5 l 121.5 454.5 m 124.5 454.5 l 124.5 456.75 l 121.5 456.75 l 121.5 454.5 l h b 126 453.75 m 126 454.5 l 126.75 455.25 l 127.5 455.25 l 127.5 456 l 129 456 l 129 455.25 l 129.75 455.25 l 129.75 452.25 l 129 451.5 l 126.75 451.5 l 126.75 452.25 l 126 452.25 l 126 453.75 l 126.75 453.75 m 126.75 453 l 127.5 452.25 l 129 452.25 l 129 455.25 l 127.5 455.25 l 127.5 454.5 l 126.75 454.5 l 126.75 453.75 l h b 131.25 451.5 m 131.25 457.5 l 132 457.5 l 132 451.5 l 131.25 451.5 l h b 135 452.25 m 135 451.5 l 132.75 451.5 l 132.75 453.75 l 135 453.75 l 135 455.25 l 133.5 455.25 l 133.5 454.5 l 132.75 454.5 l 132.75 455.25 l 133.5 455.25 l 133.5 456 l 135 456 l 135.75 455.25 l 135.75 452.25 l 136.5 451.5 l 135.75 451.5 l 135 452.25 l 135 453.75 m 134.25 453 l 133.5 453 l 133.5 452.25 l 135 452.25 l 135 453.75 l h b 137.25 451.5 m 137.25 456 l 138 456 l 138 455.25 l 138.75 455.25 l 138.75 456 l 140.25 456 l 140.25 454.5 l 141 454.5 l 141 451.5 l 140.25 451.5 l 140.25 454.5 l 139.5 454.5 l 139.5 455.25 l 138.75 455.25 l 138.75 454.5 l 138 454.5 l 138 453.75 l 138 451.5 l 137.25 451.5 l h b 144.75 451.5 m 144.75 452.25 l 144 451.5 l 142.5 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460.5 l 142.5 460.5 l 142.5 460.5 l h b 123.75 484.5 m 124.5 484.5 l 124.5 483.75 l 125.25 483.75 l 125.25 483 l 125.25 483.75 l 126 483.75 l 126 489 l 126.75 489 l 126.75 483 l 123.75 483 l 123.75 484.5 l h b 130.5 483 m 128.25 483 l 128.25 485.25 l 130.5 485.25 l 130.5 486.75 l 129.75 486.75 l 129 486 l 129 486 l 128.25 486 l 128.25 486.75 l 129 486.75 l 129.75 487.5 l 130.5 487.5 l 130.5 486.75 l 131.25 486.75 l 131.25 483.75 l 132 483.75 l 132 483 l 130.5 483 l 130.5 484.5 m 129 484.5 l 129 483.75 l 129.75 483 l 129.75 483.75 l 130.5 483.75 l 130.5 484.5 l h b 132.75 481.5 m 132.75 486.75 l 133.5 486.75 l 133.5 486 l 133.5 486.75 l 134.25 486.75 l 134.25 487.5 l 135 486.75 l 135.75 486.75 l 135.75 486 l 136.5 485.25 l 136.5 484.5 l 135.75 483.75 l 135.75 483 l 133.5 483 l 133.5 481.5 l 132.75 481.5 l 133.5 484.5 m 133.5 483.75 l 134.25 483.75 l 134.25 483 l 135 483.75 l 135.75 483.75 l 135.75 486 l 135 486 l 134.25 486.75 l 134.25 486 l 133.5 486 l 133.5 484.5 l h b 140.25 483 m 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m 284.25 289.5 l 285 289.5 l 285 285.75 l 284.25 285.75 l h b 285.75 288 m 285.75 288.75 l 286.5 289.5 l 288.75 289.5 l 288.75 288.75 l 289.5 288 l 289.5 287.25 l 288.75 286.5 l 288.75 285.75 l 286.5 285.75 l 286.5 286.5 l 285.75 286.5 l 285.75 288 l 286.5 288 m 286.5 286.5 l 288.75 286.5 l 288.75 288.75 l 286.5 288.75 l 286.5 288 l h b 290.25 285.75 m 290.25 289.5 l 291 289.5 l 291 288.75 l 291 289.5 l 293.25 289.5 l 293.25 285.75 l 292.5 285.75 l 292.5 288.75 l 291 288.75 l 291 288 l 291 288 l 291 285.75 l 290.25 285.75 l h b 294 286.5 m 296.25 286.5 l 296.25 287.25 l 294.75 287.25 l 294.75 288 l 294 288 l 294 288.75 l 294.75 289.5 l 295.5 289.5 l 296.25 289.5 l 297 289.5 l 297 288.75 l 294.75 288.75 l 294.75 288 l 297 288 l 297 285.75 l 294.75 285.75 l 294 286.5 l h b 301.5 284.25 m 300.75 285 l 300.75 285.75 l 300 286.5 l 300 289.5 l 301.5 291 l 302.25 291 l 301.5 291 l 301.5 289.5 l 300.75 288.75 l 300.75 285.75 l 302.25 284.25 l 301.5 284.25 l h b 302.25 289.5 m 302.25 290.25 l 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286.5 l 320.25 286.5 l 319.5 287.25 l 319.5 289.5 l 320.25 289.5 l 320.25 290.25 l 321 290.25 l 321 291 l 324 291 l 324 290.25 l 324.75 290.25 l 324.75 289.5 l 324 289.5 l 324 290.25 l 321 290.25 l 321 289.5 l 320.25 288.75 l 320.25 288 l 321 287.25 l 321 286.5 l 324 286.5 l 324 288 l 322.5 288 l h b 326.25 285.75 m 326.25 291 l 329.25 291 l 330 290.25 l 330 286.5 l 329.25 285.75 l 326.25 285.75 l 327 286.5 m 329.25 286.5 l 329.25 287.25 l 330 288 l 330 288.75 l 329.25 289.5 l 329.25 290.25 l 327 290.25 l 327 286.5 l h b 331.5 285.75 m 331.5 291 l 334.5 291 l 335.25 290.25 l 335.25 288 l 332.25 288 l 332.25 285.75 l 331.5 285.75 l 332.25 288.75 m 334.5 288.75 l 334.5 290.25 l 332.25 290.25 l 332.25 288.75 l h b 336.75 284.25 m 336 284.25 l 336.75 285.75 l 337.5 288 l 336.75 288.75 l 336.75 290.25 l 336 291 l 336.75 291 l 337.5 290.25 l 337.5 288.75 l 338.25 288 l 337.5 286.5 l 337.5 285 l 336.75 284.25 l h b 284.25 272.25 m 279 272.25 l 279 267.75 l 284.25 267.75 l 284.25 272.25 l h b* 284.25 272.25 m 279 272.25 l 279 267.75 l 284.25 267.75 l 284.25 272.25 l S 290.25 267.75 m 290.25 267 l 286.5 267 l 286.5 268.5 l 287.25 268.5 l 287.25 269.25 l 288 269.25 l 289.5 270.75 l 289.5 272.25 l 287.25 272.25 l 287.25 271.5 l 286.5 271.5 l 286.5 272.25 l 287.25 273 l 288 273 l 288.75 273 l 289.5 273 l 290.25 272.25 l 290.25 270.75 l 288 268.5 l 287.25 268.5 l 287.25 267.75 l 290.25 267.75 l h b 291 270 m 291 271.5 l 291.75 271.5 l 291.75 273 l 294 273 l 294.75 272.25 l 294.75 267.75 l 294 267.75 l 294 267 l 291.75 267 l 291.75 267.75 l 291 268.5 l 291 270 l 291.75 270 m 291.75 268.5 l 292.5 268.5 l 292.5 267.75 l 293.25 267.75 l 294 268.5 l 294 272.25 l 292.5 272.25 l 291.75 271.5 l 291.75 270 l h b 295.5 268.5 m 296.25 268.5 l 297 267.75 l 298.5 267.75 l 298.5 270 l 297 270 l 297 270.75 l 298.5 270.75 l 298.5 272.25 l 297.75 272.25 l 297.75 272.25 l 297 272.25 l 297 271.5 l 295.5 271.5 l 296.25 272.25 l 296.25 273 l 298.5 273 l 299.25 272.25 l 299.25 270.75 l 298.5 270.75 l 298.5 270 l 299.25 270 l 299.25 267.75 l 298.5 267 l 297 267 l 295.5 268.5 l h b 300 268.5 m 301.5 268.5 l 301.5 267.75 l 303 267.75 l 303 270 l 302.25 270 l 302.25 270.75 l 301.5 270.75 l 301.5 270 l 300 270 l 300.75 273 l 303.75 273 l 303.75 272.25 l 301.5 272.25 l 301.5 270.75 l 301.5 270.75 l 302.25 271.5 l 303 270.75 l 303.75 270.75 l 303.75 270 l 304.5 269.25 l 303.75 268.5 l 303.75 267.75 l 303 267.75 l 303 267 l 301.5 267 l 300 268.5 l h b 0.502 0.502 0.502 rg 0.502 0.502 0.502 RG 313.5 272.25 m 308.25 272.25 l 308.25 267.75 l 313.5 267.75 l 313.5 272.25 l h b* 0 0 0 RG 313.5 272.25 m 308.25 272.25 l 308.25 267.75 l 313.5 267.75 l 313.5 272.25 l S 0 0 0 rg 319.5 267.75 m 319.5 267 l 315.75 267 l 315.75 268.5 l 317.25 270 l 318 270 l 318 270.75 l 318.75 271.5 l 318 271.5 l 318 272.25 l 316.5 272.25 l 316.5 271.5 l 315.75 271.5 l 315.75 272.25 l 316.5 273 l 317.25 273 l 317.25 273 l 318.75 273 l 318.75 272.25 l 319.5 272.25 l 319.5 270.75 l 318.75 270.75 l 318.75 270 l 317.25 268.5 l 316.5 268.5 l 316.5 267.75 l 319.5 267.75 l h b 320.25 270 m 320.25 271.5 l 321 272.25 l 321 273 l 323.25 273 l 323.25 272.25 l 324 272.25 l 324 268.5 l 322.5 267 l 321 267 l 321 267.75 l 320.25 268.5 l 320.25 270 l 321 270 m 321 268.5 l 321.75 267.75 l 322.5 267.75 l 322.5 268.5 l 323.25 268.5 l 323.25 271.5 l 322.5 272.25 l 321 272.25 l 321 270 l h b 324.75 270 m 324.75 271.5 l 325.5 272.25 l 325.5 273 l 327.75 273 l 328.5 272.25 l 328.5 267.75 l 327.75 267.75 l 327.75 267 l 325.5 267 l 325.5 267.75 l 324.75 268.5 l 324.75 270 l 325.5 270 m 325.5 268.5 l 326.25 267.75 l 327 267.75 l 327.75 268.5 l 327.75 272.25 l 325.5 272.25 l 325.5 270 l h b 329.25 270 m 329.25 271.5 l 330 272.25 l 330 273 l 332.25 273 l 333 272.25 l 333 267.75 l 332.25 267.75 l 332.25 267 l 330 267 l 330 267.75 l 329.25 268.5 l 329.25 270 l 330 270 m 330 268.5 l 330.75 267.75 l 331.5 267.75 l 332.25 268.5 l 332.25 272.25 l 330.75 272.25 l 330 271.5 l 330 270 l h b BT 471 264 TD /F0 9.75 Tf -0.1875 Tw ( ) Tj -386.25 -15 TD /F2 9.75 Tf 0.2374 Tc 0 Tw (Source) Tj 28.5 0 TD /F0 9.75 Tf 0.1308 Tc -0.3183 Tw (: OECD \(2001\).) Tj 63 0 TD 0 Tc -0.1875 Tw ( ) Tj -91.5 -19.5 TD /F0 12 Tf 0.0396 Tc -0.0396 Tw (This problem of an ) Tj 96 0 TD 0.0012 Tc 0.2988 Tw (increasing tax burden on young generations is reinforced by another ) Tj -96 -13.5 TD -0.0344 Tc 1.0969 Tw (effect of ageing, namely increasing public expenditures on health care. Historical data, ) Tj 0 -14.25 TD -0.1119 Tc 1.3619 Tw (presented in Figure ) Tj 99 0 TD 0 Tc 0 Tw (7) Tj 6 0 TD -0.0514 Tc 1.6347 Tw (, show that health care expenditures have increased significantly ) Tj -105 -13.5 TD 0.2004 Tc 2.0496 Tw (during the p) Tj 62.25 0 TD -0.0056 Tc 2.3238 Tw (ast decades. The pattern is, however, again diverse. Between 1960 and ) Tj -62.25 -21.75 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj 67.5 0 TD ( ) Tj 67.5 0 TD ( ) Tj ET 84.75 168 144 0.75 re f BT 228.75 166.5 TD ( ) Tj -144 -24.75 TD /F0 6.75 Tf 0.375 Tc 0 Tw (10) Tj 7.5 -4.5 TD /F0 9.75 Tf 0.0428 Tc 1.2697 Tw ( The dif) Tj 33.75 0 TD 0.1191 Tc 1.0059 Tw (ferences originate partly in different assumptions behind the projections. For instance, Spain ) Tj -41.25 -12 TD 0.0981 Tc 0.6617 Tw (assumes that its unemployment rate falls from 14% in 2000 to 4% in 2035. Italy assumes an increase in ) Tj 0 -11.25 TD 0.1043 Tc 1.8957 Tw (the participation rate of women from 55% in 2000 to 77% in ) Tj 270 0 TD 0.1251 Tc 1.3374 Tw (2050. Whether such assumptions are ) Tj -270 -11.25 TD 0.1011 Tc 2.4971 Tw (plausible is somewhat doubtful. It typically calls for reforms to reduce unemployment or increase ) Tj 0 -12 TD 0.1445 Tc -0.2166 Tw (participation. It is not clear whether countries are willing \(or able\) to do that.) Tj 307.5 0 TD 0 Tc -0.1875 Tw ( ) Tj ET endstream endobj 685 0 obj 62079 endobj 686 0 obj << /Type /Page /Parent 674 0 R /Resources << /Font << /F0 6 0 R /F2 622 0 R /F3 628 0 R >> /ProcSet 2 0 R >> /Contents 687 0 R >> endobj 687 0 obj << /Length 688 0 R >> stream BT 183 762 TD 0 0 0 rg /F2 9.75 Tf 0.0428 Tc 0 Tw (P) Tj 6 0 TD /F2 8.25 Tf -0.0417 Tc -0.5208 Tw (OPULATION ) Tj 47.25 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (A) Tj 5.25 0 TD /F2 8.25 Tf -0.0567 Tc -0.1308 Tw (GEING AND ) Tj 45 0 TD /F2 9.75 Tf -0.2467 Tc 0 Tw (I) Tj 3 0 TD /F2 8.25 Tf -0.1155 Tc 0.303 Tw (NTERNATIONAL ) Tj 59.25 0 TD /F2 9.75 Tf 0.2468 Tc 0 Tw (C) Tj 6.75 0 TD /F2 8.25 Tf -0.1323 Tc 0.3198 Tw (APITAL ) Tj 28.5 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (F) Tj 6 0 TD /F2 8.25 Tf -0.5102 Tc (LOWS) Tj 21 0 TD /F2 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj -119.25 -688.5 TD /F0 11.25 Tf -0.375 Tc 0 Tw (13) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -217.5 664.5 TD /F0 12 Tf -0.0104 Tc 1.7448 Tw (1995, health care expenditures in the US increased from 5% to 14% of GDP, in the ) Tj 0 -14.25 TD -0.1211 Tc 1.7148 Tw (Netherlands from 4% to 8% and in the UK from 4% to 6%. Demographic changes in ) Tj 0 -13.5 TD -0.0794 Tc 2.1794 Tw (this period just explain a ) Tj 132 0 TD -0.0675 Tc 2.6508 Tw (part of the historical increase in health care expenditures. ) Tj -132 -13.5 TD -0.1117 Tc 3.3117 Tw (Baumol\222s law is at work as well. This law says that a sector with relatively slow) Tj 0 Tc 0 Tw ( ) Tj 0 -14.25 TD -0.0618 Tc 1.9618 Tw (productivity growth must raise its relative price and will see its share in income and ) Tj 0 -13.5 TD -0.1401 Tc 0.6401 Tw (production rise \(when pric) Tj 126 0 TD -0.0518 Tc 0.4268 Tw (e elasticity\222s are low and/or income elasticity\222s are high\).) Tj 275.25 0 TD 0 Tc 0 Tw ( ) Tj -401.25 -20.25 TD -0.1429 Tc 1.2679 Tw (The upward trend in health care expenditure is not likely to reverse, if only because the ) Tj 0 -13.5 TD -0.0012 Tc 1.6743 Tw (populations are ageing. The OECD \(2001\) has collected projections for a number of ) Tj T* -0.0586 Tc 1.9336 Tw (countries. Between 2000) Tj 122.25 0 TD 0.0268 Tc 1.5357 Tw ( and 2035 the increase in expenditures as a result of ageing ) Tj -122.25 -14.25 TD -0.048 Tc 1.048 Tw (only is predicted to lie between roughly 1% of GDP for the Czech Republic, Denmark ) Tj 0 -13.5 TD -0.059 Tc 0.3269 Tw (and Finland, to more than 4% of GDP in Australia, New Zealand and the Netherlands.) Tj 414 0 TD 0 Tc 0 Tw ( ) Tj -414 -20.25 TD /F2 12 Tf -0.0089 Tc 0.0089 Tw (Figure 7. Health care expendi) Tj 144.75 0 TD -0.028 Tc 0.028 Tw (ture in ) Tj 34.5 0 TD 0.3555 Tc 0 Tw (five) Tj 18 0 TD -0.0303 Tc 0.0303 Tw ( OECD countries \(% GDP\), 1960) Tj 161.25 0 TD -0.246 Tc 0 Tw (-) Tj 3.75 0 TD 0 Tc (97) Tj 12 0 TD ( ) Tj 0.75 w 1 J 1 j 0 0 0 RG ET 84.75 324.75 378 240 re S 113.25 558.75 m 113.25 363.75 l S 110.25 363.75 m 113.25 363.75 l S 110.25 387.75 m 113.25 387.75 l S 110.25 412.5 m 113.25 412.5 l S 110.25 436.5 m 113.25 436.5 l S 110.25 461.25 m 113.25 461.25 l S 110.25 485.25 m 113.25 485.25 l S 110.25 510 m 113.25 510 l S 110.25 534.75 m 113.25 534.75 l S 110.25 558.75 m 113.25 558.75 l S 113.25 363.75 m 459 363.75 l S 113.25 360.75 m 113.25 363.75 l S 122.25 360.75 m 122.25 363.75 l S 132 360.75 m 132 363.75 l S 141 360.75 m 141 363.75 l S 150 360.75 m 150 363.75 l S 159.75 360.75 m 159.75 363.75 l S 169.5 360.75 m 169.5 363.75 l S 178.5 360.75 m 178.5 363.75 l S 188.25 360.75 m 188.25 363.75 l S 197.25 360.75 m 197.25 363.75 l S 206.25 360.75 m 206.25 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h b 368.25 329.25 m 368.25 333 l 369 333 l 369 332.25 l 369.75 333 l 371.25 333 l 372 332.25 l 372 333 l 374.25 333 l 374.25 329.25 l 373.5 329.25 l 373.5 332.25 l 373.5 332.25 l 372 332.25 l 372 329.25 l 371.25 329.25 l 371.25 332.25 l 369 332.25 l 369 329.25 l 368.25 329.25 l h b 378.75 331.5 m 395.25 331.5 l S 387.75 331.5 m 387.75 332.25 l 386.25 332.25 l 386.25 330.75 l 387 330.75 l 387 331.5 l 387.75 331.5 l h b* 387 331.5 m 387 332.25 l 386.25 332.25 l 386.25 330.75 l 387 330.75 l 387 331.5 l S 401.25 334.5 m 402 334.5 l 402 329.25 l 401.25 329.25 l 400.5 328.5 l 399.75 328.5 l 399 329.25 l 398.25 329.25 l 398.25 330 l 397.5 330 l 397.5 334.5 l 398.25 334.5 l 398.25 330 l 399 330 l 399.75 329.25 l 399.75 329.25 l 400.5 329.25 l 400.5 330 l 401.25 330 l 401.25 334.5 l h b 403.5 329.25 m 403.5 333 l 404.25 333 l 404.25 332.25 l 404.25 333 l 406.5 333 l 406.5 329.25 l 405.75 329.25 l 405.75 332.25 l 404.25 332.25 l 404.25 331.5 l 404.25 331.5 l 404.25 329.25 l 403.5 329.25 l h b 408 333.75 m 408 334.5 l 408.75 334.5 l 408.75 333.75 l 408 333.75 l 408 329.25 m 408 333 l 408.75 333 l 408.75 329.25 l 408 329.25 l h b 411.75 329.25 m 411 328.5 l 410.25 328.5 l 410.25 332.25 l 409.5 332.25 l 409.5 333 l 410.25 333 l 410.25 334.5 l 411 334.5 l 411 333 l 411.75 333 l 411.75 332.25 l 411 332.25 l 411 329.25 l 411.75 329.25 l h b 415.5 330 m 415.5 329.25 l 414.75 329.25 l 414.75 328.5 l 414 328.5 l 413.25 329.25 l 412.5 329.25 l 412.5 330 l 411.75 330.75 l 411.75 331.5 l 412.5 332.25 l 412.5 333 l 415.5 333 l 415.5 331.5 l 416.25 330.75 l 412.5 330.75 l 413.25 330 l 413.25 329.25 l 414.75 329.25 l 414.75 330 l 415.5 330 l 412.5 331.5 m 415.5 331.5 l 414.75 332.25 l 412.5 332.25 l 412.5 331.5 l h b 419.25 329.25 m 418.5 329.25 l 418.5 328.5 l 417.75 329.25 l 417 329.25 l 417 330.75 l 416.25 330.75 l 417 331.5 l 417 333 l 419.25 333 l 419.25 332.25 l 419.25 334.5 l 420 334.5 l 420 329.25 l 419.25 329.25 l 417 330.75 m 417.75 330 l 417.75 329.25 l 418.5 329.25 l 419.25 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446.25 332.25 l 444 332.25 l 444 331.5 l 445.5 331.5 l 446.25 330.75 l 446.25 329.25 l 445.5 329.25 l 444.75 328.5 l 444 328.5 l 444 329.25 l 443.25 329.25 l 443.25 330 l 442.5 330 l h b BT 463.5 324 TD /F0 9.75 Tf -0.1875 Tw ( ) Tj -378.75 -15 TD /F2 9.75 Tf 0.2754 Tc 0 Tw (Source:) Tj 31.5 0 TD /F0 9.75 Tf -0.02 Tc 0.2075 Tw ( OECD \(2001\).) Tj 60 0 TD /F0 12 Tf 0 Tc 0 Tw ( ) Tj -91.5 -18.75 TD ( ) Tj 0 -20.25 TD -0.1116 Tc 0.9866 Tw (The fast increasing public expenditures on old) Tj 223.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.053 Tc 0.803 Tw (age benefits and health care put pressure ) Tj -228 -13.5 TD -0.0647 Tc 0.9647 Tw (on the government budget. More generally, they put pressure on society. First, it puts a ) Tj 0 -14.25 TD 0.048 Tc 1.452 Tw (strain o) Tj 36.75 0 TD -0.0682 Tc 1.5682 Tw (n the intergenerational contract between young and old generations because of ) Tj -36.75 -13.5 TD -0.0322 Tc 1.7322 Tw (the increasing tax burden on the young. Second, the higher tax burden on the young ) Tj 0 -13.5 TD -0.0479 Tc 2.9729 Tw (exacerbates distortions in the economy. Indeed, taxes induce behavioural responses ) Tj 0 -14.25 TD -0.0284 Tc 0.7784 Tw (because priv) Tj 60.75 0 TD 0.002 Tc 0.9623 Tw (ate agents will try to avoid them, e.g. by working fewer hours, invest less ) Tj -60.75 -13.5 TD -0.0549 Tc 1.7424 Tw (and consume untaxed products. These responses erode the tax base, thereby reducing ) Tj 0 -14.25 TD -0.0588 Tc 0.2731 Tw (tax revenue, as well as reduce economic welfare.) Tj 234 0 TD 0 Tc 0 Tw ( ) Tj -234 -25.5 TD /F3 12 Tf (3.3.2) Tj 24 0 TD ( ) Tj 12 0 TD -0.0872 Tc 0.8372 Tw (Policy reforms: H) Tj 90.75 0 TD -0 Tc 0.1881 Tw (igher savings and more in) Tj 132 0 TD -0.123 Tc 0 Tw (vestment) Tj 45.75 0 TD 0 Tc ( ) Tj -304.5 -19.5 TD /F0 12 Tf -0.0326 Tc 1.648 Tw (With growing pressure on the public budget and on society, governments must react, ) Tj 0 -14.25 TD 0.0022 Tc 0.3192 Tw (sooner or later. Most countries are considering measures to arrive at a \221fair\222 distribution ) Tj 0 -13.5 TD -0.0046 Tc 0.2188 Tw (of the burden of ageing that is acceptable for young and old, and to avo) Tj 346.5 0 TD 0 Tc 0.15 Tw (id a too high tax ) Tj ET endstream endobj 688 0 obj 86679 endobj 689 0 obj << /Type /Page /Parent 674 0 R /Resources << /Font << /F0 6 0 R /F2 622 0 R >> /ProcSet 2 0 R >> /Contents 690 0 R >> endobj 690 0 obj << /Length 691 0 R >> stream BT 249.75 762 TD 0 0 0 rg /F2 9.75 Tf 0.2468 Tc 0 Tw (C) Tj 6.75 0 TD /F2 8.25 Tf -0.068 Tc (ANTON) Tj 26.25 0 TD /F2 9.75 Tf -0.1875 Tc (,) Tj 2.25 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (E) Tj 6 0 TD /F2 8.25 Tf -0.1963 Tc -0.3662 Tw (WIJK ) Tj 20.25 0 TD /F2 9.75 Tf -0.0855 Tc 0 Tw (&) Tj 7.5 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf -0.171 Tc 0 Tw (T) Tj 5.25 0 TD /F2 8.25 Tf 0 Tc (ANG) Tj 16.5 0 TD /F2 9.75 Tf -0.1875 Tw ( ) Tj -53.25 -701.25 TD /F0 11.25 Tf -0.375 Tc 0 Tw (14) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -217.5 677.25 TD /F0 12 Tf 0.0301 Tc 2.1699 Tw (burden. We discuss two broad options to prevent an increase in the tax burden on ) Tj 0 -14.25 TD -0.0865 Tc 0.8365 Tw (younger generations.) Tj 99.75 0 TD 0 Tc 0 Tw ( ) Tj -99.75 -19.5 TD /F2 12 Tf -0.0026 Tc 0.0026 Tw (Investment in human capital: ) Tj 143.25 0 TD 0.336 Tc 0 Tw (H) Tj 8.25 0 TD -0.0143 Tc 0.0143 Tw (igher participation ) Tj 93.75 0 TD 0 Tc 0 Tw ( ) Tj -245.25 -19.5 TD /F0 12 Tf -0.1035 Tc 2.4607 Tw (The problems arising from ageing are partly the result of increasing longevity in an ) Tj 0 -14.25 TD -0.0488 Tc 3.1065 Tw (institutional setting with a given retirement age. When people grow older and the ) Tj 0 -13.5 TD -0.0713 Tc 1.5712 Tw (retirement age does not change a falling share of workers needs to carry the financial ) Tj 0 -14.25 TD 0.0103 Tc 1.704 Tw (burden of a rising share of retired people. The most straightforward response to this ) Tj 0 -13.5 TD 0.336 Tc 0 Tw (w) Tj 8.25 0 TD -0.0315 Tc 3.2045 Tw (ould be an increase in the retirement age. \(see also Bovenberg, 2001\). Sweden, ) Tj -8.25 -13.5 TD -0.1072 Tc 3.4533 Tw (Norway and the US have already made steps in this direction. Thus, the financial) Tj 0 Tc 0 Tw ( ) Tj 0 -14.25 TD -0.0114 Tc 0.4153 Tw (burden of longevity is shared between younger and older generations. Since the number ) Tj 0 -13.5 TD -0.1193 Tc 2.3693 Tw (of healthy) Tj 48.75 0 TD -0.0972 Tc 1.9434 Tw ( years has increased and is usually expected to increase further, sharing the ) Tj -48.75 -14.25 TD -0.1145 Tc 1.2145 Tw (risk is not impossible or unreasonable. It may be imposed gradually, e.g. by linking the ) Tj 0 -13.5 TD -0.0971 Tc 0.5471 Tw (official retirement age to life expectancy.) Tj 197.25 0 TD 0 Tc 0 Tw ( ) Tj -197.25 -19.5 TD -0.0892 Tc 1.3392 Tw (An alternative investment in human capital is) Tj 223.5 0 TD -0.0057 Tc 0.97 Tw ( increasing the participation rate of those ) Tj -223.5 -14.25 TD -0.0895 Tc 1.777 Tw (younger than the age of 65. In Europe, there seem to be ample opportunities for this. ) Tj 0 -13.5 TD -0.0631 Tc 1.5631 Tw (First, some European countries such as Belgium, Poland, Italy and Spain feature high ) Tj 0 -14.25 TD -0.0242 Tc 3.9617 Tw (unemployment rates. Secondly, the partici) Tj 216 0 TD -0.1206 Tc 4.4063 Tw (pation of older workers is low in most) Tj 0 Tc 0.75 Tw ( ) Tj -216 -13.5 TD -0.0841 Tc 0.5341 Tw (countries. For instance, in Austria, Belgium and Hungary less than one) Tj 340.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0647 Tc 0.6272 Tw (third of the male ) Tj -345 -13.5 TD 0 Tc 0 Tw (pop) Tj 18 0 TD -0.0138 Tc 0.5138 Tw (ulation between the ) Tj 99 0 TD -0.081 Tc 0 Tw (ages) Tj 21 0 TD 0.126 Tc 0.624 Tw ( of 55) Tj 30 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0537 Tc 1.1787 Tw (64 is working. Finally, the female participation rate ) Tj -172.5 -14.25 TD -0.0169 Tc 4.1419 Tw (is below the male participation rate in) Tj 0 Tc 0 Tw ( ) Tj 212.25 0 TD 0.0132 Tc 4.0368 Tw (all European countries. On average, this) Tj 0 Tc 0.75 Tw ( ) Tj -212.25 -13.5 TD -0.0633 Tc 7.0383 Tw (difference amounts to 15 percentage points. Female participation is high in) Tj 0 Tc 0 Tw ( ) Tj 0 -14.25 TD -0.0014 Tc 1.2013 Tw (Scandinavian countries, but particularly low ) Tj 224.25 0 TD 0.0645 Tc -0.0645 Tw (when ) Tj 30.75 0 TD -0.0083 Tc 0.0083 Tw (compared ) Tj 52.5 0 TD 0.291 Tc 0 Tw (with) Tj 21 0 TD 0.0161 Tc 1.6339 Tw ( males in Italy, the ) Tj -328.5 -13.5 TD -0.0324 Tc 0.0324 Tw (Netherlands and Spain.) Tj 111 0 TD 0 Tc 0 Tw ( ) Tj -111 -19.5 TD -0.0049 Tc 3.1549 Tw (An alternative way to broaden th) Tj 172.5 0 TD -0.1042 Tc 3.3292 Tw (e tax base is to let more immigrants enter. This ) Tj -172.5 -14.25 TD -0.0335 Tc 1.105 Tw (assumes that immigrants will make a net contribution to public finances. A number of ) Tj 0 -13.5 TD -0.1157 Tc 4.343 Tw (studies suggest, however, that the fiscal impact of immigration is not necessarily) Tj 0 Tc 0.75 Tw ( ) Tj 0 -14.25 TD -0.0887 Tc 0.8387 Tw (positive \(e.g. Roodenburg et al.) Tj 152.25 0 TD 0 Tc 0 Tw (,) Tj 3 0 TD -0.0492 Tc 0.7992 Tw ( 2003\)) Tj 31.5 0 TD -0.0714 Tc 0.9881 Tw (. When the net contribution is positive but small, ) Tj -186.75 -13.5 TD -0.0833 Tc 1.2948 Tw (very high numbers of immigration are necessary for immigration to make a difference. ) Tj 0 -13.5 TD -0.0665 Tc 0.379 Tw (This would make it unlikely that such a policy finds broad political support.) Tj 363.75 0 TD 0 Tc 0 Tw ( ) Tj -363.75 -20.25 TD /F2 12 Tf -0.0208 Tc 0.0208 Tw (Investing in financial capital: ) Tj 144.75 0 TD 0 Tc 0 Tw (S) Tj 6 0 TD -0.0112 Tc 0.0112 Tw (witching ) Tj 44.25 0 TD 0.2271 Tc 0 Tw (systems) Tj 37.5 0 TD 0 Tc ( ) Tj -232.5 -19.5 TD /F0 12 Tf -0.0723 Tc 5.0723 Tw (The problem of ageing is partly temporary: it is associated with large income) Tj 0 Tc 0.75 Tw ( ) Tj 0 -14.25 TD -0.0282 Tc 0.4032 Tw (redistribution from the future young generations to the baby) Tj 288 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0642 Tc 0.6267 Tw (boom generations. To relax ) Tj -292.5 -13.5 TD 0.0748 Tc 4.6752 Tw (this problem, the baby) Tj 121.5 0 TD 0 Tc 0 Tw ( ) Tj 7.5 0 TD 0.0364 Tc 4.6779 Tw (boomers could share the temporary burden with future) Tj 0 Tc 0.75 Tw ( ) Tj -129 -13.5 TD -0.08 Tc 0 Tw (genera) Tj 31.5 0 TD 0.0329 Tc 3.0742 Tw (tions and partly pay for their own old) Tj 201.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.013 Tc 3.013 Tw (age pensions.) Tj 68.25 5.25 TD /F0 8.25 Tf 0.375 Tc 0 Tw (11) Tj 9 -5.25 TD /F0 12 Tf -0.0713 Tc 3.3212 Tw ( The government can) Tj 0 Tc -1.5 Tw ( ) Tj -315 -14.25 TD -0.0085 Tc 0.1585 Tw (encourage financial savings by the baby) Tj 191.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0729 Tc 0.6354 Tw (boom generation in several ways) Tj 159 0 TD -0.336 Tc 0 Tw (:) Tj 2.25 0 TD 0 Tc ( ) Tj -357 -31.5 TD /F0 9.75 Tf -0.1875 Tw ( ) Tj 67.5 0 TD ( ) Tj 67.5 0 TD ( ) Tj ET 84.75 202.5 144 0.75 re f BT 228.75 201 TD ( ) Tj -144 -24.75 TD /F0 6.75 Tf 0.375 Tc 0 Tw (11) Tj 7.5 -4.5 TD /F0 9.75 Tf 0.0559 Tc 2.7566 Tw ( Referring to intergenerational fairnes) Tj 161.25 0 TD 0.3015 Tc 2.3235 Tw (s, Hans Werner Sinn \() Tj 99 0 TD 0.1875 Tc 0 Tw (2000) Tj 19.5 0 TD 0.2005 Tc 2.312 Tw (\) points out that the baby) Tj 114 0 TD -0.2467 Tc 0 Tw (-) Tj 3 0 TD -0.3026 Tc -1.3849 Tw (boom ) Tj -404.25 -12 TD 0.0742 Tc 1.1133 Tw (generations have failed to invest in \221human capital\222. They have chosen to spend less time and effort in ) Tj 0 -11.25 TD 0.0647 Tc 1.9401 Tw (raising children. Families have become smaller, and people have opted for lives without childre) Tj 405 0 TD 0.0789 Tc 1.2336 Tw (n. In ) Tj -405 -11.25 TD 0.1439 Tc -0.2189 Tw (Europe, fertility rates have fallen in the second half of the 20th century, and are often below 2.1, the value ) Tj 0 -12 TD 0.1662 Tc -0.2787 Tw (that is needed for mere reproduction. This has put the PAYG) Tj 244.5 0 TD -0.2467 Tc 0 Tw (-) Tj 3 0 TD 0.1366 Tc -0.0429 Tw (system under pressure. Sinn finds it fair that ) Tj -247.5 -11.25 TD 0.1258 Tc 0.4367 Tw (these generations invest in real) Tj 125.25 0 TD 0.1102 Tc 0.4523 Tw ( capital to save for their old) Tj 114 0 TD -0.2467 Tc 0 Tw (-) Tj 3 0 TD 0.1445 Tc 0.3109 Tw (age pension. This argument also implies that ) Tj -242.25 -11.25 TD 0.1484 Tc 1.2109 Tw (current tax rates for households without children should rise more than tax rates for households with ) Tj 0 -12 TD 0.0958 Tc 0 Tw (children.) Tj 34.5 0 TD 0 Tc -0.1875 Tw ( ) Tj ET endstream endobj 691 0 obj 8444 endobj 692 0 obj << /Type /Page /Parent 693 0 R /Resources << /Font << /F0 6 0 R /F1 8 0 R /F2 622 0 R /F6 655 0 R >> /ProcSet 2 0 R >> /Contents 694 0 R >> endobj 693 0 obj << /Kids [ 692 0 R 696 0 R 699 0 R 702 0 R 705 0 R 708 0 R ] /Count 6 /Type /Pages /Parent 807 0 R >> endobj 694 0 obj << /Length 695 0 R >> stream BT 183 762 TD 0 0 0 rg /F2 9.75 Tf 0.0428 Tc 0 Tw (P) Tj 6 0 TD /F2 8.25 Tf -0.0417 Tc -0.5208 Tw (OPULATION ) Tj 47.25 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (A) Tj 5.25 0 TD /F2 8.25 Tf -0.0567 Tc -0.1308 Tw (GEING AND ) Tj 45 0 TD /F2 9.75 Tf -0.2467 Tc 0 Tw (I) Tj 3 0 TD /F2 8.25 Tf -0.1155 Tc 0.303 Tw (NTERNATIONAL ) Tj 59.25 0 TD /F2 9.75 Tf 0.2468 Tc 0 Tw (C) Tj 6.75 0 TD /F2 8.25 Tf -0.1323 Tc 0.3198 Tw (APITAL ) Tj 28.5 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (F) Tj 6 0 TD /F2 8.25 Tf -0.5102 Tc (LOWS) Tj 21 0 TD /F2 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj -119.25 -688.5 TD /F0 11.25 Tf -0.375 Tc 0 Tw (15) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -205.5 663.75 TD /F1 12 Tf -0.27 Tc 0 Tw (\267) Tj 5.25 0 TD /F6 12 Tf 0 Tc -0.336 Tw ( ) Tj 12.75 0 TD /F0 12 Tf -0.0312 Tc 0.4597 Tw (First, it can reduce the net income support to retired generations. The direct effect ) Tj 0 -14.25 TD -0.0606 Tc 0.5106 Tw (is reduction of the tax ) Tj 110.25 0 TD -0.0462 Tc 1.0962 Tw (burden on the future, working generations.) Tj 209.25 5.25 TD /F0 8.25 Tf 0.375 Tc 0 Tw (12) Tj 9 -5.25 TD /F0 12 Tf -0.1658 Tc 0.5408 Tw ( To the extent ) Tj -328.5 -13.5 TD -0.0285 Tc 1.7535 Tw (that households anticipate a decline in the real value of old) Tj 298.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.0581 Tc 0.9419 Tw (age pensions, they ) Tj -303 -14.25 TD -0.1349 Tc 0.6037 Tw (will save more to make up for this decline.) Tj 204 0 TD 0 Tc 0 Tw ( ) Tj -222.75 -20.25 TD /F1 12 Tf -0.27 Tc (\267) Tj 5.25 0 TD /F6 12 Tf 0 Tc -0.336 Tw ( ) Tj 12.75 0 TD /F0 12 Tf -0.0124 Tc 1.0124 Tw (Second, the government can create a budget surplus so as to reduce public) Tj 367.5 0 TD 0.2172 Tc 0.5328 Tw ( debt, ) Tj -367.5 -13.5 TD -0.0655 Tc 1.5655 Tw (by raising current taxes \(or cut current public spending\).) Tj 279.75 5.25 TD /F0 8.25 Tf 0.375 Tc 0 Tw (13) Tj 9 -5.25 TD /F0 12 Tf -0.1659 Tc 1.3659 Tw ( As long as Ricardian ) Tj -288.75 -14.25 TD -0.0664 Tc 4.0891 Tw (equivalence between debt and taxes does not hold, this will reduce private) Tj 0 Tc 0.75 Tw ( ) Tj 0 -13.5 TD -0.0041 Tc 0.9271 Tw (consumption and raise private savings. The text box gives a brief explanation of ) Tj 0 -14.25 TD -0.0895 Tc 0.8395 Tw (Ricardian eq) Tj 61.5 0 TD -0.0275 Tc 0.9441 Tw (uivalence and highlights the conditions under which the equivalence ) Tj -61.5 -13.5 TD -0.1576 Tc 0.1576 Tw (breaks down.) Tj 63 0 TD 0 Tc 0 Tw ( ) Tj -80.25 -20.25 TD /F1 12 Tf -0.27 Tc (\267) Tj 5.25 0 TD /F6 12 Tf 0 Tc -0.336 Tw ( ) Tj 12 0 TD /F0 12 Tf -0.0615 Tc 0.9365 Tw (Third and finally, the government can ) Tj 189.75 0 TD 0 Tc 0 Tw (\226) Tj 6 0 TD 0.056 Tc 0.319 Tw ( partially ) Tj 48 0 TD 0 Tc 0 Tw (\226) Tj 6 0 TD 0 Tc 0.9994 Tw ( switch from a PAYG system ) Tj -249.75 -14.25 TD -0.124 Tc 2.7201 Tw (towards a funded system. In the latter system individuals invest in funds now ) Tj 0 -13.5 TD -0.1496 Tc 0.6496 Tw (from which they dra) Tj 97.5 0 TD -0.161 Tc 0.536 Tw (w to finance their old) Tj 102 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.1372 Tc 0.8872 Tw (age income later.) Tj 81.75 0 TD 0 Tc 0 Tw ( ) Tj -315 -20.25 TD -0.1092 Tc 1.8234 Tw (Apart from the distributional motive for sharing the burden of ageing, it is sometimes ) Tj 0 -13.5 TD -0.0821 Tc 1.1321 Tw (also defended on efficiency grounds. As far as these policies help to avoid increases in ) Tj 0 -14.25 TD -0.0193 Tc 0.2693 Tw (future tax rates, they contribute to ov) Tj 177 0 TD -0.0048 Tc 0.1923 Tw (erall welfare by limiting the distortionary impact of ) Tj -177 -13.5 TD 0.0095 Tc 2.303 Tw (taxation. Taxes change behaviour of economic agents and impose costs on society. ) Tj 0 -13.5 TD -0.0951 Tc 2.6129 Tw (These costs vary more than proportionally with the rate of taxation. Therefore, it is ) Tj 0 -14.25 TD -0.0335 Tc 2.4085 Tw (efficient to smooth the rate of tax) Tj 172.5 0 TD -0.037 Tc 2.137 Tw (ation over time; with a constant rate, the costs of ) Tj -172.5 -13.5 TD -0.1468 Tc 2.7718 Tw (taxation are minimi) Tj 96.75 0 TD -0.168 Tc 0 Tw (s) Tj 5.25 0 TD -0.0717 Tc 2.2383 Tw (ed. Smoothing the burden across generations often concurs with ) Tj -102 -14.25 TD -0.0348 Tc 0.0348 Tw (smoothing tax rates over time.) Tj 145.5 5.25 TD /F0 8.25 Tf 0.375 Tc 0 Tw (14) Tj 9 -5.25 TD /F0 12 Tf 0 Tc ( ) Tj -154.5 -19.5 TD -0.1126 Tc 5.6353 Tw (Other popular arguments for shifting towards a more funded system are more) Tj 0 Tc 0.75 Tw ( ) Tj 0 -13.5 TD 0.0586 Tc 1.4414 Tw (problematic. O) Tj 73.5 0 TD -0.1094 Tc 1.7248 Tw (ne argument is that the returns on contributions in a funded system are ) Tj -73.5 -14.25 TD -0.1107 Tc 2.4544 Tw (generally higher than the returns in a PAYG system. The rate of return in a funded ) Tj 0 -13.5 TD -0.0139 Tc 1.0639 Tw (system is equal to the real interest rate \(on government bonds\) and perhaps the excess ) Tj 0 -14.25 TD -0.11 Tc 2.735 Tw (return on inve) Tj 71.25 0 TD -0.024 Tc 2.4615 Tw (stment to the extent that pension funds invest in equity. In a PAYG) Tj 349.5 0 TD -0.246 Tc 0 Tw (-) Tj -420.75 -13.5 TD -0.0833 Tc 0.0833 Tw (system the ) Tj 54 0 TD -0.246 Tc 0 Tw (\221) Tj 3.75 0 TD 0.03 Tc 0.345 Tw (rate of return) Tj 63 0 TD -0.246 Tc 0 Tw (\222) Tj 3.75 0 TD -0.0474 Tc 0.3474 Tw ( depends on the real growth rate of labour income, ) Tj 246 0 TD -0.0833 Tc 0.8333 Tw (on which it ) Tj -370.5 -13.5 TD -0.1183 Tc 1.6183 Tw (is based) Tj 39 0 TD -0.0785 Tc 1.7285 Tw (. In the long run the growth of labour income equals the sum of employment ) Tj -39 -14.25 TD -0.0711 Tc 1.5711 Tw (and productivit) Tj 74.25 0 TD -0.0766 Tc 1.7016 Tw (y growth. Historically, the real interest rate exceeds the growth rate of ) Tj -74.25 -13.5 TD 0.0031 Tc 0.2647 Tw (labour income, which suggests that switching from a PAYG scheme to a funded system ) Tj 0 -14.25 TD -0.0559 Tc 1.9059 Tw (will yield a higher rate of return. Another argument is that contributions in a funded ) Tj 0 -13.5 TD 0.1176 Tc 1.7574 Tw (system are l) Tj 59.25 0 TD -0.0814 Tc 1.5814 Tw (ess distortionary than in a PAYG system as households pay for their own ) Tj -59.25 -18.75 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj 67.5 0 TD ( ) Tj 67.5 0 TD ( ) Tj ET 84.75 266.25 144 0.75 re f BT 228.75 264.75 TD ( ) Tj -144 -25.5 TD /F0 6.75 Tf 0.375 Tc 0 Tw (12) Tj 7.5 -4.5 TD /F0 9.75 Tf 0.0845 Tc 1.3352 Tw ( Engineering a relative decline in \(real\) old) Tj 181.5 0 TD -0.2467 Tc 0 Tw (-) Tj 3 0 TD 0.2231 Tc 1.0894 Tw (age benefits does not) Tj 90 0 TD 0.0742 Tc 0.9169 Tw ( always involve a drastic action or ) Tj -282 -11.25 TD 0.0722 Tc 0.4903 Tw (decision. Just relaxing the indexation of future old) Tj 204 0 TD -0.2467 Tc 0 Tw (-) Tj 3 0 TD 0.0947 Tc 0.3011 Tw (age pensions to wages can yield significant savings in ) Tj -207 -11.25 TD 0.1734 Tc -0.3609 Tw (present value terms.) Tj 80.25 0 TD 0 Tc -0.1875 Tw ( ) Tj -80.25 -10.5 TD /F0 6.75 Tf 0.375 Tc 0 Tw (13) Tj 7.5 -4.5 TD /F0 9.75 Tf 0.1285 Tc 0.484 Tw ( For example, the budgetary consequences of ageing in the Netherlands are studied in Van E) Tj 378 0 TD 0.1661 Tc 0 Tw (wijk) Tj 17.25 0 TD 0.2303 Tc 0.3322 Tw ( et) Tj 10.5 0 TD ( al) Tj 10.5 0 TD /F2 9.75 Tf -0.1875 Tc 0 Tw (.) Tj 1.5 0 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj -425.25 -11.25 TD -0.1554 Tc 0 Tw (\(200) Tj 18 0 TD 0.375 Tc (0) Tj 5.25 0 TD 0.141 Tc 2.5832 Tw (\). Public finance will show a budget surplus over a long period of time if policies remain ) Tj -23.25 -11.25 TD 0.1485 Tc -0.2919 Tw (unchanged. The public debt is therefore reduced substantially. The surplus will turn into a deficit by 2016. ) Tj 0 -12 TD 0.1735 Tc 0.389 Tw (In particular, the ageing leads to a sh) Tj 153 0 TD 0.1437 Tc 0.4188 Tw (arp increase of expenditures on public pensions and health care. A ) Tj -153 -11.25 TD 0.1335 Tc 0.429 Tw (mechanism of increasing debts, interest payments and deficits will turn current policies unsustainable in ) Tj 0 -11.25 TD 0.1421 Tc -0.2358 Tw (the long run. As a way to arrive at a sustainable path of public finances, Van Ewij) Tj 327.75 0 TD 0.375 Tc 0 Tw (k) Tj 4.5 0 TD 0 Tc -0.1875 Tw ( ) Tj 2.25 0 TD 0.6053 Tc -0.7928 Tw (et al) Tj 17.25 0 TD /F2 9.75 Tf -0.1875 Tc 0 Tw (.) Tj 3 0 TD /F0 9.75 Tf 0.0428 Tc -0.2303 Tw ( \(2000\)) Tj 29.25 0 TD 0.1928 Tc -0.3803 Tw ( show that ) Tj -384 -12 TD 0.1327 Tc -0.2264 Tw (a relatively mild increase of direct taxes is required.) Tj 207 0 TD 0 Tc -0.1875 Tw ( ) Tj -207 -9.75 TD /F0 6.75 Tf 0.375 Tc 0 Tw (14) Tj 7.5 -4.5 TD /F0 9.75 Tf 0.1525 Tc 0.3311 Tw ( The idea of tax smoothing is bread and butter for economists, ever since Barro introduced it in 1974. ) Tj -7.5 -11.25 TD -0.0026 Tc 0.7526 Tw (For example, Van Ewijk ) Tj 102 0 TD 0.2303 Tc 0.3322 Tw (et al) Tj 17.25 0 TD 0.0981 Tc 0.3707 Tw (. \(2001\) assume that a constant burden is ) Tj 169.5 0 TD 0.0624 Tc 0.2501 Tw (optimal and tries to calculate how ) Tj -288.75 -12 TD 0.1635 Tc -0.276 Tw (much the Dutch government must raise current taxes to achieve that.) Tj 275.25 0 TD 0 Tc -0.1875 Tw ( ) Tj ET endstream endobj 695 0 obj 9415 endobj 696 0 obj << /Type /Page /Parent 693 0 R /Resources << /Font << /F0 6 0 R /F2 622 0 R >> /ProcSet 2 0 R >> /Contents 697 0 R >> endobj 697 0 obj << /Length 698 0 R >> stream BT 249.75 762 TD 0 0 0 rg /F2 9.75 Tf 0.2468 Tc 0 Tw (C) Tj 6.75 0 TD /F2 8.25 Tf -0.068 Tc (ANTON) Tj 26.25 0 TD /F2 9.75 Tf -0.1875 Tc (,) Tj 2.25 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (E) Tj 6 0 TD /F2 8.25 Tf -0.1963 Tc -0.3662 Tw (WIJK ) Tj 20.25 0 TD /F2 9.75 Tf -0.0855 Tc 0 Tw (&) Tj 7.5 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf -0.171 Tc 0 Tw (T) Tj 5.25 0 TD /F2 8.25 Tf 0 Tc (ANG) Tj 16.5 0 TD /F2 9.75 Tf -0.1875 Tw ( ) Tj -53.25 -701.25 TD /F0 11.25 Tf -0.375 Tc 0 Tw (16) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -217.5 677.25 TD /F0 12 Tf -0.0609 Tc 0.984 Tw (pensions. Both arguments concern the steady state only. Unfortunately it is not costless ) Tj 0 -14.25 TD -0.0428 Tc 1.1457 Tw (to arrive in this steady state. As pointed out by Sinn \(2000\) is not possible to improve ) Tj 0 -13.5 TD -0.1812 Tc 0.1812 Tw (the we) Tj 31.5 0 TD -0.0108 Tc 0.1608 Tw (lfare of some and to maintain the welfare of others \(the Pareto criterion\). Some of ) Tj -31.5 -13.5 TD -0.0788 Tc 1.7788 Tw (the current generations will lose, since they have to pay twice, for the PAYG system ) Tj 0 -14.25 TD -0.0503 Tc 4.9542 Tw (and now also for the funded system. This makes a regime switch difficult to) Tj 0 Tc 0.75 Tw ( ) Tj 0 -13.5 TD -0.1282 Tc 0 Tw (accomplish.) Tj 57 0 TD 0 Tc ( ) Tj -57 -20.25 TD /F2 12 Tf -0.0308 Tc 0.0308 Tw (Political economy of ageing ) Tj 137.25 0 TD 0 Tc 0 Tw ( ) Tj -137.25 -19.5 TD /F0 12 Tf 0.014 Tc 2.3967 Tw (Indeed, the political economy of ageing is important for the course of actions that ) Tj 0 -13.5 TD -0.0091 Tc 3.2091 Tw (governments are likely to take. An extensive review of this takes us too far. To ) Tj 0 -14.25 TD -0.0374 Tc 3.8811 Tw (underline the relevance of political economy, we discuss two) Tj 0 Tc 0 Tw ( ) Tj 328.5 0 TD -0.0544 Tc 4.1794 Tw (examples from the) Tj 0 Tc 0.75 Tw ( ) Tj -328.5 -13.5 TD -0.0777 Tc 0.4527 Tw (economic literature. ) Tj 98.25 0 TD 0 Tc 0 Tw ( ) Tj -98.25 -20.25 TD -0.0623 Tc 4.3123 Tw (First, the elderly ) Tj 4.164 Tc 0 Tw (m) Tj 102 0 TD 0.711 Tc (ay) Tj 11.25 0 TD -0.0503 Tc 4.2503 Tw ( use the voting mechanism to steer policy to less growth) Tj 307.5 0 TD -0.246 Tc 0 Tw (-) Tj -420.75 -13.5 TD -0.0518 Tc 2.4268 Tw (promoting activities. Some direct support for the latter interpretation is provided by ) Tj 0 -13.5 TD -0.0458 Tc 3.1529 Tw (Poterba \(1996\), who deals with the relationship be) Tj 262.5 0 TD -0.0236 Tc 2.6486 Tw (tween educational spending and ) Tj -262.5 -14.25 TD -0.0225 Tc 4.8558 Tw (demographic composition. He finds evidence of generational competition in the) Tj 0 Tc 0.75 Tw ( ) Tj 0 -13.5 TD -0.0078 Tc 1.1328 Tw (allocation of public funds. Educational spending per child in 48 US states in the post) Tj 420.75 0 TD -0.246 Tc 0 Tw (-) Tj -420.75 -14.25 TD -0.0772 Tc 0.9105 Tw (war period is negatively related to the fraction of elderly.) Tj 277.5 0 TD -0.0484 Tc 0.9484 Tw ( The empirical results indicate ) Tj -277.5 -13.5 TD -0.1129 Tc 0.9953 Tw (that the projected rise in the fraction of the population aged 65+ from 12.5% in 1990 to ) Tj 0 -13.5 TD -0.0306 Tc 1.0484 Tw (18.7% in 2030 translates into a 10% reduction in educational spending per child. And, ) Tj 0 -14.25 TD -0.0869 Tc 1.0244 Tw (as Poterba \(1996\) puts it) Tj 120 0 TD -0.336 Tc 0 Tw (:) Tj 3 0 TD 1.422 Tc 0.078 Tw ( \223) Tj 9 0 TD 0.168 Tc 0 Tw (T) Tj 7.5 0 TD -0.0342 Tc 1.0342 Tw (he implications of s) Tj 96.75 0 TD -0.0821 Tc 1.2071 Tw (uch changes for income inequality and ) Tj -236.25 -13.5 TD 0.0041 Tc 0.2686 Tw (economic growth depend on controversial parameters linking school spending to school ) Tj 0 -14.25 TD -0.0021 Tc 0.0854 Tw (outcomes and wages, but the potential effects could be substantial) Tj 316.5 0 TD -0.2148 Tc 0.9648 Tw (\224 \(pp.) Tj 27 0 TD 0 Tc 0 Tw ( ) Tj 3 0 TD (24) Tj 12 0 TD -0.246 Tc (-) Tj 4.5 0 TD -0.082 Tc (25\)) Tj 15.75 0 TD 0 Tc (.) Tj 3 0 TD ( ) Tj -381.75 -19.5 TD -0.054 Tc 1.304 Tw (Second, B\374tler \(2001\) studies the political feasibil) Tj 246 0 TD -0.0091 Tc 1.0091 Tw (ity of pension reforms. In particular, ) Tj -246 -13.5 TD -0.058 Tc 1.183 Tw (while a uniform reduction in pension levels would be resisted by retirees, a financially ) Tj 0 -14.25 TD -0.0902 Tc 3.3402 Tw (equivalent increase in retirement age should find support among retirees) Tj 0 Tc 0 Tw ( ) Tj 376.5 0 TD (\226) Tj 6 0 TD -0.0943 Tc 2.5943 Tw ( at least ) Tj -382.5 -13.5 TD 0.0009 Tc 2.9991 Tw (among those beyond the targeted statutory re) Tj 234.75 0 TD 0.0035 Tc 2.7822 Tw (tirement age. Using data on a Swiss ) Tj -234.75 -14.25 TD -0.0832 Tc 1.1614 Tw (referendum on an increase in female retirement age from 62 to 64 held in 1998, B\374tler ) Tj 0 -13.5 TD -0.0978 Tc 0.5478 Tw (finds empirical support for this prediction.) Tj 202.5 0 TD 0 Tc 0 Tw ( ) Tj -202.5 -19.5 TD /F2 12 Tf -0.0672 Tc (Conclusion) Tj 54 0 TD 0 Tc ( ) Tj -54 -20.25 TD /F0 12 Tf -0.0348 Tc 2.4348 Tw (The increasing public expenditure on old) Tj 207.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.085 Tc 2.585 Tw (age pensions and health care will in) Tj 0 Tc -0.75 Tw ( ) Tj 189.75 0 TD -0.0225 Tc 0.7725 Tw (most ) Tj -402 -13.5 TD -0.0775 Tc 4.0525 Tw (countries put the government budget and, more generally, society under pressure.) Tj 0 Tc 0.75 Tw ( ) Tj 0 -14.25 TD -0.0318 Tc 3.1472 Tw (Governments must sooner or later respond to this pressure. They have two broad ) Tj 0 -13.5 TD -0.053 Tc 1.6936 Tw (options that are possible to combine in different ways. First, they can try to raise the ) Tj T* -0.039 Tc 0 Tw (pa) Tj 11.25 0 TD -0.078 Tc 1.7511 Tw (rticipation on labour markets. If effective, this option leads to more employment as ) Tj -11.25 -14.25 TD -0.0281 Tc 1.0781 Tw (well as more investment. Second, they can try to raise private and public savings. The ) Tj 0 -13.5 TD -0.1018 Tc 0.5304 Tw (effect of net demand for capital is unclear.) Tj 202.5 0 TD 0 Tc 0 Tw ( ) Tj ET endstream endobj 698 0 obj 6225 endobj 699 0 obj << /Type /Page /Parent 693 0 R /Resources << /Font << /F0 6 0 R /F2 622 0 R /F3 628 0 R >> /ProcSet 2 0 R >> /Contents 700 0 R >> endobj 700 0 obj << /Length 701 0 R >> stream BT 183 762 TD 0 0 0 rg /F2 9.75 Tf 0.0428 Tc 0 Tw (P) Tj 6 0 TD /F2 8.25 Tf -0.0417 Tc -0.5208 Tw (OPULATION ) Tj 47.25 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (A) Tj 5.25 0 TD /F2 8.25 Tf -0.0567 Tc -0.1308 Tw (GEING AND ) Tj 45 0 TD /F2 9.75 Tf -0.2467 Tc 0 Tw (I) Tj 3 0 TD /F2 8.25 Tf -0.1155 Tc 0.303 Tw (NTERNATIONAL ) Tj 59.25 0 TD /F2 9.75 Tf 0.2468 Tc 0 Tw (C) Tj 6.75 0 TD /F2 8.25 Tf -0.1323 Tc 0.3198 Tw (APITAL ) Tj 28.5 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (F) Tj 6 0 TD /F2 8.25 Tf -0.5102 Tc (LOWS) Tj 21 0 TD /F2 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj -119.25 -688.5 TD /F0 11.25 Tf -0.375 Tc 0 Tw (17) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj ET q 84 747.75 m 84 280.5 l 510.75 280.5 l 510.75 747.75 l 508.5 747.75 l 508.5 281.25 l 87.75 281.25 l 87.75 747.75 l h W* n 0.9804 0.9804 0.6863 rg 84 280.5 426.75 467.25 re f Q 0.9804 0.9804 0.6863 rg 87.75 727.5 420.75 20.25 re f BT 87.75 737.25 TD 0 0 0 rg /F2 12 Tf -0.0156 Tc 0.0156 Tw (Ricardian equivalence) Tj 108 0 TD 0 Tc 0 Tw ( ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 715.5 420.75 12 re f BT 87.75 718.5 TD 0 0 0 rg /F0 11.25 Tf -0.1341 Tc 0.8985 Tw (Until now we have treated the private and public sector as independent entities. ) Tj 361.5 0 TD -0.0707 Tc 0 Tw (Nevertheless,) Tj 58.5 0 TD 0 Tc 0.1875 Tw ( ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 702.75 420.75 12.75 re f BT 87.75 706.5 TD 0 0 0 rg -0.1629 Tc 1.0427 Tw (when Ricardian equivalence holds, the public sector deficit or surplus will have repercussions ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 690 420.75 12.75 re f BT 87.75 693.75 TD 0 0 0 rg -0.1741 Tc 2.7366 Tw (on optimal savings plans by households. For) Tj 210 0 TD -0.1318 Tc 2.1943 Tw ( instance, a public sector deficit financed by ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 677.25 420.75 12.75 re f BT 87.75 681 TD 0 0 0 rg -0.1092 Tc 2.6044 Tw (issuing government bonds implies an increase of future taxes to service the debt \(ceteris) Tj 0 Tc -0.5625 Tw ( ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 664.5 420.75 12.75 re f BT 87.75 668.25 TD 0 0 0 rg -0.0809 Tc 3.2684 Tw (paribus\). Forward) Tj 81.75 0 TD 0.0038 Tc 0 Tw (-) Tj 4.5 0 TD -0.1163 Tc 3.3871 Tw (looking households anticipate this future tax increase and adjust their) Tj 0 Tc 0.1875 Tw ( ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 651.75 420.75 12.75 re f BT 87.75 655.5 TD 0 0 0 rg -0.1487 Tc 1.3362 Tw (consumption plans downward to) Tj 146.25 0 TD -0.0832 Tc 1.2708 Tw ( smooth their life) Tj 79.5 0 TD 0.0038 Tc 0 Tw (-) Tj 3.75 0 TD -0.0833 Tc 0.6458 Tw (cycle consumption possibilities. Likewise, ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 639 420.75 12.75 re f BT 87.75 642.75 TD 0 0 0 rg -0.1372 Tc 0.8872 Tw (in case of a public sector surplus, households expect a future tax reduction and anticipate this ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 621 420.75 18 re f BT 87.75 630 TD 0 0 0 rg -0.1519 Tc 0.4228 Tw (development by adjusting their consumption plans upward by saving less.) Tj 325.5 0 TD 0 Tc 0.1875 Tw ( ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 608.25 420.75 12.75 re f BT 87.75 612 TD 0 0 0 rg -0.0745 Tc 0.262 Tw (The Ricardian equivalence) Tj 119.25 0 TD -0.0979 Tc 0.2854 Tw ( debate is summarised in Romer \(1996\). He mentions the following ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 589.5 420.75 18.75 re f BT 87.75 599.25 TD 0 0 0 rg -0.0611 Tc -0.5014 Tw (reasons why) Tj 54.75 0 TD -0.0825 Tc 0.27 Tw ( the ) Tj 19.5 0 TD -0.1405 Tc 0.328 Tw (Ricardian equivalence may not hold exactly:) Tj 195 0 TD 0 Tc 0.1875 Tw ( ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 570.75 420.75 18.75 re f BT 105.75 580.5 TD 0 0 0 rg -0.1549 Tc 0.3424 Tw (1. Population growth;) Tj 95.25 0 TD 0 Tc 0.1875 Tw ( ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 552 420.75 18.75 re f BT 105.75 561.75 TD 0 0 0 rg -0.1389 Tc 0.3264 Tw (2. Liquidity constraints;) Tj 105 0 TD 0 Tc 0.1875 Tw ( ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 533.25 420.75 18.75 re f BT 105.75 543 TD 0 0 0 rg -0.162 Tc 0.3495 Tw (3. Non) Tj 30 0 TD 0.0038 Tc 0 Tw (-) Tj 3.75 0 TD -0.345 Tc (lump) Tj 21.75 0 TD 0.0038 Tc (-) Tj 3.75 0 TD -0.0833 Tc 0.2708 Tw (sum taxes;) Tj 47.25 0 TD -0.165 Tc 0.3525 Tw ( and) Tj 18.75 0 TD 0 Tc 0.1875 Tw ( ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 514.5 420.75 18.75 re f BT 105.75 524.25 TD 0 0 0 rg -0.4481 Tc 0.6356 Tw (4. Rule) Tj 31.5 0 TD 0.0038 Tc 0 Tw (-) Tj 3.75 0 TD -0.5606 Tc (of) Tj 9 0 TD 0.0038 Tc (-) Tj 3.75 0 TD -0.1321 Tc 0.3196 Tw (thumb consumption behaviour.) Tj 137.25 0 TD 0 Tc 0.1875 Tw ( ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 501.75 420.75 12.75 re f BT 87.75 505.5 TD 0 0 0 rg -0.1004 Tc 0.2879 Tw (First, when new ) Tj 75 0 TD -0.0793 Tc 0.2043 Tw (individuals are entering the economy, part of the future tax burden connected ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 489.75 420.75 12 re f BT 87.75 492.75 TD 0 0 0 rg -0.182 Tc 1.8695 Tw (with the issue of bonds is borne by individuals who are not alive when the bond is issued. ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 477 420.75 12.75 re f BT 87.75 480.75 TD 0 0 0 rg -0.1108 Tc 0.2983 Tw (Therefore, the bond represents net wealth to those who are living at the time of the bo) Tj 381 0 TD -0.1641 Tc 0.3516 Tw (nd issue. ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 464.25 420.75 12.75 re f BT 87.75 468 TD 0 0 0 rg -0.1263 Tc 1.017 Tw (A difficulty with this argument is that individuals with finite lifetimes may behave as if they ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 451.5 420.75 12.75 re f BT 87.75 455.25 TD 0 0 0 rg -0.0928 Tc 3.2178 Tw (are a single household \(cf. Barro, 1974\). When generations are connected by bequests,) Tj 0 Tc -0.5625 Tw ( ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 438.75 420.75 12.75 re f BT 87.75 442.5 TD 0 0 0 rg -0.1228 Tc 4.7166 Tw (Ricardian equivalence may be restored, and individuals keep thei) Tj 321.75 0 TD -0.1396 Tc 4.8271 Tw (r consumption paths) Tj 0 Tc 0.1875 Tw ( ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 426 420.75 12.75 re f BT 87.75 429.75 TD 0 0 0 rg -0.1471 Tc 0.2408 Tw (unchanged in response to a bond issue. Second, a bond issue may matter when households face ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 413.25 420.75 12.75 re f BT 87.75 417 TD 0 0 0 rg -0.124 Tc 3.999 Tw (liquidity constraints. In particular, when the household faces a higher interest rate for) Tj 0 Tc -0.5625 Tw ( ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 401.25 420.75 12 re f BT 87.75 404.25 TD 0 0 0 rg -0.1529 Tc 0.3404 Tw (borrowing than the government does, the household may ) Tj 254.25 0 TD -0.1565 Tc 0.344 Tw (respond to a bond issue by increasing ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 388.5 420.75 12.75 re f BT 87.75 392.25 TD 0 0 0 rg -0.1599 Tc 0.8831 Tw (consumption if the government is borrowing on the household's behalf. Third, when taxes are ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 375.75 420.75 12.75 re f BT 87.75 379.5 TD 0 0 0 rg -0.2154 Tc 1.1529 Tw (not lump) Tj 39 0 TD 0.0038 Tc 0 Tw (-) Tj 3.75 0 TD -0.1484 Tc 0.4431 Tw (sum but a function of income, a bond issue reduces the household's uncertainty about ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 363 420.75 12.75 re f BT 87.75 366.75 TD 0 0 0 rg -0.1403 Tc 0.3278 Tw (lifetime income. The future tax ) Tj 141 0 TD -0.1505 Tc 0.4005 Tw (liability is large \(low\) if future income is large \(low\). This may ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 350.25 420.75 12.75 re f BT 87.75 354 TD 0 0 0 rg -0.0941 Tc 1.1566 Tw (induce households to increase current consumption. Fourth, and finally, individuals may not ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 337.5 420.75 12.75 re f BT 87.75 341.25 TD 0 0 0 rg -0.1376 Tc 3.6465 Tw (optimise over long horizons, but instead may follow) Tj 0 Tc 0.1875 Tw ( ) Tj 259.5 0 TD 0.0038 Tc 0 Tw (\221) Tj 3.75 0 TD -0.024 Tc (rules) Tj 21.75 0 TD 0.0038 Tc (-) Tj 3.75 0 TD -0.5606 Tc (of) Tj 9 0 TD 0.0038 Tc (-) Tj 3.75 0 TD -0.051 Tc (thumb) Tj 27.75 0 TD 0.0038 Tc (\222) Tj 3.75 0 TD -0.1165 Tc 3.554 Tw ( in choosing their) Tj 0 Tc 0.1875 Tw ( ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 324.75 420.75 12.75 re f BT 87.75 328.5 TD 0 0 0 rg -0.3004 Tc 0 Tw (consumptio) Tj 51 0 TD 0.375 Tc (n) Tj 5.25 0 TD 0.0038 Tc (-) Tj 3.75 0 TD -0.1066 Tc 2.7486 Tw (saving plans. As a result, people may increase their current consumption in) Tj 0 Tc -0.5625 Tw ( ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 312 420.75 12.75 re f BT 87.75 315.75 TD 0 0 0 rg -0.1407 Tc 0.3282 Tw (response to a bond) Tj 82.5 0 TD 0.0038 Tc 0 Tw (-) Tj 3.75 0 TD -0.0247 Tc 0.2122 Tw (financed tax cut. By) Tj 90.75 0 TD 0 Tc 0.1875 Tw ( ) Tj 3 0 TD -0.165 Tc 0 Tw (and) Tj 15.75 0 TD 0 Tc 0.1875 Tw ( ) Tj 3.75 0 TD -0.0916 Tc 0.4666 Tw (large, Romer concludes that "...) Tj 141 0 TD 0.1275 Tc 0 Tw (D) Tj 8.25 0 TD -0.2344 Tc 0.6719 Tw (espite its logical ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 300 420.75 12 re f BT 87.75 303 TD 0 0 0 rg -0.0473 Tc 0.2348 Tw (appeal, there does not appear to be a strong case for using Ricardian equivalence ) Tj 365.25 0 TD -0.1365 Tc 0.574 Tw (to gauge the ) Tj ET 0.9804 0.9804 0.6863 rg 87.75 281.25 420.75 18.75 re f BT 87.75 291 TD 0 0 0 rg -0.129 Tc 0.3165 Tw (likely effects of governments' financing decisions in practice) Tj 267.75 0 TD 0.255 Tc 0 Tw (\224) Tj 5.25 0 TD -0.2446 Tc 0.4321 Tw ( \(1996, pp. 72\).) Tj 66.75 0 TD /F0 12 Tf 0 Tc 0 Tw ( ) Tj ET 84.75 747.75 425.25 0.75 re f q 84 280.5 m 84 263.25 l 87.75 263.25 l 87.75 280.5 l 508.5 280.5 m 508.5 263.25 l 510.75 263.25 l 510.75 280.5 l h W* n 0.9804 0.9804 0.6863 rg 84 263.25 426.75 17.25 re f Q 0.9804 0.9804 0.6863 rg 87.75 263.25 420.75 17.25 re f BT 87.75 271.5 TD 0 0 0 rg /F0 9.75 Tf -0.1875 Tw ( ) Tj ET 84 262.5 426.75 0.75 re f BT 84.75 253.5 TD ( ) Tj 0 -19.5 TD /F3 12 Tf 0 Tw (3.4) Tj 15 0 TD ( ) Tj 21 0 TD -0.1026 Tc 0.2901 Tw (Current accounts and capital flows) Tj 178.5 0 TD 0 Tc 0 Tw ( ) Tj -187.5 -19.5 TD /F2 12 Tf -0.0403 Tc 3.707 Tw (Projections based on empirical work and model simulations show that) Tj 0 Tc 0 Tw ( ) Tj 0 -13.5 TD -0.0071 Tc 0.0071 Tw (Japan, Western Europe and the United States will see) Tj 258 0 TD 0.0401 Tc -0.0401 Tw ( their current account) Tj 106.5 0 TD -0.168 Tc 0 Tw (s) Tj 4.5 0 TD 0 Tc ( ) Tj -369 -14.25 TD -0.0215 Tc 1.2537 Tw (improve at least up to 2010. After 2010, savings rates will fall faster than ) Tj 0 -13.5 TD -0.0236 Tc 1.3986 Tw (investment rates in most rich countries, although the timing and degree is ) Tj 0 -14.25 TD -0.0246 Tc 0.0246 Tw (uncertain. ) Tj 52.5 0 TD 0.42 Tc 0.33 Tw (A c) Tj 16.5 0 TD 0.0482 Tc 0.7851 Tw (rucial but unknown variable is the capital mobility \(between ) Tj -69 -13.5 TD 0.036 Tc 0 Tw (devel) Tj 25.5 0 TD -0.0319 Tc 0.0319 Tw (oped and developing countries\).) Tj 153.75 0 TD 0 Tc 0 Tw ( ) Tj -206.25 -19.5 TD /F0 12 Tf -0.0909 Tc 1.0717 Tw (Ageing has a negative impact on savings and investment. The changing composition of ) Tj 0 -14.25 TD -0.0507 Tc 2.8632 Tw (populations will \(eventually\) reduce private savings and thus the supply of capital. ) Tj 0 -13.5 TD -0.119 Tc 1.7023 Tw (Ageing also leads to less employment \(growth\) and less ) Tj 282 0 TD -0.0559 Tc 1.3059 Tw (investment, reducing demand ) Tj ET endstream endobj 701 0 obj 11481 endobj 702 0 obj << /Type /Page /Parent 693 0 R /Resources << /Font << /F0 6 0 R /F2 622 0 R /F3 628 0 R >> /ProcSet 2 0 R >> /Contents 703 0 R >> endobj 703 0 obj << /Length 704 0 R >> stream BT 249.75 762 TD 0 0 0 rg /F2 9.75 Tf 0.2468 Tc 0 Tw (C) Tj 6.75 0 TD /F2 8.25 Tf -0.068 Tc (ANTON) Tj 26.25 0 TD /F2 9.75 Tf -0.1875 Tc (,) Tj 2.25 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (E) Tj 6 0 TD /F2 8.25 Tf -0.1963 Tc -0.3662 Tw (WIJK ) Tj 20.25 0 TD /F2 9.75 Tf -0.0855 Tc 0 Tw (&) Tj 7.5 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf -0.171 Tc 0 Tw (T) Tj 5.25 0 TD /F2 8.25 Tf 0 Tc (ANG) Tj 16.5 0 TD /F2 9.75 Tf -0.1875 Tw ( ) Tj -53.25 -701.25 TD /F0 11.25 Tf -0.375 Tc 0 Tw (18) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -217.5 677.25 TD /F0 12 Tf -0.0213 Tc 0.7713 Tw (for capital. ) Tj 57.75 0 TD -0.0111 Tc 0 Tw (Further) Tj 35.25 0 TD 0.0442 Tc 1.5712 Tw (, in response to the upward pressure on the public deficit and the ) Tj -93 -14.25 TD 0.0611 Tc 3.1889 Tw (growing strain on society) Tj 131.25 0 TD 0 Tc 0 Tw (,) Tj 3 0 TD -0.0175 Tc 3.2425 Tw ( governments will respond: they will try to reverse the ) Tj -134.25 -13.5 TD -0.0154 Tc 0.3487 Tw (direction that these three variables threaten to take. The ) Tj 270.75 0 TD 0.0018 Tc 0.2482 Tw (effect on net demand for capital ) Tj -270.75 -13.5 TD 0.0368 Tc 0.7709 Tw (is difficult to determine a priori. From this perspective, countries with similar patterns ) Tj 0 -14.25 TD -0.1141 Tc 1.0516 Tw (of ageing may differ in their net demand for capital. Of course, possibilities for trade in ) Tj 0 -13.5 TD 0.0065 Tc 0.2935 Tw (capital arise from differential effects ) Tj 179.25 0 TD 0.037 Tc 0.113 Tw (of ageing but also from desynchroni) Tj 174.75 0 TD -0.168 Tc 0 Tw (s) Tj 4.5 0 TD 0.1195 Tc -0.1195 Tw (ed patterns of ) Tj -358.5 -14.25 TD -0.082 Tc -0.293 Tw (ageing. In ) Tj 50.25 0 TD 0.1791 Tc 0 Tw (section) Tj 33.75 0 TD -0.0464 Tc 0.2464 Tw ( 2 we have seen that countries differ in the pace and degree of ageing. ) Tj 338.25 0 TD 0 Tc 0 Tw ( ) Tj -422.25 -19.5 TD -0.0756 Tc 1.6333 Tw (With the uncertainty about the implications of ageing for current accounts and capital ) Tj 0 -13.5 TD -0.0793 Tc 1.0792 Tw (flows empirical studies and) Tj 133.5 0 TD -0.106 Tc 1.381 Tw ( model simulations are more than welcome. They may help ) Tj -133.5 -14.25 TD -0.109 Tc 1.059 Tw (us to see regularities and gain insight in the future development of current accounts and ) Tj 0 -13.5 TD -0.1274 Tc 0.8774 Tw (capital flows.) Tj 63.75 0 TD 0 Tc 0 Tw ( ) Tj -63.75 -26.25 TD /F3 12 Tf (3.4.1) Tj 24 0 TD ( ) Tj 12 0 TD -0.132 Tc 0.882 Tw (Econometric work) Tj 94.5 0 TD 0 Tc 0 Tw ( ) Tj -130.5 -19.5 TD /F0 12 Tf 0.0133 Tc 1.0094 Tw (A number of econometric studies on the relationship between ageing and i) Tj 367.5 0 TD 0.0355 Tc -0.0355 Tw (nternational ) Tj -367.5 -13.5 TD -0.0913 Tc 1.3029 Tw (capital flows have emerged. The older studies often use somewhat rough indicators for ) Tj 0 -14.25 TD -0.0714 Tc 3.3714 Tw (population ageing, such as the old) Tj 177.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.017 Tc 2.8027 Tw (age dependency ratios. More recent studies are ) Tj -182.25 -13.5 TD 0.0098 Tc 0.8765 Tw (almost exclusively based on a better method, proposed in Fair and Dominguez) Tj 386.25 0 TD 0.0369 Tc 0.7131 Tw ( \(1991\). ) Tj -386.25 -14.25 TD -0.0574 Tc 2.4145 Tw (Fair and Dominguez construct a technique where account is taken of the entire age ) Tj 0 -13.5 TD -0.0363 Tc 1.4828 Tw (structure of the population. Without trying to be exhaustive, we shall review some of ) Tj T* -0.0989 Tc 0.3489 Tw (these more recent studies in this sub) Tj 172.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0308 Tc 0.0308 Tw (section. ) Tj 39.75 0 TD 0 Tc 0 Tw ( ) Tj -216.75 -20.25 TD -0.0215 Tc 2.5715 Tw (The work of Higgins \(1998\) prov) Tj 171.75 0 TD -0.041 Tc 2.3743 Tw (ides a good starting point. He relates savings and ) Tj -171.75 -13.5 TD -0.0368 Tc 0.9475 Tw (investment rates to the population age structures for a panel of 100 countries, covering ) Tj 0 -14.25 TD -0.0933 Tc 3.2432 Tw (the period from 1950 to 1989.) Tj 158.25 5.25 TD /F0 8.25 Tf 0.375 Tc 0 Tw (15) Tj 9 -5.25 TD /F0 12 Tf -0.0635 Tc 3.1885 Tw ( The estimation results suggest that the) Tj 0 Tc 0 Tw ( ) Tj 209.25 0 TD -0.246 Tc (\221) Tj 3.75 0 TD -0.039 Tc 3.039 Tw (centre of) Tj 0 Tc -0.75 Tw ( ) Tj -380.25 -13.5 TD 0.072 Tc 0 Tw (gravity) Tj 33.75 0 TD -0.246 Tc (\222) Tj 3.75 0 TD -0.1146 Tc 1.7646 Tw ( for investment demand is ) Tj 135 0 TD -0.0345 Tc 1.7845 Tw (earlier in the age distribution than that for savings ) Tj -172.5 -13.5 TD 0.0147 Tc 0.9853 Tw (supply. In other words, the share of young workers in the population exerts a positive ) Tj 0 -14.25 TD -0.0064 Tc 0.3345 Tw (effect on the investment rate \(and not on the savings rates\), whereas the share of mature ) Tj 0 -13.5 TD -0.1263 Tc 1.0638 Tw (workers has a positive im) Tj 123.75 0 TD -0.1035 Tc 0.9112 Tw (pact on the savings rate \(and not on the investment rate\). As a ) Tj -123.75 -14.25 TD -0.0827 Tc 1.7077 Tw (result, a country that sees its working) Tj 185.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0978 Tc 1.7853 Tw (age population increase will first see its current ) Tj -189.75 -13.5 TD -0.0585 Tc 0.9239 Tw (account deteriorate and then improve. After the workers are retired, the current account ) Tj 0 -13.5 TD -0.2172 Tc 0.9672 Tw (will move to) Tj 60 0 TD -0.0103 Tc 0.0103 Tw (wards a deficit.) Tj 73.5 0 TD 0 Tc 0 Tw ( ) Tj -133.5 -20.25 TD -0.01 Tc 1.66 Tw (L\374rhmann \(2001\) and Lane and Milesi) Tj 192.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0076 Tc 1.5076 Tw (Ferretti \(2001\) find similar results. L\374hrmann ) Tj -197.25 -13.5 TD -0.0407 Tc 1.6907 Tw (studies the relationship between demographic changes and international capital flows, ) Tj 0 -14.25 TD -0.0335 Tc 2.6585 Tw (using data for a broader set of countries \(181\) for later years \(1970) Tj 349.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0284 Tc 2.0284 Tw (97\). Lane and ) Tj -354 -13.5 TD 0.013 Tc 0 Tw (Milesi) Tj 29.25 0 TD -0.246 Tc (-) Tj 4.5 0 TD -0.0332 Tc 0.9082 Tw (Ferretti \(2001\) take a somewhat different approach. They study the evolution of ) Tj -33.75 -13.5 TD 0.0038 Tc 1.7462 Tw (net foreign asset positions for a group of 66 countries over the 1970) Tj 346.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.015 Tc 1.485 Tw (98 period. The ) Tj -351 -14.25 TD -0.0727 Tc 1.0102 Tw (estimated relation between demographic structure and net foreign asset) Tj 345 0 TD -0.0948 Tc 1.0323 Tw (s is quite strong. ) Tj -345 -13.5 TD -0.0371 Tc 3.9121 Tw (The pattern of demographic effects is consistent with the results of Higgins and) Tj 0 Tc 0.75 Tw ( ) Tj 0 -14.25 TD -0.0218 Tc 0.5218 Tw (L\374hrmann. Lane and Milesi) Tj 133.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0418 Tc 0.4793 Tw (Ferretti find a decline in the net foreign asset position if the ) Tj -138 -13.5 TD -0.0375 Tc 0.7875 Tw (population shares of younger age ) Tj 166.5 0 TD 0.056 Tc 0 Tw (groups) Tj 32.25 0 TD -0.1605 Tc 1.2855 Tw ( increase and a rise in ne) Tj 123 0 TD -0.0518 Tc 1.1018 Tw (t foreign assets if the ) Tj -321.75 -13.5 TD -0.0213 Tc 1.1752 Tw (share of workers near their retirement increases, with a maximum effect for the 50) Tj 408.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0 Tc (54 ) Tj -413.25 -22.5 TD /F0 9.75 Tf -0.1875 Tw ( ) Tj 67.5 0 TD ( ) Tj 67.5 0 TD ( ) Tj ET 84.75 156.75 144 0.75 re f BT 228.75 155.25 TD ( ) Tj -144 -25.5 TD /F0 6.75 Tf 0.375 Tc 0 Tw (15) Tj 7.5 -4.5 TD /F0 9.75 Tf 0.1416 Tc 0.3209 Tw ( The separate demographic influences on saving and investment can only be identified when countries ) Tj -7.5 -11.25 TD 0.1667 Tc 0.4895 Tw (can borrow and lend on the international capital mar) Tj 215.25 0 TD 0.1312 Tc 0.5146 Tw (ket without constraint and at a given world interest ) Tj -215.25 -11.25 TD 0.0482 Tc 1.2174 Tw (rate. With imperfect capital mobility, the econometric estimates reflect a mix of the separate effects on ) Tj 0 -12 TD 0.1612 Tc -0.3487 Tw (savings supply and investment demand.) Tj 159 0 TD 0 Tc -0.1875 Tw ( ) Tj ET endstream endobj 704 0 obj 8355 endobj 705 0 obj << /Type /Page /Parent 693 0 R /Resources << /Font << /F0 6 0 R /F2 622 0 R /F3 628 0 R >> /ProcSet 2 0 R >> /Contents 706 0 R >> endobj 706 0 obj << /Length 707 0 R >> stream BT 183 762 TD 0 0 0 rg /F2 9.75 Tf 0.0428 Tc 0 Tw (P) Tj 6 0 TD /F2 8.25 Tf -0.0417 Tc -0.5208 Tw (OPULATION ) Tj 47.25 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (A) Tj 5.25 0 TD /F2 8.25 Tf -0.0567 Tc -0.1308 Tw (GEING AND ) Tj 45 0 TD /F2 9.75 Tf -0.2467 Tc 0 Tw (I) Tj 3 0 TD /F2 8.25 Tf -0.1155 Tc 0.303 Tw (NTERNATIONAL ) Tj 59.25 0 TD /F2 9.75 Tf 0.2468 Tc 0 Tw (C) Tj 6.75 0 TD /F2 8.25 Tf -0.1323 Tc 0.3198 Tw (APITAL ) Tj 28.5 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (F) Tj 6 0 TD /F2 8.25 Tf -0.5102 Tc (LOWS) Tj 21 0 TD /F2 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj -119.25 -688.5 TD /F0 11.25 Tf -0.375 Tc 0 Tw (19) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -217.5 664.5 TD /F0 12 Tf -0.0211 Tc 1.0992 Tw (age group. Finally, evidence is found for the running down of net foreign assets if the ) Tj 0 -14.25 TD -0.0597 Tc 0.2472 Tw (65+ age cohort increases. ) Tj 124.5 0 TD 0 Tc 0 Tw ( ) Tj -124.5 -19.5 TD -0.0307 Tc 1.9057 Tw (Higgins uses the estimation res) Tj 156 0 TD -0.0099 Tc 1.5099 Tw (ults to project the changes in the current account as a ) Tj -156 -13.5 TD -0.0555 Tc 3.8055 Tw (result of demographic developments) Tj 184.5 0 TD -0.1483 Tc 4.3482 Tw ( alone into the future. Table) Tj 0 Tc 0 Tw ( ) Tj 157.5 0 TD -0.153 Tc 4.403 Tw (1 shows that in) Tj 0 Tc 0 Tw ( ) Tj -342 -14.25 TD 0.0012 Tc 0.9988 Tw (developed countries investment rates are projected to decline faster than savings rates, ) Tj 0 -13.5 TD -0.0555 Tc 1.0555 Tw (improving their current account) Tj 154.5 0 TD 0.0315 Tc 0.9492 Tw (. This effect is in 2025 not as strong as in 2010, when ) Tj -154.5 -14.25 TD 0.144 Tc -0.144 Tw (the baby) Tj 40.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.062 Tc 0.362 Tw (boom generation is expected to retire.) Tj 180.75 0 TD 0 Tc 0 Tw ( ) Tj -225.75 -19.5 TD /F2 12 Tf -0.0672 Tc (Table) Tj 27 0 TD 0 Tc ( ) Tj 7.5 0 TD (1) Tj 6 0 TD (.) Tj 3 0 TD -0.0125 Tc 4.5125 Tw ( Projected changes in the current account as a result of demographic) Tj 0 Tc 0 Tw ( ) Tj -43.5 -13.5 TD 0.0137 Tc -0.0137 Tw (developments \(%) Tj 82.5 0 TD 0 Tc 0 Tw ( ) Tj 3 0 TD 0.0765 Tc -0.0765 Tw (points of GDP\)) Tj 73.5 0 TD /F0 12 Tf 0 Tc 0 Tw ( ) Tj -159 -18.75 TD /F0 9.75 Tf -0.1875 Tw ( ) Tj 3 -19.5 TD /F0 12 Tf 0 Tw ( ) Tj 215.25 0 TD (2010) Tj 24 0 TD ( ) Tj 84 0 TD (2025) Tj 24 0 TD ( ) Tj ET 84.75 588 214.5 0.75 re f 299.25 588 0.75 0.75 re f 300 588 107.25 0.75 re f 407.25 588 0.75 0.75 re f 408 588 106.5 0.75 re f q 87.75 561 6 6.75 re h W n BT 87.75 557.25 TD ( ) Tj ET Q q 303 561 6 6.75 re h W n BT 303 557.25 TD ( ) Tj ET Q q 411 561 6 6.75 re h W n BT 411 557.25 TD ( ) Tj ET Q BT 87.75 551.25 TD 0.0497 Tc (Germany) Tj 44.25 0 TD 0 Tc ( ) Tj 171 0 TD (1.1) Tj 15 0 TD ( ) Tj 93 0 TD (1.3) Tj 15 0 TD ( ) Tj -338.25 -20.25 TD -0.0648 Tc (Japan) Tj 26.25 0 TD 0 Tc ( ) Tj 189 0 TD (1.5) Tj 15 0 TD ( ) Tj 93 0 TD (2.3) Tj 15 0 TD ( ) Tj -338.25 -19.5 TD -0.0485 Tc 0.0485 Tw (United States) Tj 63.75 0 TD 0 Tc 0 Tw ( ) Tj 151.5 0 TD (4.5) Tj 15 0 TD ( ) Tj 93 0 TD (1.9) Tj 15 0 TD ( ) Tj -338.25 -20.25 TD 0.0128 Tc -0.0128 Tw (OECD \(unweighted average\)) Tj 139.5 0 TD 0 Tc 0 Tw ( ) Tj 75.75 0 TD (3.2) Tj 15 0 TD ( ) Tj 93 0 TD (1.7) Tj 15 0 TD ( ) Tj ET q 87.75 475.5 6 6.75 re h W n BT 87.75 471.75 TD ( ) Tj ET Q q 303 475.5 6 6.75 re h W n BT 303 471.75 TD ( ) Tj ET Q q 411 475.5 6 6.75 re h W n BT 411 471.75 TD ( ) Tj ET Q BT 87.75 465.75 TD ( ) Tj 215.25 0 TD ( ) Tj 108 0 TD ( ) Tj ET 84 455.25 216 0.75 re f 299.25 455.25 0.75 0.75 re f 300 455.25 108 0.75 re f 407.25 455.25 0.75 0.75 re f 408 455.25 107.25 0.75 re f BT 84.75 446.25 TD /F2 11.25 Tf 0.0375 Tc (Source:) Tj 34.5 0 TD /F0 11.25 Tf -0.1738 Tc 0.3613 Tw ( Higgins \(1999\).) Tj 72 0 TD 0 Tc 0.1875 Tw ( ) Tj -106.5 -20.25 TD /F0 12 Tf -0.0308 Tc 0.2808 Tw (The projection in Table 1 raises questions,) Tj 204 0 TD 0 Tc 0 Tw ( ) Tj 3.75 0 TD -0.0083 Tc 0.0083 Tw (however. ) Tj 47.25 0 TD -0.096 Tc 0.6585 Tw (As Higgins himself notes, \223Out) Tj 151.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.627 Tc (of) Tj 9.75 0 TD -0.246 Tc (-) Tj -420.75 -13.5 TD 0.0557 Tc 0.6943 Tw (sample projections cannot capture th) Tj 179.25 0 TD 0.011 Tc 0.9056 Tw (e general equilibrium effects of a novel pattern in ) Tj -179.25 -14.25 TD -0.0025 Tc 0.3775 Tw (demographic change\224. The novel pattern is that the world population will get older, and ) Tj 0 -13.5 TD -0.0844 Tc 4.3344 Tw (not younger as in the estimation period. For this reason, model simulations that) Tj 0 Tc 0.75 Tw ( ) Tj 0 -14.25 TD -0.0397 Tc 1.5397 Tw (incorporate general) Tj 92.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.0304 Tc 0.7196 Tw (equilibrium eff) Tj 72.75 0 TD -0.0476 Tc 0.9642 Tw (ects and take into account the global, common trend ) Tj -169.5 -13.5 TD -0.0734 Tc 0.3234 Tw (of ageing, are useful and will therefore be discussed in the next sub) Tj 322.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.2183 Tc (section.) Tj 36 0 TD 0 Tc ( ) Tj -363 -19.5 TD -0.0124 Tc 3.217 Tw (Furthermore, capital is not perfectly mobile, linking investment and savings. This ) Tj 0 -14.25 TD -0.0503 Tc 1.1753 Tw (makes it difficult to identify the separat) Tj 194.25 0 TD 0.0306 Tc 0.8694 Tw (e effects of ageing on savings on the one hand ) Tj -194.25 -13.5 TD -0.0298 Tc 0.4048 Tw (and on investment on the other hand. More importantly, according to the projections the ) Tj 0 -14.25 TD -0.1035 Tc -0.6465 Tw (OECD ) Tj 36 0 TD -0.168 Tc 0.168 Tw (will ) Tj 21.75 0 TD -0.082 Tc -0.668 Tw (run ) Tj 19.5 0 TD -0.0136 Tc 0.5761 Tw (a current account surplus ) Tj 126.75 0 TD -0.0643 Tc 1.0956 Tw (in 2010 and 2025. This requires that the non) Tj 216.75 0 TD -0.246 Tc 0 Tw (-) Tj -420.75 -13.5 TD 0.012 Tc 1.038 Tw (OECD countries will have a correspon) Tj 189.75 0 TD 0.0042 Tc 1.0791 Tw (ding deficit. But how mobile is capital and will ) Tj -189.75 -13.5 TD -0.0673 Tc 1.6744 Tw (the developing countries be able to absorb the inflow of investment funds? Given the ) Tj 0 -14.25 TD -0.1103 Tc 5.0103 Tw (fact that at the moment the net current account for the OECD as a whole is) Tj 0 Tc 0.75 Tw ( ) Tj 0 -13.5 TD -0.0316 Tc 3.3316 Tw (approximately zero, these questions are highly) Tj 0 Tc 0 Tw ( ) Tj 245.25 0 TD 0.0084 Tc 3.2416 Tw (relevant. Capital mobility \(between) Tj 0 Tc 0 Tw ( ) Tj -245.25 -14.25 TD -0.0449 Tc 0.2949 Tw (developed and developing countries\) is discussed in the next chapter.) Tj 331.5 0 TD 0 Tc 0 Tw ( ) Tj -331.5 -25.5 TD /F3 12 Tf (3.4.2) Tj 24 0 TD ( ) Tj 12 0 TD -0.084 Tc 0.084 Tw (Model simulations) Tj 94.5 0 TD 0 Tc 0 Tw ( ) Tj -130.5 -19.5 TD /F0 12 Tf 0.0167 Tc 3.2333 Tw (Brooks \(2000\) and INGENUE \(2001\) simulate general) Tj 282 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0034 Tc 2.8159 Tw (equilibrium models for the ) Tj -286.5 -14.25 TD -0.0926 Tc 3.2593 Tw (world economy to gauge the effects of ageing on ) Tj 3.414 Tc 0 Tw (i) Tj 265.5 0 TD -0.0714 Tc 3.5714 Tw (nternational capital flows. Both) Tj 0 Tc 0 Tw ( ) Tj -265.5 -13.5 TD -0.1243 Tc 1.8743 Tw (models employ the idea of the life) Tj 171 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0445 Tc 1.6945 Tw (cycle: different generations make optimal savings) Tj 245.25 0 TD -0.246 Tc 0 Tw (-) Tj -420.75 -14.25 TD -0.0516 Tc 2.5323 Tw (consumption decisions, while they do not want to leave bequests. Labour supply is ) Tj 0 -13.5 TD -0.014 Tc 5.514 Tw (exogenous and follows directly from demographic projecti) Tj 312.75 0 TD -0.0145 Tc 5.6395 Tw (ons. The investment) Tj 108 0 TD -0.246 Tc 0 Tw (-) Tj -420.75 -13.5 TD -0.1363 Tc 2.7272 Tw (production decision of firms is modelled in less detail than the savings) Tj 358.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.0224 Tc -0.0224 Tw (consumption ) Tj -363 -14.25 TD -0.0531 Tc 1.1156 Tw (decisions of households. Characteristic is that given labour supply there are decreasing ) Tj ET endstream endobj 707 0 obj 8146 endobj 708 0 obj << /Type /Page /Parent 693 0 R /Resources << /Font << /F0 6 0 R /F2 622 0 R >> /ProcSet 2 0 R >> /Contents 709 0 R >> endobj 709 0 obj << /Length 710 0 R >> stream BT 249.75 762 TD 0 0 0 rg /F2 9.75 Tf 0.2468 Tc 0 Tw (C) Tj 6.75 0 TD /F2 8.25 Tf -0.068 Tc (ANTON) Tj 26.25 0 TD /F2 9.75 Tf -0.1875 Tc (,) Tj 2.25 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (E) Tj 6 0 TD /F2 8.25 Tf -0.1963 Tc -0.3662 Tw (WIJK ) Tj 20.25 0 TD /F2 9.75 Tf -0.0855 Tc 0 Tw (&) Tj 7.5 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf -0.171 Tc 0 Tw (T) Tj 5.25 0 TD /F2 8.25 Tf 0 Tc (ANG) Tj 16.5 0 TD /F2 9.75 Tf -0.1875 Tw ( ) Tj -53.25 -701.25 TD /F0 11.25 Tf -0.375 Tc 0 Tw (20) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -217.5 677.25 TD /F0 12 Tf -0.0118 Tc 0.3527 Tw (returns to capital: in every world region an increase in the c) Tj 288.75 0 TD 0.181 Tc 0 Tw (apital) Tj 26.25 0 TD -0.246 Tc (-) Tj 5.25 0 TD -0.0253 Tc 0.4753 Tw (labour ratio leads to a ) Tj -320.25 -14.25 TD -0.0635 Tc 1.7302 Tw (fall in the rate of return to capital. In response to any difference in the rate of return ) Tj 0 -13.5 TD -0.0577 Tc 0.3791 Tw (investment funds will react: capital is perfectly mobile.) Tj 264 0 TD 0 Tc 0 Tw ( ) Tj -264 -19.5 TD -0.0856 Tc 1.7731 Tw (The development of the current account for Japan and Western Europe is broad) Tj 396.75 0 TD 0 Tc 1.125 Tw (ly the ) Tj -396.75 -14.25 TD -0.1338 Tc 2.4838 Tw (same in Brooks as it is in INGENUE. They improve their net foreign asset position ) Tj 0 -13.5 TD -0.0775 Tc 1.6775 Tw (further until they reach a turning point. After that Japan and Western Europe will see ) Tj 0 -14.25 TD -0.0553 Tc 1.5553 Tw (their current account) Tj 102 0 TD -0.168 Tc 0 Tw (s) Tj 5.25 0 TD 0.03 Tc 1.8867 Tw ( deteriorate and will see it become negative eventually. B) Tj 291 0 TD 0.0672 Tc 0.6828 Tw (rooks ) Tj -398.25 -13.5 TD -0.0243 Tc 0.8993 Tw (predicts that Japan\222s current account becomes negative around 2010. In INGENUE the ) Tj 0 -13.5 TD -0.0551 Tc 1.6623 Tw (turning point is later, around 2020. For Japan the current account recovers not earlier ) Tj 0 -14.25 TD -0.074 Tc 2.324 Tw (than after 2050 in Brooks, while INGENUE predicts movements around equilibrium ) Tj 0 -13.5 TD -0.0023 Tc 1.663 Tw (after 2020. For Europe, both models predict a prolonged period of a current account ) Tj 0 -14.25 TD -0.0825 Tc 0 Tw (deficit.) Tj 33 0 TD 0 Tc ( ) Tj -33 -19.5 TD -0.0191 Tc 0.5191 Tw (Brooks projects the ) Tj 98.25 0 TD -0.543 Tc 0 Tw (US) Tj 15 0 TD -0.0132 Tc 0.8882 Tw ( to follow a similar pattern as Japan and Western Europe. First, ) Tj -113.25 -13.5 TD -0.0825 Tc 1.9575 Tw (its current account improves, until a peak in 2010, and then it deteriorates) Tj 370.5 0 TD 0 Tc 1.5 Tw (. A similar ) Tj -370.5 -14.25 TD 0.0089 Tc 3.1065 Tw (pattern is predicted in the scenario study by McMorrow and Roeger \(2003\). The ) Tj 0 -13.5 TD 0 Tc 0 Tw (simulation results of I) Tj 105 0 TD 0.0556 Tc 0.2444 Tw (NGENUE, on the other hand, show) Tj 171.75 0 TD 0.0143 Tc 0.3071 Tw ( that the current account of the ) Tj -276.75 -14.25 TD -0.0629 Tc 1.9379 Tw (region that includes the ) Tj 124.5 0 TD -0.543 Tc 0 Tw (US) Tj 15 0 TD 0.0433 Tc 2.4317 Tw ( as well as Canada, Australia and New Zealand, see i) Tj 277.5 0 TD 0.123 Tc 0.627 Tw (ts ) Tj -417 -13.5 TD -0.0714 Tc 1.8022 Tw (current account improve throughout the simulation period: it swings from a deficit in ) Tj 0 -13.5 TD -0.0794 Tc 0.2294 Tw (2000 to a surplus in 2040.) Tj 123.75 0 TD 0 Tc 0 Tw ( ) Tj -123.75 -20.25 TD -0.0875 Tc 1.9625 Tw (Of course, when the rich countries ) Tj 179.25 0 TD 0 Tc 0 Tw (\226) Tj 6 0 TD -0.1082 Tc 2.1082 Tw ( Japan, Western Europe and the ) Tj 166.5 0 TD -0.543 Tc 0 Tw (US) Tj 15 0 TD 0 Tc ( ) Tj 5.25 0 TD (\226) Tj 6 0 TD -0.0713 Tc 1.8212 Tw ( see their ) Tj -378 -13.5 TD -0.0753 Tc 1.8003 Tw (current account improve, the rest of the world must by def) Tj 292.5 0 TD -0.077 Tc 1.7645 Tw (inition import capital. This ) Tj -292.5 -14.25 TD -0.0151 Tc 1.6401 Tw (assumes that trade in capital between developed and developing countries is possible ) Tj 0 -13.5 TD -0.0333 Tc 0.4371 Tw (and does not meet important restrictions. This assumption is not obvious. Interesting are ) Tj T* 0.0056 Tc 0.1819 Tw (therefore simulation results of B\366rsch) Tj 180.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.014 Tc -0.014 Tw (Supan, Ludwig) Tj 73.5 0 TD -0.0343 Tc 0.4093 Tw ( and Winter \(2001\). They consider ) Tj -258.75 -14.25 TD 0.0014 Tc 0.2486 Tw (the possibility that capital mobility is restricted to the OECD) Tj 292.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0187 Tc 0.2062 Tw (area. Under this restriction ) Tj -297 -13.5 TD -0.0624 Tc 1.5624 Tw (differences in the pattern of ageing among the rich countries become important. They ) Tj 0 -14.25 TD -0.0843 Tc 1.6915 Tw (show for example that Germany will export ca) Tj 231.75 0 TD -0.1086 Tc 1.3586 Tw (pital to the ) Tj 58.5 0 TD -0.543 Tc 0 Tw (US) Tj 15 0 TD -0.1097 Tc 1.7347 Tw ( after 2025. In the latter ) Tj -305.25 -13.5 TD -0.0508 Tc 1.1758 Tw (country the old) Tj 74.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0427 Tc 1.2212 Tw (age dependency ratio does not rise as fast as in the rest of the OECD) Tj 342 0 TD -0.246 Tc 0 Tw (-) Tj -420.75 -13.5 TD -0.0729 Tc 0.3457 Tw (area, so that opportunities to invest are more abundant in the ) Tj 293.25 0 TD -0.543 Tc 0 Tw (US) Tj 15 0 TD -0.0279 Tc 0.0279 Tw ( than elsewhere.) Tj 77.25 0 TD 0 Tc 0 Tw ( ) Tj -385.5 -20.25 TD -0.0138 Tc 3.7638 Tw (Computable general) Tj 99 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0861 Tc 3.4611 Tw (equilibrium models are a he) Tj 147 0 TD -0.0482 Tc 2.9232 Tw (lpful source of information in the ) Tj -250.5 -13.5 TD 0.0039 Tc 0.2845 Tw (discussion on the effects of population ageing on international capital flows and interest ) Tj 0 -14.25 TD -0.101 Tc 2.351 Tw (rate movements. One reason is that these models do not suffer from the problem of ) Tj 0 -13.5 TD -0.1338 Tc 2.6338 Tw (inconsistency to which out) Tj 133.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.627 Tc (of) Tj 9.75 0 TD -0.246 Tc (-) Tj 4.5 0 TD -0.1073 Tc 2.3573 Tw (sample projections) Tj 91.5 0 TD -0.0463 Tc 2.2025 Tw ( on the basis of empirical work are ) Tj -243.75 -13.5 TD -0.0635 Tc 1.626 Tw (prone. The model simulations and Higgins\222 projections share, however, the result that ) Tj 0 -14.25 TD -0.0468 Tc 0.3968 Tw (the rich OECD countries will see their current account improve until at least 2010. After ) Tj 0 -13.5 TD -0.0976 Tc 4.9726 Tw (that year important differences occur, not ) Tj 4.5 Tc 0 Tw (o) Tj 233.25 0 TD -0.047 Tc 4.7345 Tw (nly between models simulations and) Tj 0 Tc 0.75 Tw ( ) Tj -233.25 -14.25 TD -0.03 Tc 7.0612 Tw (straightforward projections but also between the various computable general) Tj 420 0 TD -0.246 Tc 0 Tw (-) Tj -420 -13.5 TD -0.0536 Tc 0.4286 Tw (equilibrium models themselves.) Tj 152.25 0 TD 0 Tc 0 Tw ( ) Tj -152.25 -19.5 TD -0.0281 Tc 0.3281 Tw (A critical factor in both empirical work and model simulations is the mobility of capital. ) Tj 0 -14.25 TD -0.1301 Tc 1.2551 Tw (If capital is not perfe) Tj 102 0 TD -0.0279 Tc 0.8529 Tw (ctly mobile, estimated effects of ageing on investment rates partly ) Tj -102 -13.5 TD -0.0268 Tc 1.1518 Tw (reflect the indirect effects on saving rates. This complicates projections for investment ) Tj 0 -14.25 TD -0.0137 Tc 4.1387 Tw (and saving rates, especially when capital mobility changes. Similarly, the model) Tj 0 Tc 0 Tw ( ) Tj 0 -13.5 TD 0.0098 Tc -0.0098 Tw (simulations assum) Tj 87.75 0 TD 0.0092 Tc 0.2793 Tw (e perfect capital mobility within the group of rich countries as well as ) Tj -87.75 -13.5 TD 0.0141 Tc 2.3512 Tw (between rich and poor countries. With perfect mobility large swings in the current ) Tj 0 -14.25 TD -0.0399 Tc 1.7899 Tw (account are feasible, but with only imperfect capital mobility savings and investment ) Tj ET endstream endobj 710 0 obj 8112 endobj 711 0 obj << /Type /Page /Parent 712 0 R /Resources << /Font << /F0 6 0 R /F2 622 0 R /F3 628 0 R >> /ProcSet 2 0 R >> /Contents 713 0 R >> endobj 712 0 obj << /Kids [ 711 0 R 715 0 R 720 0 R 723 0 R 726 0 R 729 0 R ] /Count 6 /Type /Pages /Parent 807 0 R >> endobj 713 0 obj << /Length 714 0 R >> stream BT 183 762 TD 0 0 0 rg /F2 9.75 Tf 0.0428 Tc 0 Tw (P) Tj 6 0 TD /F2 8.25 Tf -0.0417 Tc -0.5208 Tw (OPULATION ) Tj 47.25 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (A) Tj 5.25 0 TD /F2 8.25 Tf -0.0567 Tc -0.1308 Tw (GEING AND ) Tj 45 0 TD /F2 9.75 Tf -0.2467 Tc 0 Tw (I) Tj 3 0 TD /F2 8.25 Tf -0.1155 Tc 0.303 Tw (NTERNATIONAL ) Tj 59.25 0 TD /F2 9.75 Tf 0.2468 Tc 0 Tw (C) Tj 6.75 0 TD /F2 8.25 Tf -0.1323 Tc 0.3198 Tw (APITAL ) Tj 28.5 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (F) Tj 6 0 TD /F2 8.25 Tf -0.5102 Tc (LOWS) Tj 21 0 TD /F2 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj -119.25 -688.5 TD /F0 11.25 Tf -0.375 Tc 0 Tw (21) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -217.5 664.5 TD /F0 12 Tf -0.0335 Tc 0.0335 Tw (are tied toget) Tj 63 0 TD -0.015 Tc 0.2458 Tw (her, at least to some extent. Therefore, we consider the evidence for capital ) Tj -63 -14.25 TD -0.0864 Tc 0.4614 Tw (mobility in the next chapter.) Tj 135 0 TD 0 Tc 0 Tw ( ) Tj -135 -25.5 TD /F3 12 Tf (4.) Tj 9 0 TD ( ) Tj 27 0 TD -0.048 Tc 0.423 Tw (International capital mobility) Tj 150.75 0 TD 0 Tc 0 Tw ( ) Tj -159.75 -19.5 TD /F2 12 Tf 0.0101 Tc 5.2399 Tw (Capital mobility among developed countries and,) Tj 0 Tc 0 Tw ( ) Tj 273 0 TD /F0 12 Tf -0.078 Tc (a) Tj 5.25 0 TD /F2 12 Tf 0 Tc ( ) Tj 9 0 TD /F0 12 Tf 0.063 Tc (fortiori) Tj 33.75 0 TD /F2 12 Tf 0.0609 Tc 5.1891 Tw ( between) Tj 0 Tc 0 Tw ( ) Tj -321 -14.25 TD -0.0151 Tc 6.0151 Tw (developed and developing countries) Tj 0 Tc 0 Tw ( ) Tj 199.5 0 TD -0.082 Tc (are) Tj 15.75 0 TD 0.1183 Tc 5.8817 Tw ( far from) Tj 55.5 0 TD 0.0169 Tc 5.9831 Tw ( perfect: domestic) Tj 0 Tc 0 Tw ( ) Tj -270.75 -13.5 TD 0.028 Tc 0.722 Tw (investment rates closely follow domestic savings rates, the share of foreign ) Tj 0 -14.25 TD -0.0122 Tc 0.2167 Tw (assets in investment portfolios is small and interest rate differentials remain. ) Tj 0 -13.5 TD -0.0228 Tc 2.0853 Tw (Explanations for limited net trade in capital are found in restrictions on ) Tj T* 0.0615 Tc 0 Tw (trad) Tj 20.25 0 TD -0.0301 Tc 3.7801 Tw (e, barriers to trade in goods and asymmetric information between) Tj 0 Tc -0.75 Tw ( ) Tj -20.25 -14.25 TD -0.0372 Tc 1.3122 Tw (domestic and foreign investors. Limited capital mobility and other reasons ) Tj 0 -13.5 TD 0.0699 Tc -0.0699 Tw (cast doubt on the idea that net trade in net capital between North and South ) Tj 0 -14.25 TD -0.018 Tc 0.018 Tw (will occur at a large scale.) Tj 128.25 0 TD 0 Tc 0 Tw ( ) Tj -155.25 -19.5 TD /F0 12 Tf -0.123 Tc 1.623 Tw (A perhaps ) Tj 57 0 TD -0.0696 Tc 3.1946 Tw (common perception is that capital flows across the globe in search for ) Tj -57 -13.5 TD 0.0094 Tc 0.2406 Tw (profitable investment opportunities and responds to even the smallest difference in rates ) Tj 0 -14.25 TD -0.0288 Tc 1.0095 Tw (of return. Undoubtedly, capital flows have grown relative to income and production in ) Tj 0 -13.5 TD -0.0825 Tc 1.5825 Tw (the world) Tj 46.5 0 TD -0.0831 Tc 0.8331 Tw (. Figure ) Tj 42.75 0 TD 0 Tc 0 Tw (8) Tj 6 0 TD -0.0429 Tc 1.7096 Tw ( illustrates that OECD countries hold significant foreign positions, ) Tj -95.25 -14.25 TD -0.03 Tc 0.8871 Tw (indeed. Against the persistent deficit position of the US, other countries \(Japan and the ) Tj 0 -13.5 TD -0.0965 Tc 0.9965 Tw (Netherlands\) have built up a lasting creditor position. For the OECD as a whole the net) Tj 425.25 0 TD 0 Tc 0 Tw ( ) Tj -425.25 -13.5 TD -0.0708 Tc 1.1208 Tw (positions largely cancel \(Lane and Milesi) Tj 199.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0666 Tc 1.0309 Tw (Feretti, 2001\), implying that capital flows are ) Tj -204 -14.25 TD -0.0597 Tc 0.3097 Tw (in particular relevant to the richer countries.) Tj 210 0 TD 0 Tc 0 Tw ( ) Tj -210 -19.5 TD ( ) Tj 0 -20.25 TD /F2 12 Tf -0.069 Tc (Figure) Tj 32.25 0 TD 0 Tc ( 8. ) Tj 15 0 TD -0.0024 Tc 0.0024 Tw (Net Foreign Assets for various OECD cou) Tj 203.25 0 TD 0 Tc 0 Tw (n) Tj 6 0 TD -0.0672 Tc (tries) Tj 21 0 TD 0 Tc ( ) Tj 0.75 w 1 J 1 j 0 0 0 RG ET 84.75 162.75 383.25 240 re S 116.25 396.75 m 116.25 186.75 l S 113.25 186.75 m 116.25 186.75 l S 113.25 239.25 m 116.25 239.25 l S 113.25 291.75 m 116.25 291.75 l S 113.25 344.25 m 116.25 344.25 l S 113.25 396.75 m 116.25 396.75 l S 116.25 291.75 m 464.25 291.75 l S 116.25 289.5 m 116.25 291.75 l S 129 289.5 m 129 291.75 l S 141.75 289.5 m 141.75 291.75 l S 154.5 289.5 m 154.5 291.75 l S 168 289.5 m 168 291.75 l S 180.75 289.5 m 180.75 291.75 l S 193.5 289.5 m 193.5 291.75 l S 206.25 289.5 m 206.25 291.75 l S 219 289.5 m 219 291.75 l S 232.5 289.5 m 232.5 291.75 l S 245.25 289.5 m 245.25 291.75 l S 258 289.5 m 258 291.75 l S 270.75 289.5 m 270.75 291.75 l S 284.25 289.5 m 284.25 291.75 l S 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228.75 338.25 l 225 338.25 l 225 337.5 l h b* 231 337.5 m 232.5 337.5 l 232.5 338.25 l 231 338.25 l 231 337.5 l h b* 231.75 338.25 m 234 338.25 l 234 337.5 l 231.75 337.5 l 231.75 338.25 l h b* 236.25 338.25 m 240 338.25 l 240 337.5 l 236.25 337.5 l 236.25 338.25 l h b* 242.25 338.25 m 245.25 338.25 l 242.25 337.5 l 242.25 338.25 l h b* 244.5 338.25 m 244.5 339 l 245.25 338.25 l 244.5 338.25 l h b* 246.75 340.5 m 249 342.75 l 249.75 342 l 246.75 339.75 l 246.75 340.5 l h b* 250.5 344.25 m 253.5 346.5 l 253.5 345.75 l 251.25 343.5 l 250.5 344.25 l h b* 255 348 m 258 350.25 l 258 349.5 l 255 347.25 l 255 348 l h b* 259.5 351.75 m 262.5 353.25 l 262.5 352.5 l 259.5 351 l 259.5 351.75 l h b* 264.75 354 m 267.75 355.5 l 267.75 354.75 l 264.75 353.25 l 264.75 354 l h b* 270 356.25 m 270.75 356.25 l 270 355.5 l 270 356.25 l h b* 270.75 356.25 m 273 357.75 l 273 357 l 270.75 356.25 l h b* 274.5 358.5 m 278.25 359.25 l 278.25 358.5 l 275.25 357.75 l 274.5 358.5 l h b* 280.5 360 m 284.25 360.75 l 280.5 359.25 l 280.5 360 l h b* 285 362.25 m 288 364.5 l 288 363.75 l 285 361.5 l 285 362.25 l h b* 290.25 366 m 293.25 367.5 l 293.25 366.75 l 290.25 365.25 l 290.25 366 l h b* 294.75 369 m 297 370.5 l 297 369.75 l 294.75 368.25 l 294.75 369 l h b* 296.25 370.5 m 297 371.25 l 297.75 370.5 l 296.25 369.75 l 296.25 370.5 l h b* 299.25 372 m 303 373.5 l 303 372.75 l 299.25 371.25 l 299.25 372 l h b* 304.5 374.25 m 308.25 375.75 l 304.5 373.5 l 304.5 374.25 l h b* 309.75 376.5 m 311.25 373.5 l 312 373.5 l 310.5 376.5 l 309.75 376.5 l h b* 312.75 372 m 314.25 369 l 315 368.25 l 313.5 372 l 312.75 372 l h b* 315.75 366.75 m 317.25 363.75 l 318 363.75 l 316.5 366.75 l 315.75 366.75 l h b* 318.75 361.5 m 320.25 358.5 l 321 358.5 l 318.75 361.5 l h b* 321.75 356.25 m 322.5 355.5 l 323.25 355.5 l 322.5 356.25 l 321.75 356.25 l h b* 322.5 356.25 m 324 356.25 l 324 355.5 l 322.5 355.5 l 322.5 356.25 l h b* 326.25 356.25 m 330 357 l 330 356.25 l 326.25 356.25 l h b* 332.25 357 m 336 357.75 l 336 357 l 332.25 357 l h b* 335.25 357.75 m 335.25 357 l 335.25 357.75 l h b* 337.5 357 m 341.25 357 l 337.5 357.75 l 337.5 357 l h b* 343.5 356.25 m 346.5 356.25 l 347.25 356.25 l 343.5 357 l 343.5 356.25 l h b* 348.75 356.25 m 352.5 357 l 352.5 356.25 l 348.75 356.25 l h b* 354 357 m 357.75 357.75 l 358.5 357 l 354.75 356.25 l 354 357 l h b* 360 357.75 m 361.5 357.75 l 361.5 357 l 360 357 l 360 357.75 l h b* 360.75 357.75 m 363.75 357.75 l 363.75 357 l 360.75 357 l 360.75 357.75 l h b* 365.25 357 m 369 357 l 369 357.75 l 365.25 357.75 l 365.25 357 l h b* 371.25 357.75 m 374.25 357.75 l 374.25 357 l 371.25 357 l 371.25 357.75 l h b* 373.5 357.75 m 374.25 357.75 l 374.25 357 l 373.5 357.75 l h b* 376.5 358.5 m 380.25 360 l 380.25 359.25 l 376.5 358.5 l h b* 381.75 360.75 m 385.5 361.5 l 382.5 360 l 381.75 360.75 l h b* 387 361.5 m 390 359.25 l 390 360 l 387 362.25 l 387 361.5 l h b* 391.5 357.75 m 394.5 355.5 l 394.5 356.25 l 391.5 358.5 l 391.5 357.75 l h b* 396 354 m 399 351.75 l 396 354.75 l 396 354 l h b* 399.75 351 m 403.5 351.75 l 403.5 351 l 399.75 350.25 l 399.75 351 l h b* 405.75 351.75 m 409.5 352.5 l 405.75 351.75 l h b* 411.75 353.25 m 413.25 353.25 l 411.75 352.5 l 411.75 353.25 l h b* 412.5 353.25 m 414 354.75 l 414 354 l 412.5 352.5 l 412.5 353.25 l h b* 416.25 356.25 m 419.25 357.75 l 419.25 357 l 416.25 355.5 l 416.25 356.25 l h b* 420.75 359.25 m 423.75 361.5 l 423.75 360.75 l 420.75 358.5 l 420.75 359.25 l h b* 425.25 363 m 426 363 l 426 362.25 l 425.25 363 l h b* 425.25 362.25 m 429 361.5 l 429 362.25 l 425.25 363 l 425.25 362.25 l h b* 430.5 361.5 m 434.25 360.75 l 434.25 361.5 l 430.5 362.25 l 430.5 361.5 l h b* 436.5 360.75 m 438.75 360 l 438.75 360.75 l 436.5 360.75 l h b* 438.75 360.75 m 439.5 360.75 l 439.5 360 l 438.75 360 l 438.75 360.75 l h b* 441.75 360.75 m 445.5 360.75 l 445.5 360 l 441.75 360 l 441.75 360.75 l h b* 447.75 360.75 m 451.5 360.75 l 451.5 360 l 447.75 360 l 447.75 360.75 l h b* 453 360.75 m 456.75 361.5 l 453 360.75 l h b* 458.25 362.25 m 462 363 l 462.75 362.25 l 459 361.5 l 458.25 362.25 l h b* 464.25 363.75 m 465 363.75 l 465 363 l 464.25 363 l 464.25 363.75 l h b* 115.5 299.25 m 117 299.25 l 115.5 299.25 l h b* 119.25 299.25 m 120 299.25 l 119.25 299.25 l h b* 122.25 299.25 m 123 299.25 l 122.25 299.25 l h b* 125.25 299.25 m 126.75 299.25 l 125.25 299.25 l h b* 128.25 299.25 m 129 299.25 l 128.25 299.25 l h b* 129 299.25 m h b* 131.25 299.25 m 132 299.25 l 131.25 299.25 l h b* 134.25 299.25 m 135 298.5 l 135.75 299.25 l 134.25 299.25 l h b* 137.25 299.25 m 138.75 299.25 l 138.75 298.5 l 137.25 298.5 l 137.25 299.25 l h b* 141 299.25 m 141.75 299.25 l 141.75 298.5 l 141 298.5 l 141 299.25 l h b* 143.25 299.25 m 144 299.25 l 144.75 299.25 l 143.25 299.25 l h b* 146.25 300 m 147.75 300 l 147.75 299.25 l 146.25 299.25 l 146.25 300 l h b* 149.25 300 m 150.75 300 l 150 300 l 149.25 300 l h b* 153 300.75 m 153.75 300.75 l 153.75 300 l 153 300 l 153 300.75 l h b* 155.25 300.75 m 156.75 301.5 l 156.75 300.75 l 155.25 300.75 l h b* 158.25 301.5 m 159.75 301.5 l 159.75 300.75 l 159 300.75 l 158.25 301.5 l h b* 162 301.5 m 162.75 301.5 l 162 301.5 l h b* 165 302.25 m 166.5 302.25 l 166.5 301.5 l 165 301.5 l 165 302.25 l h b* 168 302.25 m 168.75 302.25 l 168 301.5 l 168 302.25 l h b* 171 303 m 171.75 303 l 171.75 302.25 l 171 302.25 l 171 303 l h b* 174 303 m 174.75 303 l 174.75 302.25 l 174 302.25 l 174 303 l h b* 177 303 m 178.5 303 l 177 303 l h b* 180.75 303.75 m 180.75 303 l 180.75 303.75 l h b* 180 303.75 m 180.75 303.75 l 180.75 303 l 180 303 l 180 303.75 l h b* 183 303 m 183.75 303 l 184.5 303 l 183 303 l h b* 186 302.25 m 187.5 302.25 l 187.5 303 l 186 303 l 186 302.25 l h b* 189 302.25 m 190.5 302.25 l 190.5 303 l 189.75 303 l 189 302.25 l h b* 192.75 302.25 m 193.5 301.5 l 193.5 302.25 l 192.75 302.25 l h b* 195 301.5 m 196.5 301.5 l 196.5 302.25 l 195 302.25 l 195 301.5 l h b* 198 301.5 m 199.5 301.5 l 198.75 302.25 l 198 301.5 l h b* 201.75 301.5 m 202.5 300.75 l 202.5 301.5 l 201.75 301.5 l h b* 204.75 300.75 m 205.5 300.75 l 206.25 301.5 l 204.75 301.5 l 204.75 300.75 l h b* 207.75 301.5 m 208.5 301.5 l 208.5 300.75 l 207.75 300.75 l 207.75 301.5 l h b* 210.75 300.75 m 211.5 300.75 l 211.5 300 l 210.75 300 l 210.75 300.75 l h b* 213.75 300.75 m 214.5 300.75 l 214.5 300 l 213.75 300 l 213.75 300.75 l h b* 216.75 300 m 218.25 300 l 216.75 300.75 l 216.75 300 l h b* 219.75 300 m 220.5 299.25 l 220.5 300 l 219.75 300 l h b* 222.75 299.25 m 223.5 299.25 l 224.25 300 l 222.75 300 l 222.75 299.25 l h b* 225.75 299.25 m 227.25 299.25 l 225.75 299.25 l h b* 229.5 299.25 m 230.25 299.25 l 230.25 298.5 l 229.5 298.5 l 229.5 299.25 l h b* 232.5 299.25 m 232.5 298.5 l 232.5 299.25 l h b* 231.75 299.25 m 233.25 299.25 l 233.25 298.5 l 231.75 298.5 l 231.75 299.25 l h b* 234.75 298.5 m 236.25 298.5 l 234.75 298.5 l h b* 237.75 297.75 m 239.25 297.75 l 239.25 298.5 l 238.5 298.5 l 237.75 297.75 l h b* 241.5 298.5 m 242.25 298.5 l 242.25 297.75 l 241.5 297.75 l 241.5 298.5 l h b* 244.5 297.75 m 245.25 297.75 l 244.5 297.75 l h b* 244.5 297.75 m 245.25 297.75 l 244.5 297.75 l h b* 246.75 297 m 248.25 297 l 248.25 297.75 l 247.5 297.75 l 246.75 297 l h b* 250.5 297 m 251.25 297 l 250.5 297 l h b* 253.5 296.25 m 254.25 296.25 l 254.25 297 l 253.5 297 l 253.5 296.25 l h b* 256.5 296.25 m 257.25 296.25 l 258 296.25 l 256.5 296.25 l h b* 259.5 295.5 m 260.25 294.75 l 260.25 295.5 l 259.5 296.25 l 259.5 295.5 l h b* 262.5 294 m 263.25 294 l 263.25 294.75 l 262.5 294.75 l 262.5 294 l h b* 265.5 293.25 m 266.25 293.25 l 266.25 294 l 265.5 294 l 265.5 293.25 l h b* 268.5 292.5 m 269.25 292.5 l 268.5 293.25 l 268.5 292.5 l h b* 270.75 291.75 m 272.25 291.75 l 270.75 292.5 l 270.75 291.75 l h b* 273.75 291 m 275.25 291 l 273.75 291.75 l 273.75 291 l h b* 277.5 290.25 m 278.25 290.25 l 278.25 291 l 277.5 291 l 277.5 290.25 l h b* 280.5 289.5 m 281.25 289.5 l 281.25 290.25 l 280.5 290.25 l 280.5 289.5 l h b* 283.5 288.75 m 284.25 288.75 l 284.25 289.5 l 283.5 289.5 l 283.5 288.75 l h b* 283.5 288.75 m 284.25 288.75 l 284.25 289.5 l 283.5 289.5 l 283.5 288.75 l h b* 285.75 288 m 287.25 288 l 287.25 288.75 l 285.75 288.75 l 285.75 288 l h b* 288.75 287.25 m 290.25 287.25 l 289.5 288 l 288.75 287.25 l h b* 291.75 286.5 m 293.25 286.5 l 292.5 287.25 l 291.75 286.5 l h b* 294.75 285.75 m 296.25 285.75 l 295.5 286.5 l 294.75 285.75 l h b* 297.75 285 m 298.5 284.25 l 298.5 285 l 297.75 285.75 l 297.75 285 l h b* 300.75 284.25 m 302.25 283.5 l 302.25 284.25 l 300.75 285 l 300.75 284.25 l h b* 303.75 283.5 m 305.25 283.5 l 303.75 283.5 l h b* 306.75 282.75 m 308.25 282 l 308.25 282.75 l 306.75 283.5 l 306.75 282.75 l h b* 309.75 282 m 310.5 281.25 l 310.5 282 l 309.75 282 l h b* 312.75 281.25 m 313.5 280.5 l 313.5 281.25 l 312.75 281.25 l h b* 315.75 280.5 m 316.5 279.75 l 317.25 280.5 l 315.75 280.5 l h b* 318.75 279 m 320.25 279 l 320.25 279.75 l 318.75 279.75 l 318.75 279 l h b* 321.75 278.25 m 322.5 278.25 l 322.5 279 l 321.75 279 l 321.75 278.25 l h b* 322.5 278.25 m 322.5 279 l 322.5 278.25 l h b* 324 277.5 m 325.5 276.75 l 325.5 277.5 l 324.75 278.25 l 324 277.5 l h b* 327.75 276.75 m 328.5 276 l 328.5 276.75 l 327.75 276.75 l h b* 330.75 275.25 m 331.5 275.25 l 331.5 276 l 330.75 276 l 330.75 275.25 l h b* 333.75 274.5 m 334.5 274.5 l 333.75 275.25 l 333.75 274.5 l h b* 336 273.75 m 336.75 273.75 l 337.5 273.75 l 336 274.5 l 336 273.75 l h b* 339 273 m 340.5 273 l 340.5 273.75 l 339.75 273.75 l 339 273 l h b* 342 272.25 m 343.5 272.25 l 343.5 273 l 342.75 273 l 342 272.25 l h b* 345.75 271.5 m 346.5 271.5 l 346.5 272.25 l 345.75 272.25 l 345.75 271.5 l h b* 348 271.5 m 349.5 270.75 l 349.5 271.5 l 348 271.5 l h b* 351 270.75 m 352.5 270.75 l 351.75 271.5 l 351 270.75 l h b* 354.75 270 m 355.5 270 l 354.75 270.75 l 354.75 270 l h b* 357.75 269.25 m 358.5 269.25 l 358.5 270 l 357.75 270 l 357.75 269.25 l h b* 360.75 269.25 m 361.5 268.5 l 361.5 269.25 l 360.75 269.25 l h b* 360.75 269.25 m 361.5 269.25 l 361.5 268.5 l 360.75 268.5 l 360.75 269.25 l h b* 363.75 268.5 m 364.5 268.5 l 364.5 269.25 l 363.75 269.25 l 363.75 268.5 l h b* 366.75 268.5 m 367.5 268.5 l 366.75 269.25 l 366.75 268.5 l h b* 369.75 268.5 m 370.5 268.5 l 369.75 268.5 l h b* 372.75 267.75 m 374.25 267.75 l 374.25 268.5 l 372.75 268.5 l 372.75 267.75 l h b* 375.75 268.5 m 376.5 268.5 l 376.5 267.75 l 375.75 267.75 l 375.75 268.5 l h b* 378.75 268.5 m 380.25 268.5 l 380.25 267.75 l 378.75 267.75 l 378.75 268.5 l h b* 381.75 268.5 m 383.25 268.5 l 383.25 267.75 l 381.75 267.75 l 381.75 268.5 l h b* 385.5 268.5 m 386.25 268.5 l 386.25 267.75 l 385.5 267.75 l 385.5 268.5 l h b* 387.75 267.75 m 388.5 267.75 l 389.25 268.5 l 387.75 268.5 l 387.75 267.75 l h b* 390.75 267.75 m 392.25 267.75 l 390.75 267.75 l h b* 394.5 267.75 m 395.25 267.75 l 395.25 267 l 394.5 267 l 394.5 267.75 l h b* 397.5 267.75 m 398.25 267.75 l 398.25 267 l 397.5 267 l 397.5 267.75 l h b* 399.75 267.75 m 401.25 267.75 l 401.25 267 l 399.75 267 l 399.75 267.75 l h b* 402.75 267.75 m 404.25 267.75 l 404.25 267 l 402.75 267 l 402.75 267.75 l h b* 406.5 267.75 m 407.25 267.75 l 407.25 267 l 406.5 267 l 406.5 267.75 l h b* 409.5 267.75 m 410.25 267.75 l 410.25 267 l 409.5 267 l 409.5 267.75 l h b* 412.5 267.75 m 413.25 267.75 l 413.25 267 l 412.5 267 l 412.5 267.75 l h b* 412.5 267.75 m 413.25 267.75 l 413.25 267 l 412.5 267 l 412.5 267.75 l h b* 415.5 267 m 416.25 267 l 415.5 267.75 l 415.5 267 l h b* 418.5 267 m 419.25 266.25 l 420 267 l 418.5 267 l h b* 421.5 266.25 m 423 266.25 l 423 267 l 421.5 267 l 421.5 266.25 l h b* 424.5 266.25 m 426 266.25 l 425.25 266.25 l 424.5 266.25 l h b* 427.5 265.5 m 428.25 264.75 l 428.25 265.5 l 427.5 266.25 l 427.5 265.5 l h b* 430.5 264.75 m 431.25 264 l 432 264.75 l 430.5 264.75 l h b* 433.5 264 m 434.25 263.25 l 435 264 l 433.5 264 l h b* 436.5 263.25 m 437.25 262.5 l 438 263.25 l 436.5 263.25 l h b* 439.5 261.75 m 440.25 261.75 l 440.25 262.5 l 439.5 262.5 l 439.5 261.75 l h b* 442.5 261 m 443.25 261 l 443.25 261.75 l 442.5 261.75 l 442.5 261 l h b* 445.5 261 m 446.25 260.25 l 446.25 261 l 445.5 261 l h b* 448.5 260.25 m 449.25 259.5 l 449.25 260.25 l 448.5 260.25 l h b* 451.5 259.5 m 452.25 259.5 l 451.5 259.5 l h b* 451.5 259.5 m 452.25 258.75 l 452.25 259.5 l 451.5 259.5 l h b* 453.75 258 m 455.25 257.25 l 455.25 258 l 454.5 258.75 l 453.75 258 l h b* 456.75 256.5 m 458.25 256.5 l 456.75 257.25 l 456.75 256.5 l h b* 459.75 255.75 m 461.25 255 l 461.25 255.75 l 459.75 255.75 l h b* 462.75 254.25 m 463.5 253.5 l 464.25 254.25 l 462.75 254.25 l h b* 115.5 296.25 m 119.25 296.25 l 115.5 296.25 l h b* 121.5 297 m 123 297 l 123 296.25 l 121.5 296.25 l 121.5 297 l h b* 124.5 297 m 128.25 297 l 128.25 296.25 l 125.25 296.25 l 124.5 297 l h b* 130.5 297 m 131.25 297 l 131.25 296.25 l 130.5 296.25 l 130.5 297 l h b* 133.5 297 m 137.25 297 l 137.25 296.25 l 133.5 296.25 l 133.5 297 l h b* 138.75 297 m 140.25 297 l 140.25 296.25 l 138.75 296.25 l 138.75 297 l h b* 141.75 297 m 145.5 297 l 145.5 296.25 l 141.75 296.25 l 141.75 297 l h b* 147.75 297 m 148.5 297 l 148.5 296.25 l 147.75 296.25 l 147.75 297 l h b* 150.75 297 m 154.5 297 l 154.5 296.25 l 150.75 296.25 l 150.75 297 l h b* 156 297 m 157.5 297 l 157.5 296.25 l 156 296.25 l 156 297 l h b* 159 297 m 162.75 297 l 162.75 296.25 l 159 296.25 l 159 297 l h b* 165 297 m 166.5 297 l 166.5 296.25 l 165 296.25 l 165 297 l h b* 168 297 m 171.75 297 l 171.75 296.25 l 168 296.25 l 168 297 l h b* 173.25 296.25 m 174.75 296.25 l 174.75 297 l 173.25 297 l 173.25 296.25 l h b* 177 297 m 180.75 297 l 180.75 296.25 l 177 296.25 l 177 297 l h b* 182.25 297 m 183 297 l 183 296.25 l 182.25 296.25 l 182.25 297 l h b* 185.25 296.25 m 189 296.25 l 185.25 296.25 l h b* 191.25 296.25 m 192 296.25 l 192 295.5 l 191.25 295.5 l 191.25 296.25 l h b* 193.5 295.5 m 197.25 295.5 l 197.25 296.25 l 193.5 296.25 l 193.5 295.5 l h b* 199.5 296.25 m 201 296.25 l 201 295.5 l 199.5 295.5 l 199.5 296.25 l h b* 202.5 295.5 m 206.25 295.5 l 206.25 296.25 l 202.5 296.25 l 202.5 295.5 l h b* 207.75 296.25 m 209.25 296.25 l 209.25 295.5 l 207.75 295.5 l 207.75 296.25 l h b* 210.75 296.25 m 214.5 296.25 l 214.5 295.5 l 210.75 295.5 l 210.75 296.25 l h b* 216.75 296.25 m 218.25 296.25 l 216.75 295.5 l 216.75 296.25 l h b* 219.75 296.25 m 223.5 295.5 l 223.5 296.25 l 219.75 296.25 l h b* 225.75 296.25 m 226.5 296.25 l 226.5 295.5 l 225.75 295.5 l 225.75 296.25 l h b* 228.75 295.5 m 232.5 295.5 l 232.5 296.25 l 228.75 296.25 l 228.75 295.5 l h b* 234 295.5 m 234.75 294.75 l 234.75 295.5 l 234 295.5 l h b* 237 294.75 m 240.75 294.75 l 237 295.5 l 237 294.75 l h b* 243 294 m 243.75 294 l 243.75 294.75 l 243 294.75 l 243 294 l h b* 245.25 294 m 249 294 l 245.25 294.75 l 245.25 294 l h b* 251.25 293.25 m 252 293.25 l 252.75 294 l 251.25 294 l 251.25 293.25 l h b* 254.25 293.25 m 258 293.25 l 254.25 294 l 254.25 293.25 l h b* 259.5 293.25 m 261 292.5 l 261 293.25 l 260.25 293.25 l 259.5 293.25 l h b* 263.25 292.5 m 267 292.5 l 263.25 293.25 l 263.25 292.5 l h b* 268.5 292.5 m 270 291.75 l 270 292.5 l 269.25 292.5 l 268.5 292.5 l h b* 271.5 291.75 m 275.25 291.75 l 275.25 292.5 l 271.5 292.5 l 271.5 291.75 l h b* 277.5 292.5 m 278.25 292.5 l 278.25 291.75 l 277.5 291.75 l 277.5 292.5 l h b* 280.5 291.75 m 284.25 291.75 l 284.25 292.5 l 280.5 292.5 l 280.5 291.75 l h b* 283.5 292.5 m 283.5 291.75 l 283.5 292.5 l h b* 285.75 291.75 m 287.25 291.75 l 285.75 291.75 l h b* 288.75 291 m 292.5 291 l 292.5 291.75 l 288.75 291.75 l 288.75 291 l h b* 294.75 291 m 295.5 291 l 296.25 291.75 l 294.75 291.75 l 294.75 291 l h b* 297 291.75 m 300.75 291.75 l 301.5 291 l 297.75 291 l 297 291.75 l h b* 303.75 291.75 m 304.5 291.75 l 304.5 291 l 303.75 291 l 303.75 291.75 l h b* 306.75 291.75 m 309.75 291.75 l 306.75 291 l 306.75 291.75 l h b* 309.75 291.75 m h b* 312 292.5 m 312.75 292.5 l 312.75 291.75 l 312 291.75 l 312 292.5 l h b* 315 292.5 m 318.75 292.5 l 315 291.75 l 315 292.5 l h b* 321 293.25 m 321.75 293.25 l 321.75 292.5 l 321 292.5 l 321 293.25 l h b* 323.25 293.25 m 327 293.25 l 327 292.5 l 323.25 292.5 l 323.25 293.25 l h b* 329.25 293.25 m 330 293.25 l 329.25 293.25 l h b* 332.25 294 m 336 294 l 336 293.25 l 332.25 293.25 l 332.25 294 l h b* 335.25 294 m 336 294 l 336 293.25 l 335.25 293.25 l 335.25 294 l h b* 337.5 293.25 m 339 293.25 l 337.5 294 l 337.5 293.25 l h b* 340.5 293.25 m 344.25 292.5 l 345 293.25 l 341.25 293.25 l 340.5 293.25 l h b* 346.5 292.5 m 348 292.5 l 348 293.25 l 346.5 293.25 l 346.5 292.5 l h b* 349.5 292.5 m 353.25 292.5 l 349.5 293.25 l 349.5 292.5 l h b* 355.5 292.5 m 356.25 292.5 l 355.5 292.5 l h b* 358.5 292.5 m 361.5 291.75 l 361.5 292.5 l 358.5 292.5 l h b* 360.75 292.5 m 361.5 292.5 l 361.5 291.75 l 360.75 291.75 l 360.75 292.5 l h b* 363.75 292.5 m 364.5 292.5 l 364.5 291.75 l 363.75 291.75 l 363.75 292.5 l h b* 366.75 291.75 m 370.5 291.75 l 370.5 292.5 l 366.75 292.5 l 366.75 291.75 l h b* 372.75 292.5 m 373.5 292.5 l 373.5 291.75 l 372.75 291.75 l 372.75 292.5 l h b* 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310.5 l S 297 310.5 m 309.75 312 l S 309.75 312 m 322.5 316.5 l S 322.5 316.5 m 335.25 327.75 l S 335.25 327.75 m 348 333 l S 348 333 m 361.5 342 l S 361.5 342 m 374.25 341.25 l S 374.25 341.25 m 387 333 l S 387 333 m 399.75 323.25 l S 399.75 323.25 m 413.25 321 l S 413.25 321 m 426 317.25 l S 426 317.25 m 438.75 312 l S 438.75 312 m 451.5 310.5 l S 451.5 310.5 m 464.25 309 l S 116.25 268.5 m 129 263.25 l S 129 263.25 m 141.75 266.25 l S 141.75 266.25 m 154.5 267.75 l S 154.5 267.75 m 168 263.25 l S 168 263.25 m 180.75 252 l S 180.75 252 m 193.5 249 l S 193.5 249 m 206.25 252 l S 206.25 252 m 219 259.5 l S 219 259.5 m 232.5 265.5 l S 232.5 265.5 m 245.25 267 l S 245.25 267 m 258 265.5 l S 258 265.5 m 270.75 265.5 l S 270.75 265.5 m 284.25 262.5 l S 284.25 262.5 m 297 263.25 l S 297 263.25 m 309.75 264 l S 309.75 264 m 322.5 267.75 l S 322.5 267.75 m 335.25 268.5 l S 335.25 268.5 m 348 267 l S 348 267 m 361.5 261 l S 361.5 261 m 374.25 260.25 l S 374.25 260.25 m 387 249 l S 387 249 m 399.75 236.25 l S 399.75 236.25 m 413.25 218.25 l S 413.25 218.25 m 426 225 l S 426 225 m 438.75 245.25 l S 438.75 245.25 m 451.5 246.75 l S 451.5 246.75 m 464.25 248.25 l S 0.502 0 0.502 RG 116.25 306 m 114.75 307.5 l S 116.25 306 m 117.75 304.5 l S 116.25 306 m 114.75 304.5 l S 116.25 306 m 117.75 307.5 l S 116.25 306 m 116.25 307.5 l S 116.25 306 m 116.25 304.5 l S 129 303 m 127.5 303.75 l S 129 303 m 130.5 301.5 l S 129 303 m 127.5 301.5 l S 129 303 m 130.5 303.75 l S 129 303 m 129 303.75 l S 129 303 m 129 301.5 l S 141.75 300 m 140.25 301.5 l S 141.75 300 m 143.25 299.25 l S 141.75 300 m 140.25 299.25 l S 141.75 300 m 143.25 301.5 l S 141.75 300 m 141.75 301.5 l S 141.75 300 m 141.75 299.25 l S 154.5 299.25 m 153.75 300.75 l S 154.5 299.25 m 156 297.75 l S 154.5 299.25 m 153.75 297.75 l S 154.5 299.25 m 156 300.75 l S 154.5 299.25 m 154.5 300.75 l S 154.5 299.25 m 154.5 297.75 l S 168 303 m 166.5 304.5 l S 168 303 m 168.75 301.5 l S 168 303 m 166.5 301.5 l S 168 303 m 168.75 304.5 l S 168 303 m 168 304.5 l S 168 303 m 168 301.5 l S 180.75 303.75 m 179.25 305.25 l S 180.75 303.75 m 181.5 302.25 l S 180.75 303.75 m 179.25 302.25 l S 180.75 303.75 m 181.5 305.25 l S 180.75 303.75 m 180.75 305.25 l S 180.75 303.75 m 180.75 302.25 l S 193.5 304.5 m 192 306 l S 193.5 304.5 m 195 303 l S 193.5 304.5 m 192 303 l S 193.5 304.5 m 195 306 l S 193.5 304.5 m 193.5 306 l S 193.5 304.5 m 193.5 303 l S 206.25 304.5 m 204.75 306 l S 206.25 304.5 m 207.75 303 l S 206.25 304.5 m 204.75 303 l S 206.25 304.5 m 207.75 306 l S 206.25 304.5 m 206.25 306 l S 206.25 304.5 m 206.25 303 l S 219 304.5 m 218.25 306 l S 219 304.5 m 220.5 303 l S 219 304.5 m 218.25 303 l S 219 304.5 m 220.5 306 l S 219 304.5 m 219 306 l S 219 304.5 m 219 303 l S 232.5 303.75 m 231 305.25 l S 232.5 303.75 m 233.25 303 l S 232.5 303.75 m 231 303 l S 232.5 303.75 m 233.25 305.25 l S 232.5 303.75 m 232.5 305.25 l S 232.5 303.75 m 232.5 303 l S 245.25 303 m 243.75 304.5 l S 245.25 303 m 246.75 301.5 l S 245.25 303 m 243.75 301.5 l S 245.25 303 m 246.75 304.5 l S 245.25 303 m 245.25 304.5 l S 245.25 303 m 245.25 301.5 l S 258 303.75 m 256.5 305.25 l S 258 303.75 m 259.5 302.25 l S 258 303.75 m 256.5 302.25 l S 258 303.75 m 259.5 305.25 l S 258 303.75 m 258 305.25 l S 258 303.75 m 258 302.25 l S 270.75 304.5 m 269.25 306 l S 270.75 304.5 m 272.25 303 l S 270.75 304.5 m 269.25 303 l S 270.75 304.5 m 272.25 306 l S 270.75 304.5 m 270.75 306 l S 270.75 304.5 m 270.75 303 l S 284.25 306 m 282.75 306.75 l S 284.25 306 m 285 304.5 l S 284.25 306 m 282.75 304.5 l S 284.25 306 m 285 306.75 l S 284.25 306 m 284.25 306.75 l S 284.25 306 m 284.25 304.5 l S 297 310.5 m 295.5 312 l S 297 310.5 m 297.75 309 l S 297 310.5 m 295.5 309 l S 297 310.5 m 297.75 312 l S 297 310.5 m 297 312 l S 297 310.5 m 297 309 l S 309.75 312 m 308.25 313.5 l S 309.75 312 m 311.25 311.25 l S 309.75 312 m 308.25 311.25 l S 309.75 312 m 311.25 313.5 l S 309.75 312 m 309.75 313.5 l S 309.75 312 m 309.75 311.25 l S 322.5 316.5 m 321 318 l S 322.5 316.5 m 324 315 l S 322.5 316.5 m 321 315 l S 322.5 316.5 m 324 318 l S 322.5 316.5 m 322.5 318 l S 322.5 316.5 m 322.5 315 l S 335.25 327.75 m 334.5 329.25 l S 335.25 327.75 m 336.75 326.25 l S 335.25 327.75 m 334.5 326.25 l S 335.25 327.75 m 336.75 329.25 l S 335.25 327.75 m 335.25 329.25 l S 335.25 327.75 m 335.25 326.25 l S 348 333 m 347.25 334.5 l S 348 333 m 349.5 332.25 l S 348 333 m 347.25 332.25 l S 348 333 m 349.5 334.5 l S 348 333 m 348 334.5 l S 348 333 m 348 332.25 l S 361.5 342 m 360 342.75 l S 361.5 342 m 362.25 340.5 l S 361.5 342 m 360 340.5 l S 361.5 342 m 362.25 342.75 l S 361.5 342 m 361.5 342.75 l S 361.5 342 m 361.5 340.5 l S 374.25 341.25 m 372.75 342.75 l S 374.25 341.25 m 375.75 339.75 l S 374.25 341.25 m 372.75 339.75 l S 374.25 341.25 m 375.75 342.75 l S 374.25 341.25 m 374.25 342.75 l S 374.25 341.25 m 374.25 339.75 l S 387 333 m 385.5 334.5 l S 387 333 m 388.5 331.5 l S 387 333 m 385.5 331.5 l S 387 333 m 388.5 334.5 l S 387 333 m 387 334.5 l S 387 333 m 387 331.5 l S 399.75 323.25 m 399 324.75 l S 399.75 323.25 m 401.25 321.75 l S 399.75 323.25 m 399 321.75 l S 399.75 323.25 m 401.25 324.75 l S 399.75 323.25 m 399.75 324.75 l S 399.75 323.25 m 399.75 321.75 l S 413.25 321 m 411.75 322.5 l S 413.25 321 m 414 319.5 l S 413.25 321 m 411.75 319.5 l S 413.25 321 m 414 322.5 l S 413.25 321 m 413.25 322.5 l S 413.25 321 m 413.25 319.5 l S 426 317.25 m 424.5 318.75 l S 426 317.25 m 426.75 315.75 l S 426 317.25 m 424.5 315.75 l S 426 317.25 m 426.75 318.75 l S 426 317.25 m 426 318.75 l S 426 317.25 m 426 315.75 l S 438.75 312 m 437.25 312.75 l S 438.75 312 m 440.25 310.5 l S 438.75 312 m 437.25 310.5 l S 438.75 312 m 440.25 312.75 l S 438.75 312 m 438.75 312.75 l S 438.75 312 m 438.75 310.5 l S 451.5 310.5 m 450 312 l S 451.5 310.5 m 453 309 l S 451.5 310.5 m 450 309 l S 451.5 310.5 m 453 312 l S 451.5 310.5 m 451.5 312 l S 451.5 310.5 m 451.5 309 l S 464.25 309 m 462.75 310.5 l S 464.25 309 m 465.75 307.5 l S 464.25 309 m 462.75 307.5 l S 464.25 309 m 465.75 310.5 l S 464.25 309 m 464.25 310.5 l S 464.25 309 m 464.25 307.5 l S 0.502 0 0 rg 0.502 0 0 RG 117 268.5 m 117 269.25 l 116.25 270 l 115.5 270 l 114.75 269.25 l 114.75 267.75 l 115.5 267.75 l 115.5 267 l 116.25 267 l 117 267.75 l 117 268.5 l h b 117 268.5 m 117 269.25 l S 117 269.25 m 117 269.25 l S 117 269.25 m 117 269.25 l S 117 269.25 m 116.25 270 l S 116.25 270 m 116.25 270 l S 116.25 270 m 115.5 270 l S 115.5 270 m 114.75 269.25 l S 114.75 269.25 m 114.75 269.25 l S 114.75 269.25 m 114.75 268.5 l S 114.75 268.5 m 114.75 268.5 l S 114.75 268.5 m 114.75 267.75 l S 114.75 267.75 m 115.5 267.75 l S 115.5 267.75 m 115.5 267 l S 115.5 267 m 116.25 267 l S 116.25 267 m 116.25 267 l S 116.25 267 m 117 267.75 l S 117 267.75 m 117 267.75 l S 117 267.75 m 117 268.5 l S 130.5 263.25 m 129.75 264 l 129.75 264.75 l 128.25 264.75 l 128.25 264 l 127.5 264 l 127.5 262.5 l 128.25 262.5 l 128.25 261.75 l 129 261.75 l 129 262.5 l 129.75 262.5 l 129.75 263.25 l 130.5 263.25 l h b* 130.5 263.25 m 129.75 264 l 129.75 264.75 l 128.25 264.75 l 128.25 264 l 127.5 264 l 127.5 262.5 l 128.25 262.5 l 128.25 261.75 l 129 261.75 l 129 262.5 l 129.75 262.5 l 129.75 263.25 l 130.5 263.25 l S 143.25 266.25 m 142.5 267 l 141 267 l 141 264.75 l 142.5 264.75 l 143.25 265.5 l 143.25 266.25 l h b* 143.25 266.25 m 142.5 267 l 141 267 l 140.25 266.25 l 140.25 265.5 l 141 265.5 l 141 264.75 l 142.5 264.75 l 143.25 265.5 l 143.25 266.25 l S 156 267.75 m 156 268.5 l 155.25 268.5 l 154.5 269.25 l 154.5 268.5 l 153.75 268.5 l 153.75 267 l 154.5 266.25 l 155.25 266.25 l 155.25 267 l 156 267 l 156 267.75 l h b* 156 267.75 m 156 268.5 l 155.25 268.5 l 154.5 269.25 l 154.5 268.5 l 153.75 268.5 l 153.75 267 l 154.5 266.25 l 155.25 266.25 l 155.25 267 l 156 267 l 156 267.75 l S 168.75 263.25 m 168.75 264 l 166.5 264 l 166.5 262.5 l 167.25 261.75 l 168 261.75 l 168.75 262.5 l 168.75 263.25 l h b* 168.75 263.25 m 168.75 264 l 166.5 264 l 166.5 262.5 l 167.25 261.75 l 168 261.75 l 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388.5 249 l S 401.25 236.25 m 401.25 237 l 400.5 237.75 l 399.75 237.75 l 399 237 l 399 235.5 l 400.5 235.5 l 401.25 236.25 l h b* 401.25 236.25 m 401.25 237 l 400.5 237.75 l 399 237.75 l 399 235.5 l 400.5 235.5 l 401.25 236.25 l S 414 218.25 m 414 219 l 413.25 219.75 l 411.75 219.75 l 411.75 217.5 l 413.25 217.5 l 414 218.25 l h b* 414 218.25 m 414 219 l 413.25 219.75 l 411.75 219.75 l 411.75 217.5 l 413.25 217.5 l 414 218.25 l S 426.75 225.75 m 426.75 226.5 l 425.25 226.5 l 424.5 225.75 l 424.5 225 l 425.25 224.25 l 426.75 224.25 l 426.75 225.75 l h b* 426.75 225.75 m 426.75 226.5 l 425.25 226.5 l 424.5 225.75 l 424.5 225 l 425.25 224.25 l 426.75 224.25 l 426.75 225.75 l S 439.5 245.25 m 439.5 246.75 l 438 246.75 l 438 246 l 437.25 246 l 437.25 244.5 l 438 244.5 l 438.75 243.75 l 438.75 244.5 l 439.5 244.5 l 439.5 245.25 l h b* 439.5 245.25 m 439.5 246.75 l 438 246.75 l 438 246 l 437.25 246 l 437.25 244.5 l 439.5 244.5 l 439.5 245.25 l S 453 246.75 m 453 247.5 l 452.25 247.5 l 452.25 248.25 l 450.75 248.25 l 450.75 247.5 l 450 246.75 l 450.75 246.75 l 450.75 246 l 452.25 246 l 453 246.75 l h b* 453 246.75 m 453 247.5 l 452.25 247.5 l 452.25 248.25 l 450.75 248.25 l 450.75 247.5 l 450 246.75 l 450.75 246.75 l 450.75 246 l 452.25 246 l 453 246.75 l S 465.75 248.25 m 465.75 249 l 465 249.75 l 464.25 249.75 l 462.75 248.25 l 463.5 248.25 l 463.5 247.5 l 465 247.5 l 465.75 248.25 l h b* 465.75 248.25 m 465.75 249 l 465 249.75 l 463.5 249.75 l 463.5 249 l 462.75 248.25 l 463.5 248.25 l 463.5 247.5 l 465 247.5 l 465.75 248.25 l S 0 0 0 rg 0 0 0 RG 98.25 186 m 98.25 186.75 l 100.5 186.75 l 100.5 186 l 98.25 186 l h b 101.25 186 m 102 186 l 102 185.25 l 102.75 184.5 l 103.5 184.5 l 103.5 185.25 l 104.25 185.25 l 104.25 186.75 l 103.5 186.75 l 103.5 187.5 l 102 187.5 l 102 186.75 l 101.25 186.75 l 101.25 189.75 l 104.25 189.75 l 104.25 189 l 102 189 l 102 187.5 l 102.75 188.25 l 104.25 188.25 l 104.25 187.5 l 105 187.5 l 105 185.25 l 103.5 183.75 l 102 183.75 l 102 184.5 l 101.25 184.5 l 101.25 186 l h b 105.75 186.75 m 105.75 189 l 106.5 189.75 l 107.25 189.75 l 107.25 190.5 l 108 190.5 l 108 189.75 l 108.75 189.75 l 109.5 189 l 109.5 185.25 l 108.75 184.5 l 108 184.5 l 108 183.75 l 107.25 183.75 l 105.75 185.25 l 105.75 186.75 l 106.5 186.75 m 106.5 185.25 l 107.25 185.25 l 107.25 184.5 l 108 184.5 l 108 185.25 l 108.75 185.25 l 108.75 188.25 l 108 189 l 108 189.75 l 107.25 189.75 l 107.25 189 l 106.5 189 l 106.5 186.75 l h b 98.25 238.5 m 98.25 239.25 l 100.5 239.25 l 100.5 238.5 l 98.25 238.5 l h b 105 237 m 105 236.25 l 101.25 236.25 l 101.25 237.75 l 103.5 240 l 103.5 240.75 l 104.25 240.75 l 103.5 241.5 l 102 241.5 l 102 240.75 l 101.25 240.75 l 101.25 242.25 l 102 242.25 l 102.75 242.25 l 104.25 242.25 l 104.25 241.5 l 105 241.5 l 105 240 l 104.25 240 l 104.25 239.25 l 103.5 239.25 l 103.5 238.5 l 102.75 238.5 l 102.75 237.75 l 102 237.75 l 102 237 l 105 237 l h b 105.75 237.75 m 106.5 238.5 l 106.5 237 l 108 237 l 108 237.75 l 108.75 237.75 l 108.75 239.25 l 108 239.25 l 108 240 l 106.5 240 l 106.5 239.25 l 105.75 239.25 l 106.5 242.25 l 109.5 242.25 l 109.5 241.5 l 107.25 241.5 l 106.5 240 l 107.25 240.75 l 108 240.75 l 109.5 239.25 l 109.5 237.75 l 108 236.25 l 107.25 236.25 l 106.5 237 l 105.75 237 l 105.75 237.75 l h b 105.75 291.75 m 105.75 294 l 106.5 294 l 106.5 294.75 l 108.75 294.75 l 108.75 294 l 109.5 294 l 109.5 290.25 l 108 288.75 l 106.5 288.75 l 106.5 289.5 l 105.75 290.25 l 105.75 291.75 l 106.5 291.75 m 106.5 290.25 l 107.25 289.5 l 108 289.5 l 108 290.25 l 108.75 290.25 l 108.75 293.25 l 108 294 l 106.5 294 l 106.5 291.75 l h b 105 342 m 105 341.25 l 101.25 341.25 l 101.25 342.75 l 102 342.75 l 102 343.5 l 102.75 344.25 l 103.5 344.25 l 103.5 345 l 104.25 345.75 l 103.5 345.75 l 103.5 346.5 l 102 346.5 l 102 345.75 l 101.25 345.75 l 101.25 346.5 l 102 347.25 l 102.75 347.25 l 103.5 347.25 l 104.25 346.5 l 105 346.5 l 105 345 l 104.25 344.25 l 103.5 344.25 l 103.5 343.5 l 102.75 343.5 l 102.75 342.75 l 102 342.75 l 102 342 l 105 342 l h b 105.75 342.75 m 106.5 342.75 l 106.5 342 l 108 342 l 108.75 342.75 l 108.75 344.25 l 105.75 344.25 l 106.5 347.25 l 109.5 347.25 l 109.5 346.5 l 107.25 346.5 l 106.5 345 l 107.25 345 l 108.75 345 l 109.5 344.25 l 109.5 342.75 l 108.75 342 l 108.75 341.25 l 106.5 341.25 l 106.5 342 l 105.75 342 l 105.75 342.75 l h b 101.25 395.25 m 102 395.25 l 102 394.5 l 103.5 394.5 l 104.25 395.25 l 104.25 396.75 l 101.25 396.75 l 101.25 399.75 l 104.25 399.75 l 104.25 399 l 102 399 l 102 397.5 l 102.75 397.5 l 104.25 397.5 l 105 396.75 l 105 394.5 l 104.25 394.5 l 104.25 393.75 l 102 393.75 l 101.25 394.5 l 101.25 395.25 l h b 105.75 396.75 m 105.75 398.25 l 106.5 399 l 106.5 399.75 l 108.75 399.75 l 108.75 399 l 109.5 398.25 l 109.5 395.25 l 108.75 394.5 l 108.75 393.75 l 106.5 393.75 l 106.5 394.5 l 105.75 395.25 l 105.75 396.75 l 106.5 396.75 m 106.5 394.5 l 108 394.5 l 108.75 395.25 l 108.75 398.25 l 108 398.25 l 108 399 l 106.5 399 l 106.5 396.75 l h b 110.25 276.75 m 108.75 276.75 l 108.75 282 l 108.75 281.25 l 108 281.25 l 108 280.5 l 108 282 l 108.75 282 l 109.5 282.75 l 110.25 282.75 l 110.25 276.75 l h b 111.75 278.25 m 112.5 279 l 112.5 278.25 l 113.25 277.5 l 114 277.5 l 114.75 278.25 l 114.75 279.75 l 114.75 279 l 112.5 279 l 112.5 279.75 l 111.75 279.75 l 111.75 282 l 112.5 282.75 l 114.75 282.75 l 114.75 282 l 115.5 282 l 115.5 278.25 l 114 276.75 l 112.5 276.75 l 112.5 277.5 l 111.75 278.25 l 114.75 281.25 m 114.75 282 l 112.5 282 l 112.5 280.5 l 113.25 279.75 l 114.75 279.75 l 114.75 281.25 l h b 116.25 282 m 116.25 282.75 l 120 282.75 l 120 282 l 119.25 280.5 l 118.5 279.75 l 118.5 276.75 l 117.75 276.75 l 117.75 279.75 l 119.25 281.25 l 119.25 282 l 116.25 282 l h b 120.75 279.75 m 120.75 280.5 l 121.5 281.25 l 121.5 282 l 122.25 282.75 l 124.5 282.75 l 124.5 282 l 125.25 281.25 l 125.25 279 l 124.5 278.25 l 124.5 277.5 l 123.75 277.5 l 123.75 276.75 l 122.25 276.75 l 122.25 277.5 l 121.5 277.5 l 121.5 278.25 l 120.75 279.75 l 122.25 279.75 m 122.25 277.5 l 123.75 277.5 l 123.75 279 l 124.5 279 l 124.5 280.5 l 123.75 281.25 l 123.75 282 l 122.25 282 l 122.25 279.75 l h b 174.75 276.75 m 173.25 276.75 l 173.25 282 l 173.25 281.25 l 172.5 281.25 l 172.5 280.5 l 172.5 282 l 173.25 282 l 173.25 282.75 l 174.75 282.75 l 174.75 276.75 l h b 176.25 278.25 m 177 279 l 177 278.25 l 177.75 277.5 l 178.5 277.5 l 179.25 278.25 l 179.25 279.75 l 178.5 279 l 177 279 l 177 279.75 l 176.25 279.75 l 176.25 282 l 177 282.75 l 179.25 282.75 l 180 282 l 180 278.25 l 178.5 276.75 l 177 276.75 l 177 277.5 l 176.25 278.25 l 179.25 281.25 m 179.25 282 l 177 282 l 177 280.5 l 177.75 279.75 l 179.25 279.75 l 179.25 281.25 l h b 180.75 282 m 180.75 282.75 l 185.25 282.75 l 185.25 282 l 184.5 282 l 183.75 280.5 l 183 279.75 l 183 276.75 l 182.25 276.75 l 182.25 279.75 l 183.75 281.25 l 183.75 282 l 180.75 282 l h b 185.25 279 m 186.75 279 l 186.75 277.5 l 188.25 277.5 l 188.25 278.25 l 189 279 l 189 279.75 l 188.25 279.75 l 188.25 280.5 l 186.75 280.5 l 186.75 279.75 l 185.25 279.75 l 186 282.75 l 189 282.75 l 189 282 l 186.75 282 l 186.75 280.5 l 186.75 281.25 l 188.25 281.25 l 189.75 279.75 l 189.75 279 l 189 278.25 l 189 277.5 l 188.25 276.75 l 186.75 276.75 l 186 277.5 l 186 278.25 l 185.25 279 l h b 238.5 276.75 m 237.75 276.75 l 237.75 282 l 237.75 281.25 l 237 281.25 l 237 280.5 l 237 282 l 237.75 282 l 238.5 282.75 l 238.5 276.75 l h b 240.75 278.25 m 241.5 279 l 241.5 278.25 l 242.25 277.5 l 243 277.5 l 243.75 278.25 l 243.75 279.75 l 243.75 279 l 241.5 279 l 241.5 279.75 l 240.75 279.75 l 240.75 282 l 241.5 282.75 l 243.75 282.75 l 243.75 282 l 244.5 282 l 244.5 278.25 l 243 276.75 l 241.5 276.75 l 241.5 277.5 l 240.75 278.25 l 243.75 281.25 m 243.75 282 l 241.5 282 l 241.5 280.5 l 242.25 279.75 l 243.75 279.75 l 243.75 281.25 l h b 246.75 280.5 m 246 280.5 l 245.25 281.25 l 245.25 282 l 246 282 l 246 282.75 l 249 282.75 l 249 280.5 l 248.25 280.5 l 249 280.5 l 249 277.5 l 248.25 277.5 l 248.25 276.75 l 246.75 276.75 l 246 277.5 l 245.25 277.5 l 245.25 279 l 246 279.75 l 246 280.5 l 246.75 280.5 l 246.75 281.25 m 246.75 280.5 l 247.5 280.5 l 248.25 281.25 l 248.25 282 l 246.75 282 l 246.75 281.25 l 246 279 m 246 278.25 l 246.75 278.25 l 246.75 277.5 l 248.25 277.5 l 248.25 279.75 l 246.75 279.75 l 246 279 l h b 249.75 279.75 m 250.5 280.5 l 250.5 282 l 251.25 282.75 l 253.5 282.75 l 253.5 282 l 254.25 281.25 l 254.25 279 l 253.5 278.25 l 253.5 277.5 l 252.75 277.5 l 252.75 276.75 l 251.25 276.75 l 251.25 277.5 l 250.5 277.5 l 250.5 278.25 l 249.75 279.75 l 250.5 279.75 m 250.5 279 l 251.25 279 l 251.25 277.5 l 252.75 277.5 l 252.75 279 l 253.5 279 l 253.5 280.5 l 252.75 281.25 l 252.75 282 l 251.25 282 l 251.25 281.25 l 250.5 280.5 l 250.5 279.75 l h b 303.75 276.75 m 303 276.75 l 303 282 l 302.25 281.25 l 301.5 281.25 l 301.5 280.5 l 301.5 281.25 l 303 282.75 l 303.75 282.75 l 303.75 276.75 l h b 305.25 278.25 m 306 279 l 306.75 278.25 l 306.75 277.5 l 307.5 277.5 l 308.25 278.25 l 308.25 279.75 l 308.25 279 l 306 279 l 306 279.75 l 305.25 279.75 l 305.25 282 l 306 282.75 l 308.25 282.75 l 309 282 l 309 277.5 l 308.25 277.5 l 307.5 276.75 l 306.75 276.75 l 305.25 278.25 l 308.25 281.25 m 308.25 282 l 306 282 l 306 280.5 l 306.75 279.75 l 308.25 279.75 l 308.25 281.25 l h b 311.25 280.5 m 310.5 280.5 l 310.5 282.75 l 313.5 282.75 l 313.5 280.5 l 312.75 280.5 l 313.5 280.5 l 313.5 279 l 314.25 279 l 314.25 278.25 l 313.5 277.5 l 312.75 277.5 l 312.75 276.75 l 311.25 276.75 l 311.25 277.5 l 310.5 277.5 l 310.5 278.25 l 309.75 279 l 310.5 279 l 310.5 280.5 l 311.25 280.5 l 311.25 281.25 m 311.25 280.5 l 312 280.5 l 312.75 281.25 l 312.75 282 l 311.25 282 l 311.25 281.25 l 310.5 279 m 310.5 278.25 l 311.25 278.25 l 311.25 277.5 l 312.75 277.5 l 312.75 279.75 l 311.25 279.75 l 310.5 279 l h b 315 279 m 315.75 279 l 315.75 278.25 l 316.5 277.5 l 317.25 277.5 l 317.25 278.25 l 318 279 l 318 279.75 l 317.25 279.75 l 317.25 280.5 l 315.75 280.5 l 315.75 279.75 l 315 279.75 l 315.75 282.75 l 318 282.75 l 318 282 l 315.75 282 l 315.75 280.5 l 316.5 281.25 l 317.25 281.25 l 318 280.5 l 318.75 280.5 l 318.75 278.25 l 317.25 276.75 l 315.75 276.75 l 315 277.5 l 315 279 l h b 368.25 276.75 m 366.75 276.75 l 366.75 282 l 366.75 281.25 l 366 281.25 l 366 280.5 l 366 282 l 366.75 282 l 367.5 282.75 l 368.25 282.75 l 368.25 276.75 l h b 369.75 278.25 m 370.5 279 l 370.5 278.25 l 371.25 277.5 l 372 277.5 l 372.75 278.25 l 372.75 279.75 l 372.75 279 l 370.5 279 l 370.5 279.75 l 369.75 280.5 l 369.75 281.25 l 370.5 282 l 370.5 282.75 l 372.75 282.75 l 373.5 282 l 373.5 280.5 l 374.25 280.5 l 373.5 279.75 l 373.5 277.5 l 372.75 277.5 l 372 276.75 l 370.5 276.75 l 370.5 278.25 l 369.75 278.25 l 372.75 281.25 m 372.75 282 l 370.5 282 l 370.5 280.5 l 371.25 279.75 l 372.75 279.75 l 372.75 281.25 l h b 374.25 278.25 m 375.75 279 l 375.75 277.5 l 377.25 277.5 l 377.25 279.75 l 377.25 279 l 375.75 279 l 374.25 280.5 l 374.25 281.25 l 375 282 l 375 282.75 l 377.25 282.75 l 378 282 l 378 281.25 l 378.75 280.5 l 378.75 279.75 l 378 279 l 378 277.5 l 377.25 277.5 l 377.25 276.75 l 375.75 276.75 l 375 277.5 l 375 278.25 l 374.25 278.25 l 377.25 281.25 m 377.25 282 l 375.75 282 l 375.75 281.25 l 375 281.25 l 375.75 280.5 l 375.75 279.75 l 377.25 279.75 l 377.25 281.25 l h b 378.75 279.75 m 379.5 280.5 l 379.5 282 l 380.25 282.75 l 382.5 282.75 l 382.5 282 l 383.25 281.25 l 383.25 279 l 382.5 278.25 l 382.5 277.5 l 381.75 276.75 l 381 276.75 l 380.25 277.5 l 379.5 277.5 l 379.5 278.25 l 378.75 279.75 l 380.25 279.75 m 380.25 277.5 l 381.75 277.5 l 381.75 278.25 l 382.5 278.25 l 382.5 281.25 l 381.75 282 l 380.25 282 l 380.25 279.75 l h b 432.75 276.75 m 432 276.75 l 432 282 l 431.25 281.25 l 430.5 281.25 l 430.5 280.5 l 430.5 282 l 431.25 282 l 432 282.75 l 432.75 282.75 l 432.75 276.75 l h b 434.25 278.25 m 435 279 l 435.75 278.25 l 435.75 277.5 l 436.5 277.5 l 437.25 278.25 l 437.25 279.75 l 437.25 279 l 435 279 l 435 279.75 l 434.25 279.75 l 434.25 282 l 435 282.75 l 437.25 282.75 l 438 282 l 438 278.25 l 436.5 276.75 l 435.75 276.75 l 434.25 278.25 l 437.25 281.25 m 437.25 282 l 435 282 l 435 280.5 l 435.75 279.75 l 437.25 279.75 l 437.25 281.25 l h b 438.75 278.25 m 440.25 279 l 440.25 277.5 l 441.75 277.5 l 441.75 279 l 442.5 279 l 442.5 279.75 l 441.75 279.75 l 441.75 279 l 440.25 279 l 438.75 280.5 l 438.75 281.25 l 439.5 282 l 439.5 282.75 l 441.75 282.75 l 442.5 282 l 442.5 280.5 l 443.25 280.5 l 442.5 279.75 l 442.5 277.5 l 441.75 277.5 l 441.75 276.75 l 440.25 276.75 l 439.5 277.5 l 439.5 278.25 l 438.75 278.25 l 442.5 281.25 m 441.75 282 l 440.25 282 l 439.5 281.25 l 440.25 280.5 l 440.25 279.75 l 441.75 279.75 l 441.75 280.5 l 442.5 280.5 l 442.5 281.25 l h b 444 279 m 444.75 279 l 444.75 278.25 l 445.5 277.5 l 446.25 277.5 l 446.25 278.25 l 447 278.25 l 447 279.75 l 446.25 279.75 l 446.25 280.5 l 444.75 280.5 l 444.75 279.75 l 444 279.75 l 444 282.75 l 447 282.75 l 447 282 l 444.75 282 l 444.75 280.5 l 445.5 281.25 l 446.25 281.25 l 447 280.5 l 447.75 280.5 l 447.75 278.25 l 446.25 276.75 l 444.75 276.75 l 444 277.5 l 444 279 l h b 93 250.5 m 89.25 250.5 l 89.25 251.25 l 92.25 252.75 l 89.25 252.75 l 89.25 253.5 l 93 253.5 l 93 252.75 l 90.75 251.25 l 93 251.25 l 93 250.5 l h b 92.25 255.75 m 92.25 256.5 l 93 256.5 l 93 255.75 l 93.75 255 l 93 255 l 93 254.25 l 90.75 254.25 l 90.75 256.5 l 92.25 256.5 l 92.25 254.25 l 92.25 255 l 93 255 l 93 255.75 l 92.25 255.75 l 91.5 255.75 m 90.75 255.75 l 90.75 255 l 91.5 255 l 91.5 254.25 l 91.5 255.75 l h b 90.75 258.75 m 90.75 258 l 93 258 l 93 258.75 l 93 258 l 93.75 258 l 93 258 l 93 257.25 l 90.75 257.25 l 90.75 256.5 l 90.75 257.25 l 90 257.25 l 89.25 258 l 90.75 258 l 90.75 258.75 l h b 93 260.25 m 89.25 260.25 l 89.25 263.25 l 90 263.25 l 90 261 l 90.75 261 l 90.75 263.25 l 91.5 263.25 l 91.5 261 l 93 261 l 93 260.25 l h b 91.5 264 m 90.75 264 l 90.75 267 l 93 267 l 93 265.5 l 93.75 265.5 l 93 264.75 l 93 264 l 91.5 264 l 92.25 264.75 m 93 264.75 l 93 266.25 l 91.5 266.25 l 90.75 265.5 l 90.75 264.75 l 92.25 264.75 l h b 93 268.5 m 93 267.75 l 90.75 267.75 l 90.75 269.25 l 91.5 269.25 l 90.75 269.25 l 90.75 268.5 l 93 268.5 l h b 92.25 271.5 m 92.25 272.25 l 93.75 270.75 l 92.25 269.25 l 90.75 269.25 l 90.75 272.25 l 92.25 272.25 l 92.25 270 l 93 270 l 93 270.75 l 93 270.75 l 93 271.5 l 92.25 271.5 l 91.5 271.5 m 90.75 271.5 l 90.75 270 l 91.5 270 l 91.5 271.5 l h b 90 273 m 89.25 273 l 89.25 273.75 l 90 273.75 l 90 273 l 93 273 m 90.75 273 l 90.75 273.75 l 93 273.75 l 93 273 l h b 93.75 274.5 m 93.75 276 l 93 276 l 93 274.5 l 92.25 274.5 l 91.5 273.75 l 90.75 274.5 l 90.75 275.25 l 90.75 276 l 90.75 276.75 l 94.5 276.75 l 94.5 274.5 l 93.75 274.5 l 91.5 275.25 m 93 275.25 l 93 276 l 90.75 276 l 90.75 275.25 l 91.5 275.25 l h b 93 280.5 m 93 279.75 l 90.75 279.75 l 90.75 279 l 91.5 279 l 91.5 278.25 l 93 278.25 l 93 277.5 l 90.75 277.5 l 90.75 280.5 l 90.75 280.5 l 91.5 280.5 l 93 280.5 l h b 93 286.5 m 93 285.75 l 92.25 285 l 92.25 283.5 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167.25 l 165.75 167.25 l 165.75 168 l 166.5 168 l 166.5 168.75 l h b 168 165 m 168 171 l 168.75 171 l 168.75 170.25 l 169.5 171 l 171 171 l 171.75 170.25 l 171.75 167.25 l 171 166.5 l 169.5 166.5 l 169.5 167.25 l 168.75 167.25 l 168.75 165 l 168 165 l 168.75 168.75 m 168.75 168 l 169.5 168 l 169.5 167.25 l 170.25 167.25 l 171 168 l 171 170.25 l 169.5 170.25 l 168.75 169.5 l 168.75 168.75 l h b 175.5 167.25 m 174.75 166.5 l 173.25 166.5 l 173.25 167.25 l 172.5 167.25 l 172.5 168 l 174 169.5 l 175.5 169.5 l 175.5 170.25 l 174 170.25 l 173.25 170.25 l 173.25 169.5 l 172.5 169.5 l 172.5 170.25 l 173.25 170.25 l 173.25 171 l 176.25 171 l 176.25 166.5 l 175.5 166.5 l 175.5 167.25 l 175.5 168.75 m 174 168.75 l 174 168 l 173.25 168 l 173.25 167.25 l 174.75 167.25 l 174.75 168 l 175.5 168 l 175.5 168.75 l h b 177.75 166.5 m 177.75 171 l 178.5 171 l 178.5 170.25 l 178.5 171 l 180.75 171 l 180.75 166.5 l 180 166.5 l 180 170.25 l 178.5 170.25 l 178.5 169.5 l 178.5 168.75 l 178.5 166.5 l 177.75 166.5 l h b 185.25 169.5 m 189 169.5 l 185.25 169.5 l h b* 190.5 169.5 m 194.25 169.5 l 190.5 169.5 l h b* 196.5 169.5 m 200.25 169.5 l 196.5 169.5 l h b* 204.75 166.5 m 204.75 172.5 l 205.5 172.5 l 208.5 168 l 208.5 172.5 l 209.25 172.5 l 209.25 166.5 l 208.5 166.5 l 205.5 171 l 205.5 166.5 l 204.75 166.5 l h b 213 168 m 213.75 168 l 213.75 167.25 l 213 167.25 l 213 166.5 l 210.75 166.5 l 210.75 167.25 l 210 168 l 210 170.25 l 210.75 170.25 l 210.75 171 l 213 171 l 213.75 170.25 l 213.75 168.75 l 210.75 168.75 l 210.75 168 l 211.5 167.25 l 213 167.25 l 213 168 l 210.75 169.5 m 213 169.5 l 213 170.25 l 210.75 170.25 l 210.75 169.5 l h b 216.75 167.25 m 216.75 166.5 l 215.25 166.5 l 215.25 170.25 l 214.5 170.25 l 214.5 171 l 215.25 171 l 215.25 171.75 l 216 172.5 l 216 171 l 216.75 171 l 216.75 170.25 l 216 170.25 l 216 167.25 l 216.75 167.25 l h b 217.5 166.5 m 217.5 172.5 l 218.25 172.5 l 218.25 170.25 l 218.25 171 l 220.5 171 l 220.5 166.5 l 219.75 166.5 l 219.75 170.25 l 218.25 170.25 l 218.25 166.5 l 217.5 166.5 l h b 225 168 m 225.75 168 l 225.75 167.25 l 225 167.25 l 225 166.5 l 222.75 166.5 l 222 167.25 l 222 168 l 221.25 168.75 l 222 169.5 l 222 170.25 l 222.75 171 l 225 171 l 225 170.25 l 225.75 169.5 l 225.75 168.75 l 222.75 168.75 l 222.75 168 l 223.5 167.25 l 224.25 167.25 l 225 168 l 222.75 169.5 m 225 169.5 l 225 170.25 l 222.75 170.25 l 222.75 169.5 l h b 226.5 166.5 m 226.5 171 l 227.25 171 l 227.25 170.25 l 227.25 171 l 228.75 171 l 228.75 170.25 l 228 170.25 l 227.25 169.5 l 227.25 166.5 l 226.5 166.5 l h b 229.5 166.5 m 229.5 172.5 l 230.25 172.5 l 230.25 166.5 l 229.5 166.5 l h b 234 167.25 m 233.25 166.5 l 231.75 166.5 l 231.75 167.25 l 231 167.25 l 231 168.75 l 231.75 168.75 l 232.5 169.5 l 234 169.5 l 234 170.25 l 232.5 170.25 l 231.75 170.25 l 231.75 169.5 l 231 169.5 l 231 170.25 l 231.75 170.25 l 231.75 171 l 234.75 171 l 234.75 166.5 l 234 166.5 l 234 167.25 l 234 168.75 m 232.5 168.75 l 231.75 168 l 231.75 167.25 l 233.25 167.25 l 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171 l 358.5 172.5 l 361.5 172.5 l 362.25 171.75 l 362.25 171 l 361.5 171 l 361.5 171.75 l 358.5 171.75 l 358.5 171 l 357.75 171 l 357.75 168 l 358.5 168 l 358.5 167.25 l 360.75 167.25 l 361.5 168 l 361.5 168.75 l 360 168.75 l h b 366.75 168 m 367.5 168 l 366 166.5 l 364.5 166.5 l 363.75 167.25 l 363.75 168 l 363 168.75 l 363.75 169.5 l 363.75 170.25 l 364.5 171 l 366.75 171 l 366.75 170.25 l 367.5 169.5 l 367.5 168.75 l 363.75 168.75 l 365.25 167.25 l 366 167.25 l 366 168 l 366.75 168 l 363.75 169.5 m 366.75 169.5 l 366 170.25 l 364.5 170.25 l 364.5 169.5 l 363.75 169.5 l h b 368.25 166.5 m 368.25 171 l 369 171 l 369 170.25 l 369 171 l 370.5 171 l 370.5 170.25 l 369 170.25 l 369 166.5 l 368.25 166.5 l h b 371.25 166.5 m 371.25 171 l 372 171 l 372 170.25 l 372 171 l 374.25 171 l 374.25 170.25 l 375 171 l 376.5 171 l 376.5 170.25 l 377.25 170.25 l 377.25 166.5 l 376.5 166.5 l 376.5 169.5 l 375.75 170.25 l 375.75 170.25 l 375 170.25 l 374.25 169.5 l 374.25 166.5 l 373.5 166.5 l 373.5 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l 403.5 170.25 l 402.75 171 l 402 171 l 402 170.25 l 401.25 170.25 l 401.25 169.5 l 402 168.75 l 402 168 l 402.75 168 l 404.25 169.5 l h b* 404.25 169.5 m 404.25 170.25 l 403.5 170.25 l 402.75 171 l 402 171 l 402 170.25 l 401.25 170.25 l 401.25 169.5 l 402 168.75 l 402 168 l 402.75 168 l 404.25 169.5 l S 0 0 0 rg 0 0 0 RG 414 166.5 m 414 172.5 l 417.75 172.5 l 417.75 171.75 l 414.75 171.75 l 414.75 170.25 l 417 170.25 l 417 169.5 l 414.75 169.5 l 414.75 166.5 l 414 166.5 l h b 418.5 171.75 m 418.5 172.5 l 419.25 172.5 l 419.25 171.75 l 418.5 171.75 l 418.5 166.5 m 418.5 171 l 419.25 171 l 419.25 166.5 l 418.5 166.5 l h b 420.75 166.5 m 420.75 171 l 421.5 171 l 421.5 170.25 l 421.5 171 l 423.75 171 l 423.75 166.5 l 423 166.5 l 423 170.25 l 421.5 170.25 l 421.5 169.5 l 421.5 168.75 l 421.5 166.5 l 420.75 166.5 l h b 425.25 166.5 m 425.25 172.5 l 426 172.5 l 426 166.5 l 425.25 166.5 l h b 429.75 167.25 m 429 166.5 l 427.5 166.5 l 427.5 167.25 l 426.75 167.25 l 426.75 168.75 l 427.5 168.75 l 428.25 169.5 l 429.75 169.5 l 429.75 170.25 l 428.25 170.25 l 427.5 170.25 l 427.5 169.5 l 426.75 169.5 l 426.75 170.25 l 427.5 170.25 l 427.5 171 l 430.5 171 l 430.5 166.5 l 429.75 166.5 l 429.75 167.25 l 429.75 168.75 m 428.25 168.75 l 428.25 168 l 427.5 168 l 427.5 167.25 l 429 167.25 l 429 168 l 429.75 168 l 429.75 168.75 l h b 432 166.5 m 432 171 l 432.75 171 l 432.75 170.25 l 432.75 171 l 435 171 l 435 166.5 l 434.25 166.5 l 434.25 170.25 l 432.75 170.25 l 432.75 169.5 l 432.75 168.75 l 432.75 166.5 l 432 166.5 l h b 438.75 166.5 m 438.75 167.25 l 438 166.5 l 437.25 166.5 l 436.5 167.25 l 436.5 168 l 435.75 168 l 435.75 169.5 l 437.25 171 l 438.75 171 l 438.75 170.25 l 438.75 172.5 l 439.5 172.5 l 439.5 166.5 l 438.75 166.5 l 436.5 168.75 m 436.5 168 l 437.25 168 l 437.25 167.25 l 438 167.25 l 438.75 168 l 438.75 170.25 l 437.25 170.25 l 437.25 169.5 l 436.5 169.5 l 436.5 168.75 l h b BT 468.75 162 TD /F0 9.75 Tf -0.1875 Tw ( ) Tj -384 -15 TD /F2 11.25 Tf 0.0375 Tc 0 Tw (Source:) Tj 34.5 0 TD /F0 11.25 Tf -0.1145 Tc 0.302 Tw ( Lane and Milesi) Tj 73.5 0 TD 0.0038 Tc 0 Tw (-) Tj 3.75 0 TD -0.1021 Tc 0.2896 Tw (Feretti \(2001\).) Tj 63.75 0 TD 0 Tc 0.1875 Tw ( ) Tj -175.5 -26.25 TD /F0 12 Tf -0.0009 Tc 1.3134 Tw (But this does not ) Tj 90.75 0 TD -0.0073 Tc 1.8073 Tw (ensure that capital mobility is indeed perfect. In fact, international ) Tj -90.75 -14.25 TD -0.0238 Tc 0.3238 Tw (trade in capital is often subject to important restrictions and high costs. Besides, trade in ) Tj 0 -13.5 TD -0.0805 Tc 1.8305 Tw (capital and in goods are strongly related. Since trade in goods is subject to important ) Tj ET endstream endobj 714 0 obj 75703 endobj 715 0 obj << /Type /Page /Parent 712 0 R /Resources << /Font << /F0 6 0 R /F2 622 0 R /F3 628 0 R /F7 718 0 R >> /ProcSet 2 0 R >> /Contents 716 0 R >> endobj 716 0 obj << /Length 717 0 R >> stream BT 249.75 762 TD 0 0 0 rg /F2 9.75 Tf 0.2468 Tc 0 Tw (C) Tj 6.75 0 TD /F2 8.25 Tf -0.068 Tc (ANTON) Tj 26.25 0 TD /F2 9.75 Tf -0.1875 Tc (,) Tj 2.25 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (E) Tj 6 0 TD /F2 8.25 Tf -0.1963 Tc -0.3662 Tw (WIJK ) Tj 20.25 0 TD /F2 9.75 Tf -0.0855 Tc 0 Tw (&) Tj 7.5 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf -0.171 Tc 0 Tw (T) Tj 5.25 0 TD /F2 8.25 Tf 0 Tc (ANG) Tj 16.5 0 TD /F2 9.75 Tf -0.1875 Tw ( ) Tj -53.25 -701.25 TD /F0 11.25 Tf -0.375 Tc 0 Tw (22) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -217.5 677.25 TD /F0 12 Tf -0.22 Tc 0 Tw (tra) Tj 12.75 0 TD -0.0175 Tc 1.705 Tw (nsport and transaction costs, trade in capital also diminishes rapidly with distance. ) Tj -12.75 -14.25 TD -0.1138 Tc 2.4137 Tw (This chapter will argue that capital mobility is far from perfect, within the group of ) Tj 0 -13.5 TD 0.0182 Tc 0.9568 Tw (developed and let alone between developed and developing countries. The implication) Tj 425.25 0 TD 0 Tc 0 Tw ( ) Tj -425.25 -13.5 TD -0.0317 Tc 0.1254 Tw (is that savings and investment are still tied together.) Tj 248.25 0 TD 0 Tc 0 Tw ( ) Tj -248.25 -26.25 TD /F7 12 Tf (4.1) Tj 13.5 0 TD ( ) Tj 22.5 0 TD -0.012 Tc 0.012 Tw (The Feldstein) Tj 71.25 0 TD -0.246 Tc 0 Tw (-) Tj 3.75 0 TD -0 Tc 0 Tw (Horioka puzzle) Tj 79.5 0 TD 0 Tc 0 Tw ( ) Tj -190.5 -19.5 TD /F0 12 Tf -0.0011 Tc 0.1165 Tw (The gap between \(public and private\) domestic saving and \(public and private\) domestic ) Tj 0 -13.5 TD -0.0379 Tc 0.7879 Tw (investment equals the current account surplus. In turn, this surplus correspond) Tj 380.25 0 TD -0.1423 Tc 1.0798 Tw (s to a net ) Tj -380.25 -14.25 TD 0.0105 Tc 2.2395 Tw (capital outflow. For most countries, the average gap between domestic savings and ) Tj 0 -13.5 TD -0.0487 Tc 2.5295 Tw (investments is small. This already points at modest international capital flows. In a ) Tj T* -0.0737 Tc 0.9487 Tw (seminal contribution, Feldstein and Horioka \(1980\) take a closer look at the ) Tj 372.75 0 TD 0.0469 Tc -0.0469 Tw (correlation ) Tj -372.75 -14.25 TD -0.0715 Tc 0.5215 Tw (between savings and investments. They write) Tj 218.25 0 TD -0.336 Tc 0 Tw (:) Tj 2.25 0 TD 0 Tc ( ) Tj -202.5 -19.5 TD -0.012 Tc 2.3984 Tw (With perfect capital mobility, there should be no relation between domestic ) Tj 0 -14.25 TD -0.0721 Tc 3.0721 Tw (saving and domestic investment: saving in each country corresponds to the ) Tj 0 -13.5 TD -0.1 Tc 3.7 Tw (worldwide opportunities for investment while inve) Tj 258 0 TD -0.0597 Tc 3.0597 Tw (stment in that country is ) Tj -258 -13.5 TD 0.0174 Tc 1.5508 Tw (financed by the worldwide pool of capital. Conversely, if incremental saving ) Tj 0 -14.25 TD -0.1017 Tc 2.4094 Tw (tends to be invested in the country of origin, differences among countries in ) Tj 0 -13.5 TD -0.0516 Tc 0.3849 Tw (investment rates should correspond closely to differences in saving rates.) Tj 350.25 0 TD 0 Tc 0 Tw ( ) Tj -146.25 -20.25 TD -0.048 Tc 0.298 Tw (Feldstein and Horioka \(1980) Tj 137.25 0 TD -0.0308 Tc 0.0308 Tw (, pp. 317\)) Tj 45.75 0 TD 0 Tc 0 Tw ( ) Tj -405 -19.5 TD -0.0583 Tc 1.5583 Tw (Feldstein and Horioka report evidence strongly contradicting the hypothesis of perfect ) Tj 0 -13.5 TD -0.152 Tc 0 Tw (internationa) Tj 57 0 TD -0.0631 Tc 0.5131 Tw (l capital mobility. In Table 2) Tj 138 0 TD 0.04 Tc 0.0434 Tw ( we report regression results based on their data ) Tj -195 -14.25 TD -0.0045 Tc 0.2188 Tw (set and run a similar regression using ) Tj 183 0 TD 0.0099 Tc 0.2901 Tw (the same group of countries on a more recent data ) Tj -183 -13.5 TD -0.0477 Tc 0.9131 Tw (set provided in Obstfeld and Rogoff \(2000\). The results imply that international capital ) Tj 0 -14.25 TD -0.0881 Tc 1.2131 Tw (mobility is still far from perfect, al) Tj 168.75 0 TD -0.0864 Tc 1.1364 Tw (though higher than in the 1960) Tj 150.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0497 Tc 0.7997 Tw (74 period considered ) Tj -324 -13.5 TD -0.0647 Tc 0.2522 Tw (in Feldstein and Horioka \(1) Tj 131.25 0 TD -0.0492 Tc 0 Tw (980\).) Tj 24.75 0 TD 0 Tc ( ) Tj -156 -19.5 TD /F2 12 Tf -0.0672 Tc 0.0672 Tw (Table ) Tj 30 0 TD -0.0176 Tc 0.0176 Tw (2. Relationship between savings and investment \(dependent variable: I/Y\)) Tj 353.25 0 TD /F0 12 Tf 0 Tc 0 Tw ( ) Tj -320.25 -19.5 TD /F0 11.25 Tf 0.1875 Tw ( ) Tj 78 0 TD -0.1508 Tc 0.3383 Tw (Feldstein and Horioka ) Tj 34.5 -12.75 TD -0.3737 Tc 0 Tw (\(1980\)) Tj 28.5 0 TD 0 Tc 0.1875 Tw ( ) Tj 73.5 12.75 TD -0.1893 Tc 0.3768 Tw (Obstfeld and Rogoff \(2000\)) Tj 122.25 0 TD 0 Tc 0.1875 Tw ( ) Tj ET 84.75 354.75 125.25 0.75 re f 210 354.75 0.75 0.75 re f 210.75 354.75 127.5 0.75 re f 338.25 354.75 0.75 0.75 re f 339 354.75 168 0.75 re f q 87.75 316.5 6 6.75 re h W n BT 87.75 314.25 TD ( ) Tj ET Q q 213.75 316.5 6 6.75 re h W n BT 213.75 314.25 TD ( ) Tj ET Q q 342 316.5 6 6.75 re h W n BT 342 314.25 TD ( ) Tj ET Q BT 87.75 308.25 TD ( ) Tj 177 0 TD -0.2374 Tc 0.4249 Tw (Period 1960) Tj 52.5 0 TD 0.0038 Tc 0 Tw (-) Tj 3.75 0 TD 0.2513 Tc (\22174) Tj ET q 336 305.25 3 12.75 re h W n BT 336 308.25 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 433.5 308.25 TD -0.2374 Tc 0.4249 Tw (Period 1990) Tj 52.5 0 TD 0.0038 Tc 0 Tw (-) Tj 3.75 0 TD 0.2513 Tc (\22197) Tj ET q 504.75 305.25 3 12.75 re h W n BT 504.75 308.25 TD 0 Tc 0.1875 Tw ( ) Tj ET Q q 87.75 291.75 6 6.75 re h W n BT 87.75 289.5 TD 0 Tc 0.1875 Tw ( ) Tj ET Q q 336 291.75 3 6.75 re h W n BT 336 289.5 TD 0 Tc 0.1875 Tw ( ) Tj ET Q q 504.75 291.75 3 6.75 re h W n BT 504.75 289.5 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 87.75 282.75 TD -0.1256 Tc (Constant) Tj 39 0 TD 0 Tc 0.1875 Tw ( ) Tj 185.25 0 TD -0.2625 Tc 0 Tw (0.031) Tj ET q 336 279.75 3 12.75 re h W n BT 336 282.75 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 480.75 282.75 TD (0.071) Tj ET q 504.75 279.75 3 12.75 re h W n BT 504.75 282.75 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 87.75 264 TD 0 Tc 0.1875 Tw ( ) Tj 216.75 0 TD -0.2936 Tc 0 Tw (\(0.031\)) Tj ET q 336 261 3 12.75 re h W n BT 336 264 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 473.25 264 TD (\(0.019\)) Tj ET q 504.75 261 3 12.75 re h W n BT 504.75 264 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 87.75 246 TD -0.085 Tc (S/Y) Tj 17.25 0 TD 0 Tc 0.1875 Tw ( ) Tj 207 0 TD -0.2625 Tc 0 Tw (0.904) Tj ET q 336 243 3 12.75 re h W n BT 336 246 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 480.75 246 TD 0.375 Tc (0) Tj 5.25 0 TD -0.2344 Tc (.638) Tj ET q 504.75 243 3 12.75 re h W n BT 504.75 246 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 87.75 227.25 TD 0 Tc 0.1875 Tw ( ) Tj 216.75 0 TD -0.2936 Tc 0 Tw (\(0.067\)) Tj ET q 336 224.25 3 12.75 re h W n BT 336 227.25 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 477 227.25 TD -0.3431 Tc (0.095\)) Tj ET q 504.75 224.25 3 12.75 re h W n BT 504.75 227.25 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 87.75 208.5 TD -0.1894 Tc (R2) Tj 12.75 0 TD 0 Tc 0.1875 Tw ( ) Tj 222 0 TD 0.0625 Tc 0 Tw (0.9) Tj ET q 336 205.5 3 12.75 re h W n BT 336 208.5 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 486 208.5 TD -0.2344 Tc (0.73) Tj ET q 504.75 205.5 3 12.75 re h W n BT 504.75 208.5 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 87.75 189.75 TD 0.1275 Tc (N) Tj 8.25 0 TD 0 Tc 0.1875 Tw ( ) Tj 229.5 0 TD -0.375 Tc 0 Tw (19) Tj ET q 336 186.75 3 12.75 re h W n BT 336 189.75 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 494.25 189.75 TD (19) Tj ET q 504.75 186.75 3 12.75 re h W n BT 504.75 189.75 TD 0 Tc 0.1875 Tw ( ) Tj ET Q q 87.75 173.25 6 6.75 re h W n BT 87.75 171 TD 0 Tc 0.1875 Tw ( ) Tj ET Q 84 172.5 423.75 0.75 re f BT 84.75 163.5 TD /F2 11.25 Tf -0.0628 Tc (Note) Tj 21.75 0 TD /F0 11.25 Tf -0.1398 Tc 0.2523 Tw (: The regression method is OLS. Standard errors are between brackets) Tj 308.25 0 TD 0 Tc 0.1875 Tw ( ) Tj -330 -32.25 TD /F3 12 Tf 0 Tw (4.2) Tj 15 0 TD ( ) Tj 21 0 TD -0.0234 Tc 0.0234 Tw (The consumption correlations puzzle) Tj 189 0 TD 0 Tc 0 Tw ( ) Tj -225 -19.5 TD /F0 12 Tf -0.0791 Tc 1.0166 Tw (International capital markets perform several functions. First, capital markets lead to an ) Tj 0 -13.5 TD -0.1968 Tc 0 Tw (effic) Tj 21.75 0 TD -0.0649 Tc 1.7792 Tw (ient allocation of funds across space and time. Funds flow to those places where ) Tj ET endstream endobj 717 0 obj 8518 endobj 718 0 obj << /Type /Font /Subtype /TrueType /Name /F7 /BaseFont /Garamond,Bold /FirstChar 32 /LastChar 255 /Widths [ 250 260 552 667 469 833 802 281 354 354 490 667 260 333 260 552 469 396 469 469 469 469 469 469 469 469 260 260 667 667 667 417 927 656 677 677 781 708 615 729 865 396 375 677 635 917 844 792 615 792 698 510 688 760 667 896 688 656 667 365 552 365 583 500 333 479 552 469 552 469 302 542 552 281 260 531 260 844 552 521 552 552 344 417 313 552 458 708 500 469 469 396 542 396 667 750 469 750 250 708 490 1000 500 500 333 1031 510 281 990 750 667 750 750 250 250 490 490 354 500 1000 333 1000 417 281 729 750 469 656 250 260 469 677 688 656 542 500 333 750 302 458 667 333 750 500 396 667 313 313 333 458 542 333 333 313 333 458 833 833 833 417 656 656 656 656 656 656 917 677 708 708 708 708 396 396 396 396 781 844 792 792 792 792 792 667 792 760 760 760 760 656 615 542 479 479 479 479 479 479 698 469 469 469 469 469 281 281 281 281 521 552 521 521 521 521 521 667 521 552 552 552 552 469 552 469 ] /Encoding /WinAnsiEncoding /FontDescriptor 719 0 R >> endobj 719 0 obj << /Type /FontDescriptor /FontName /Garamond,Bold /Flags 16418 /FontBBox [ -250 -263 1236 1000 ] /MissingWidth 364 /StemV 135 /StemH 135 /ItalicAngle 0 /CapHeight 862 /XHeight 431 /Ascent 862 /Descent -263 /Leading 125 /MaxWidth 1030 /AvgWidth 422 /FontFile2 802 0 R >> endobj 720 0 obj << /Type /Page /Parent 712 0 R /Resources << /Font << /F0 6 0 R /F1 8 0 R /F2 622 0 R >> /ProcSet 2 0 R >> /Contents 721 0 R >> endobj 721 0 obj << /Length 722 0 R >> stream BT 183 762 TD 0 0 0 rg /F2 9.75 Tf 0.0428 Tc 0 Tw (P) Tj 6 0 TD /F2 8.25 Tf -0.0417 Tc -0.5208 Tw (OPULATION ) Tj 47.25 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (A) Tj 5.25 0 TD /F2 8.25 Tf -0.0567 Tc -0.1308 Tw (GEING AND ) Tj 45 0 TD /F2 9.75 Tf -0.2467 Tc 0 Tw (I) Tj 3 0 TD /F2 8.25 Tf -0.1155 Tc 0.303 Tw (NTERNATIONAL ) Tj 59.25 0 TD /F2 9.75 Tf 0.2468 Tc 0 Tw (C) Tj 6.75 0 TD /F2 8.25 Tf -0.1323 Tc 0.3198 Tw (APITAL ) Tj 28.5 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (F) Tj 6 0 TD /F2 8.25 Tf -0.5102 Tc (LOWS) Tj 21 0 TD /F2 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj -119.25 -688.5 TD /F0 11.25 Tf -0.375 Tc 0 Tw (23) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -217.5 664.5 TD /F0 12 Tf -0.055 Tc 0.405 Tw (investment yields the highest rate of return. In the previous subsection we have seen that ) Tj 0 -14.25 TD -0.0371 Tc 2.6962 Tw (the international capital market does not perform the first function optimally, sinc) Tj 419.25 0 TD 0.672 Tc 0.078 Tw (e ) Tj -419.25 -13.5 TD -0.0411 Tc 0.4502 Tw (domestic investments still depends on domestic savings. Second, capital mobility allows ) Tj 0 -13.5 TD 0.003 Tc 2.247 Tw (investors to diversify portfolios and to share risks; countries can borrow or lend to ) Tj 0 -14.25 TD -0.079 Tc 1.704 Tw (absorb transitory changes in income so as to avoid abrupt changes in consumption) Tj 407.25 0 TD 0.168 Tc 0.582 Tw (. In ) Tj -407.25 -13.5 TD -0.0879 Tc 0.497 Tw (this subsection we try to assess how capital markets perform this function.) Tj 356.25 0 TD 0 Tc 0 Tw ( ) Tj -356.25 -20.25 TD -0.0284 Tc 1.5861 Tw (International diversification of a portfolio brings the advantage that the return on this ) Tj 0 -13.5 TD -0.0396 Tc 1.1987 Tw (portfolio becomes less volatile: the total risk becomes lower because unexpected gain) Tj 420 0 TD 0.582 Tc 0.168 Tw (s ) Tj -420 -13.5 TD -0.0829 Tc 3.3136 Tw (and losses cancel out. With mobility of assets, one would expect that investors in) Tj 0 Tc 0 Tw ( ) Tj 0 -14.25 TD -0.0558 Tc 1.1272 Tw (different countries hold portfolios that are more or less similar in their composition, so ) Tj 0 -13.5 TD -0.0559 Tc 0.5332 Tw (that \(undiversifiable\) risks are shared. This would imply that changes in capita) Tj 378.75 0 TD -0.0728 Tc 0.8227 Tw (l incomes ) Tj -378.75 -14.25 TD -0.062 Tc 0.7585 Tw (are similar across countries and, thus, that the correlation of consumption is higher than ) Tj 0 -13.5 TD -0.0458 Tc 3.2332 Tw (the correlation of production. Table) Tj 0 Tc 0 Tw ( ) Tj 188.25 0 TD (3) Tj 6 0 TD -0.026 Tc 3.151 Tw ( shows the average coefficient of correlation) Tj 0 Tc 0 Tw ( ) Tj -194.25 -13.5 TD -0.1398 Tc 1.6398 Tw (between the ) Tj 65.25 0 TD -0.543 Tc 0 Tw (US) Tj 15 0 TD -0.035 Tc 2.4895 Tw ( and 20 other rich countries for the growth rates of gros) Tj 291 0 TD 0.0833 Tc 1.4167 Tw (s domestic ) Tj -371.25 -14.25 TD -0.0599 Tc 0.9974 Tw (product \(GDP\) and consumption per capita for three 15) Tj 270.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.026 Tc 0.926 Tw (year periods. The table reveals ) Tj -275.25 -13.5 TD -0.0761 Tc 1.9511 Tw (that the coefficient for GDP in the last period is substantially higher than in the first ) Tj 0 -14.25 TD 0.014 Tc 1.111 Tw (period. This m) Tj 70.5 0 TD 0.711 Tc 0 Tw (ay) Tj 11.25 0 TD -0.0639 Tc 1.1353 Tw ( reflect a better integration and more synchronizatio) Tj 254.25 0 TD -0.1015 Tc 0.8515 Tw (n of economies.) Tj 77.25 0 TD 0 Tc 0 Tw (16) Tj 12 0 TD ( ) Tj -425.25 -13.5 TD -0.0629 Tc 1.8356 Tw (The correlation coefficient for consumption per capita has hardly increased, however, ) Tj 0 -13.5 TD -0.0142 Tc 0.2642 Tw (during the second half of the twentieth century. Moreover, we see that the correlation of ) Tj 0 -14.25 TD -0.0553 Tc 1.1803 Tw (consumption per capita is smaller than that of GDP in both in t) Tj 311.25 0 TD -0.0559 Tc 0.9559 Tw (he second and the third ) Tj -311.25 -13.5 TD -0.0994 Tc 1.7724 Tw (period. This suggests that international capital markets do not perform the function of ) Tj 0 -14.25 TD -0.0783 Tc 0.3283 Tw (risk sharing very well.) Tj 106.5 0 TD 0 Tc 0 Tw ( ) Tj -106.5 -25.5 TD /F2 12 Tf -0.0672 Tc (Table) Tj 27 0 TD 0 Tc ( ) Tj 5.25 0 TD (3) Tj 6 0 TD -0.0149 Tc 1.8899 Tw (. Average coefficient of ) Tj 122.25 0 TD 0.112 Tc -0.112 Tw (the ) Tj 20.25 0 TD -0.0378 Tc 2.0735 Tw (correlation between the US and 20 other OECD) Tj 0 Tc -1.5 Tw ( ) Tj -132.75 -13.5 TD -0.046 Tc 0 Tw (countries) Tj 44.25 0 TD /F0 12 Tf 0 Tc ( ) Tj -89.25 -19.5 TD /F0 11.25 Tf 0.1875 Tw ( ) Tj 198.75 0 TD -0.0348 Tc 0.2223 Tw (Gross Do) Tj 42 0 TD -0.1456 Tc 0.3331 Tw (mestic ) Tj -18.75 -12.75 TD -0.2126 Tc 0 Tw (Production) Tj ET q 357 367.5 3 12.75 re h W n BT 357 370.5 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 408.75 383.25 TD -0.1809 Tc 0.3684 Tw (Consumption per capita) Tj ET q 513.75 380.25 3 12.75 re h W n BT 513.75 383.25 TD 0 Tc 0.1875 Tw ( ) Tj ET Q 84.75 392.25 166.5 0.75 re f 251.25 392.25 0.75 0.75 re f 252 392.25 107.25 0.75 re f 359.25 392.25 0.75 0.75 re f 360 392.25 156 0.75 re f BT 87.75 351.75 TD -0.375 Tc 0 Tw (1956) Tj 21 0 TD 0.0038 Tc (-) Tj 4.5 0 TD -0.375 Tc (70) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj 214.5 0 TD -0.2344 Tc 0 Tw (0.24) Tj ET q 357 348.75 3 12.75 re h W n BT 357 351.75 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 500.25 351.75 TD 0.0625 Tc (0.3) Tj ET q 513.75 348.75 3 12.75 re h W n BT 513.75 351.75 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 87.75 333 TD 0 Tc 0.1875 Tw ( ) Tj 241.5 -0.75 TD /F1 11.25 Tf -0.1762 Tc 0 Tw (-) Tj 6 0 TD /F0 11.25 Tf -0.2344 Tc 0.4219 Tw ( 0.25) Tj ET q 357 329.25 3 12.75 re h W n BT 357 332.25 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 486 332.25 TD /F1 11.25 Tf -0.1762 Tc 0 Tw (-) Tj 6 0 TD /F0 11.25 Tf -0.2344 Tc 0.4219 Tw ( 0.25) Tj ET q 513.75 329.25 3 12.75 re h W n BT 513.75 332.25 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 87.75 313.5 TD -0.375 Tc 0 Tw (1971) Tj 21 0 TD 0.0038 Tc (-) Tj 4.5 0 TD -0.375 Tc (85) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj 214.5 0 TD -0.2344 Tc 0 Tw (0.44) Tj ET q 357 310.5 3 12.75 re h W n BT 357 313.5 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 495 313.5 TD (0.05) Tj ET q 513.75 310.5 3 12.75 re h W n BT 513.75 313.5 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 87.75 295.5 TD 0 Tc 0.1875 Tw ( ) Tj 241.5 -0.75 TD /F1 11.25 Tf -0.1762 Tc 0 Tw (-) Tj 6 0 TD /F0 11.25 Tf -0.2344 Tc 0.4219 Tw ( 0.25) Tj ET q 357 291.75 3 12.75 re h W n BT 357 294.75 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 486 294.75 TD /F1 11.25 Tf -0.1762 Tc 0 Tw (-) Tj 6 0 TD /F0 11.25 Tf -0.2344 Tc 0.4219 Tw ( 0.27) Tj ET q 513.75 291.75 3 12.75 re h W n BT 513.75 294.75 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 87.75 276 TD -0.375 Tc 0 Tw (1986) Tj 21 0 TD 0.0038 Tc (-) Tj 4.5 0 TD -0.375 Tc (00) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj 214.5 0 TD -0.2344 Tc 0 Tw (0.41) Tj ET q 357 273 3 12.75 re h W n BT 357 276 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 495 276 TD (0.31) Tj ET q 513.75 273 3 12.75 re h W n BT 513.75 276 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 87.75 257.25 TD 0 Tc 0.1875 Tw ( ) Tj 241.5 -0.75 TD /F1 11.25 Tf -0.1762 Tc 0 Tw (-) Tj 6 0 TD /F0 11.25 Tf -0.2344 Tc 0.4219 Tw ( 0.34) Tj ET q 357 253.5 3 12.75 re h W n BT 357 256.5 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 486 256.5 TD /F1 11.25 Tf -0.1762 Tc 0 Tw (-) Tj 6 0 TD /F0 11.25 Tf -0.2344 Tc 0.4219 Tw ( 0.33) Tj ET q 513.75 253.5 3 12.75 re h W n BT 513.75 256.5 TD 0 Tc 0.1875 Tw ( ) Tj ET Q 84 245.25 168 0.75 re f 251.25 245.25 0.75 0.75 re f 252 245.25 108 0.75 re f 359.25 245.25 0.75 0.75 re f 360 245.25 156.75 0.75 re f BT 84.75 230.25 TD /F2 9.75 Tf 0.2706 Tc 0 Tw (Note) Tj 19.5 0 TD /F0 9.75 Tf 0.1329 Tc -0.3204 Tw (: The results are based on two) Tj 119.25 0 TD -0.2467 Tc 0 Tw (-) Tj 3 0 TD 0.158 Tc -0.2773 Tw (year averages of annual growth rates. Between brackets is the standard ) Tj -141.75 -11.25 TD 0.3026 Tc 0 Tw (devi) Tj 17.25 0 TD 0.1818 Tc -0.3693 Tw (ation around the mean.) Tj 91.5 0 TD 0 Tc -0.1875 Tw ( ) Tj -108.75 -11.25 TD /F2 9.75 Tf 0.2754 Tc 0 Tw (Source:) Tj 31.5 0 TD /F0 9.75 Tf 0.1332 Tc -0.3207 Tw ( Own calculations based on Heston, Summers and Aten \(2002\).) Tj 252.75 0 TD 0 Tc -0.1875 Tw ( ) Tj -284.25 -25.5 TD /F0 12 Tf -0.0898 Tc 2.5706 Tw (This latter finding is consistent with the observation that portfolios of investors still ) Tj 0 -13.5 TD -0.0561 Tc 2.4936 Tw (show a strong \223home bias\224, i.e. an over representation of national assets re) Tj 384 0 TD 0 Tc 1.5 Tw (lative to ) Tj -384 -25.5 TD /F0 9.75 Tf -0.1875 Tw ( ) Tj 67.5 0 TD ( ) Tj 67.5 0 TD ( ) Tj ET 84.75 144.75 144 0.75 re f BT 228.75 143.25 TD ( ) Tj -144 -24.75 TD /F0 6.75 Tf 0.375 Tc 0 Tw (16) Tj 7.5 -4.5 TD /F0 9.75 Tf 0.1322 Tc 0.4928 Tw ( Note that the correlation coefficient is the highest in the second 15) Tj 276.75 0 TD -0.2467 Tc 0 Tw (-) Tj 3 0 TD 0.1086 Tc 0.4539 Tw (year period, when countries faced ) Tj -287.25 -11.25 TD 0.1012 Tc 1.0349 Tw (important common supply and demand shocks \(the oil crises in 1973 and 1979 and the tight monetary ) Tj 0 -12 TD 0.058 Tc 0.1295 Tw (policies in the early 1980s\).) Tj 110.25 0 TD 0 Tc -0.1875 Tw ( ) Tj ET endstream endobj 722 0 obj 9456 endobj 723 0 obj << /Type /Page /Parent 712 0 R /Resources << /Font << /F0 6 0 R /F2 622 0 R /F3 628 0 R >> /ProcSet 2 0 R >> /Contents 724 0 R >> endobj 724 0 obj << /Length 725 0 R >> stream BT 249.75 762 TD 0 0 0 rg /F2 9.75 Tf 0.2468 Tc 0 Tw (C) Tj 6.75 0 TD /F2 8.25 Tf -0.068 Tc (ANTON) Tj 26.25 0 TD /F2 9.75 Tf -0.1875 Tc (,) Tj 2.25 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (E) Tj 6 0 TD /F2 8.25 Tf -0.1963 Tc -0.3662 Tw (WIJK ) Tj 20.25 0 TD /F2 9.75 Tf -0.0855 Tc 0 Tw (&) Tj 7.5 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf -0.171 Tc 0 Tw (T) Tj 5.25 0 TD /F2 8.25 Tf 0 Tc (ANG) Tj 16.5 0 TD /F2 9.75 Tf -0.1875 Tw ( ) Tj -53.25 -701.25 TD /F0 11.25 Tf -0.375 Tc 0 Tw (24) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -217.5 677.25 TD /F0 12 Tf -0.1328 Tc 3.4789 Tw (foreign assets. This home bias has decreased somewhat in recent years, at least in) Tj 0 Tc 0 Tw ( ) Tj 0 -14.25 TD -0.1077 Tc 3.9649 Tw (Western Europe as a result of the EMU. For example, pension funds as well as) Tj 0 Tc 0.75 Tw ( ) Tj 0 -13.5 TD -0.0822 Tc 1.0822 Tw (insurance companies hold a higher percentage of foreign equity in virtually all member) Tj 425.25 0 TD 0 Tc 0 Tw ( ) Tj -425.25 -13.5 TD -0.0567 Tc 1.1817 Tw (states since the late 1990s. Yet, the home bias in asset portfolios is still important \(see ) Tj 0 -14.25 TD -0.0251 Tc 0.0251 Tw (Adam et al., 2001\).) Tj 92.25 0 TD 0 Tc 0 Tw ( ) Tj -92.25 -19.5 TD -0.0459 Tc 3.2602 Tw (Cochrane \(1991\) and Mace \(1991\) look at risk) Tj 243.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0509 Tc 2.9009 Tw (sharing in the American, domestic ) Tj -248.25 -14.25 TD -0.1212 Tc 2.1837 Tw (financial markets. Under full risk) Tj 164.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.0448 Tc 1.4552 Tw (sharing, consumption should b) Tj 151.5 0 TD 0.0024 Tc 1.2476 Tw (e perfectly correlated ) Tj -320.25 -13.5 TD -0.045 Tc 0.9681 Tw (with aggregate shocks \(for which insurance is not possible\) but consumption should be ) Tj 0 -13.5 TD -0.044 Tc 0.3654 Tw (independent of idiosyncratic disturbances. Both studies use micro) Tj 315 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.1398 Tc 0.6398 Tw (data for the ) Tj 57.75 0 TD -0.543 Tc 0 Tw (US) Tj 15 0 TD 0.041 Tc 0.459 Tw ( to test ) Tj -392.25 -14.25 TD -0.077 Tc 2.1395 Tw (this implication of full risk) Tj 135 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.0812 Tc 1.6687 Tw (sharing. Cochrane \(1991\), f) Tj 136.5 0 TD -0.0254 Tc 1.6754 Tw (or example, related growth in ) Tj -276 -13.5 TD 0.0134 Tc 0.9674 Tw (food consumption to variables that capture idiosyncratic shocks, such as days of work ) Tj 0 -14.25 TD -0.0271 Tc 1.1521 Tw (lost because of illness, a dummy for involuntary job loss, days of work lost to strikes, ) Tj 0 -13.5 TD -0.0364 Tc 3.4114 Tw (etcetera. For many variables the idea of full risk) Tj 255.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0324 Tc 3.0324 Tw (sharing is not rejected. But full ) Tj -260.25 -13.5 TD -0.0412 Tc 1.1001 Tw (insurance does not apply for all variables, e.g. the loss of more than 100 days of work ) Tj 0 -14.25 TD 0.086 Tc 1.414 Tw (because of) Tj 51.75 0 TD -0.1019 Tc 1.709 Tw ( to illness. Mace \(1991\) also finds evidence in favour of full insurance, but ) Tj -51.75 -13.5 TD -0.0714 Tc 2.5714 Tw (the results are not robust to changes in the s) Tj 227.25 0 TD -0.0388 Tc 2.2888 Tw (pecification of the utility function. The ) Tj -227.25 -14.25 TD -0.0923 Tc 1.2173 Tw (conclusion seems to be that domestic financial markets in the ) Tj 305.25 0 TD -0.543 Tc 0 Tw (US) Tj 15 0 TD -0.059 Tc 0.9965 Tw ( perform the function ) Tj -320.25 -13.5 TD -0.166 Tc 2.416 Tw (of risk) Tj 32.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0948 Tc 2.6175 Tw (sharing much better than international markets. Borders still matter, even for ) Tj -36.75 -13.5 TD -0.0615 Tc 0 Tw (capital.) Tj 34.5 0 TD 0 Tc ( ) Tj -34.5 -26.25 TD /F3 12 Tf (4.3) Tj 15 0 TD ( ) Tj 21 0 TD -0.0275 Tc 0.0275 Tw (Other indicators of capital ) Tj 138.75 0 TD 0.0304 Tc -0.0304 Tw (market integration) Tj 96 0 TD 0 Tc 0 Tw ( ) Tj -270.75 -19.5 TD /F0 12 Tf 0.0011 Tc 0.1489 Tw (Adam et al. \(2001\) present an overview of indicators to measure the evolution of capital ) Tj 0 -14.25 TD -0.0401 Tc 0.5593 Tw (market integration in the European Union. These indicators give a more detailed picture ) Tj 0 -13.5 TD 0.0456 Tc 1.7272 Tw (of credit and bond markets. We discuss here three types of i) Tj 306.75 0 TD 0.0182 Tc 1.4818 Tw (ndicators: interest rates, ) Tj -306.75 -13.5 TD -0.0199 Tc 0.2699 Tw (bank charges for cross) Tj 107.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0378 Tc 0.2253 Tw (border payments and market penetration of foreign banks. ) Tj 281.25 0 TD 0 Tc 0 Tw ( ) Tj -393 -20.25 TD -0.0648 Tc 0.3148 Tw (Data on four ) Tj 63.75 0 TD /F2 12 Tf 0 Tc 0 Tw (interest rates) Tj 63.75 0 TD /F0 12 Tf -0.1007 Tc 0.4757 Tw ( \(the inter) Tj 46.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0156 Tc 0.0156 Tw (bank 3) Tj 32.25 0 TD -0.246 Tc 0 Tw (-) Tj 5.25 0 TD -0.0776 Tc 0.3276 Tw (months rate, the 10) Tj 91.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0076 Tc 0.5076 Tw (years government bond ) Tj -312 -13.5 TD -0.0308 Tc 0.3642 Tw (benchmark, the mortgage rate, and the corporate loan rate\) a) Tj 291.75 0 TD -0.012 Tc 0.012 Tw (re available.) Tj 59.25 5.25 TD /F0 8.25 Tf 0.375 Tc 0 Tw (17) Tj 9 -5.25 TD /F0 12 Tf -0.1353 Tc 0.1353 Tw ( According to ) Tj -360 -14.25 TD -0.0471 Tc 3.3596 Tw (Adam et al. \(2001\), both indicators reveal that European financial integration has ) Tj 0 -13.5 TD -0.0391 Tc 0.8641 Tw (increased, particularly after the introduction of the euro in 1999. ) Tj 318.75 0 TD 0.168 Tc 0 Tw (T) Tj 7.5 0 TD -0.06 Tc 0.9975 Tw (he speed and degree ) Tj -326.25 -13.5 TD -0.0102 Tc 2.2602 Tw (of convergence) Tj 75.75 0 TD -0.0907 Tc 3.0907 Tw (, however,) Tj 53.25 0 TD 0.078 Tc 2.172 Tw ( differs substantially across th) Tj 153 0 TD -0.012 Tc 2.412 Tw (e various interest rates. The ) Tj -282 -14.25 TD -0.1992 Tc 0 Tw (inter) Tj 21 0 TD -0.246 Tc (-) Tj 4.5 0 TD -0.0913 Tc 1.7788 Tw (bank rate and the long) Tj 111 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.1189 Tc 1.8689 Tw (term bond market are highly integrated, but the mortgage ) Tj -141 -13.5 TD -0.0514 Tc 0.2389 Tw (market and the corporate bond market are converging at a lower speed. ) Tj 343.5 0 TD 0 Tc 0 Tw ( ) Tj -343.5 -20.25 TD -0.1455 Tc 0.1455 Tw (Bank ) Tj 29.25 0 TD /F2 12 Tf 0.0448 Tc 1.4552 Tw (charges for cross) Tj 87 0 TD -0.246 Tc 0 Tw (-) Tj 3.75 0 TD 0.108 Tc 1.392 Tw (border payments) Tj 83.25 0 TD /F0 12 Tf 0.0262 Tc 1.3666 Tw ( are less clear on the process ) Tj 151.5 0 TD 0.0184 Tc 1.4816 Tw (of integration. ) Tj -354.75 -13.5 TD -0.042 Tc 0 Tw (Although) Tj 44.25 0 TD -0.0373 Tc 1.1623 Tw ( the within) Tj 52.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0659 Tc 0.9659 Tw (country price dispersion for foreign bank transfers and the average ) Tj -101.25 -13.5 TD -0.1114 Tc 1.9114 Tw (duration for such transfers have fallen, the average cost of cross) Tj 318 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0906 Tc 1.8406 Tw (country transfers has ) Tj -322.5 -14.25 TD -0.0292 Tc 7.1542 Tw (not converged and the transfer\222s direction matters. This sugges) Tj 357.75 0 TD -0.092 Tc 7.592 Tw (ts room for) Tj 0 Tc 0.75 Tw ( ) Tj -357.75 -13.5 TD -0.0318 Tc 0 Tw (improvements.) Tj 71.25 0 TD 0 Tc ( ) Tj -71.25 -20.25 TD -0.0734 Tc 3.3734 Tw (A third indicator of financial integration on the credit and bond) Tj 0 Tc 0 Tw ( ) Tj 338.25 0 TD /F2 12 Tf 0.0249 Tc 1.9751 Tw (market is market ) Tj -338.25 -13.5 TD 0.0353 Tc 2.9647 Tw (penetration of foreign banks.) Tj 149.25 0 TD /F0 12 Tf -0.0029 Tc 2.9279 Tw ( Foreign banks can enter the domestic market by \(i\) ) Tj -149.25 -30 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj 67.5 0 TD ( ) Tj 67.5 0 TD ( ) Tj ET 84.75 156.75 144 0.75 re f BT 228.75 155.25 TD ( ) Tj -144 -25.5 TD /F0 6.75 Tf 0.375 Tc 0 Tw (17) Tj 7.5 -4.5 TD /F0 9.75 Tf 0.2382 Tc 0.0243 Tw ( To study the pattern ) Tj 87.75 0 TD 0.0758 Tc -0.0133 Tw (of integration, Adam ) Tj 87 0 TD -0.0033 Tc 0.5658 Tw (et al.) Tj 19.5 0 TD 0.1751 Tc 0.3874 Tw ( use the concepts of \337) Tj 90 0 TD -0.2467 Tc 0 Tw (-) Tj 3 0 TD 0.058 Tc 0.1295 Tw (convergence, borrowed from the ) Tj -294.75 -11.25 TD 0.1363 Tc 1.9262 Tw (empirical growth literature. In case of \337) Tj 170.25 0 TD -0.2467 Tc 0 Tw (-) Tj 3 0 TD 0.1173 Tc 1.4452 Tw (convergence the various interest rates converge to the same ) Tj -173.25 -11.25 TD 0.139 Tc 0.9235 Tw (steady state value over time. With ?) Tj 150.75 0 TD -0.2467 Tc 0 Tw (-) Tj 3 0 TD 0.073 Tc 1.2395 Tw (convergence they look at the cross) Tj 144 0 TD -0.2467 Tc 0 Tw (-) Tj 3 0 TD 0.0904 Tc 1.2221 Tw (sectional dispersion of inte) Tj 111 0 TD -0.1448 Tc -0.0427 Tw (rest ) Tj -411.75 -12 TD 0.1508 Tc -0.3383 Tw (rates, ) Tj 24 0 TD /F2 9.75 Tf 0.0214 Tc 0 Tw (i.e.) Tj 12 0 TD /F0 9.75 Tf 0.1478 Tc -0.2603 Tw ( the degree of financial integration at any point in time.) Tj 220.5 0 TD /F2 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj ET endstream endobj 725 0 obj 9322 endobj 726 0 obj << /Type /Page /Parent 712 0 R /Resources << /Font << /F0 6 0 R /F2 622 0 R /F3 628 0 R >> /ProcSet 2 0 R >> /Contents 727 0 R >> endobj 727 0 obj << /Length 728 0 R >> stream BT 183 762 TD 0 0 0 rg /F2 9.75 Tf 0.0428 Tc 0 Tw (P) Tj 6 0 TD /F2 8.25 Tf -0.0417 Tc -0.5208 Tw (OPULATION ) Tj 47.25 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (A) Tj 5.25 0 TD /F2 8.25 Tf -0.0567 Tc -0.1308 Tw (GEING AND ) Tj 45 0 TD /F2 9.75 Tf -0.2467 Tc 0 Tw (I) Tj 3 0 TD /F2 8.25 Tf -0.1155 Tc 0.303 Tw (NTERNATIONAL ) Tj 59.25 0 TD /F2 9.75 Tf 0.2468 Tc 0 Tw (C) Tj 6.75 0 TD /F2 8.25 Tf -0.1323 Tc 0.3198 Tw (APITAL ) Tj 28.5 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (F) Tj 6 0 TD /F2 8.25 Tf -0.5102 Tc (LOWS) Tj 21 0 TD /F2 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj -119.25 -688.5 TD /F0 11.25 Tf -0.375 Tc 0 Tw (25) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -217.5 664.5 TD /F0 12 Tf -0.0151 Tc 1.6817 Tw (acquiring or creating domestic branches within the country or \(ii\)) Tj 328.5 0 TD -0.0213 Tc 1.5213 Tw ( direct cross) Tj 60.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.03 Tc 0.72 Tw (border ) Tj -393.75 -14.25 TD -0.0624 Tc 0.9999 Tw (lending or borrowing without physical presence in the domestic market. Retail banking ) Tj 0 -13.5 TD -0.0482 Tc 0.4482 Tw (by foreign banks on the domestic market would probably call for the first activity, while ) Tj T* 0.107 Tc 2.643 Tw (the second activity m) Tj 108.75 0 TD 0.711 Tc 0 Tw (ay) Tj 11.25 0 TD 0.073 Tc 2.3913 Tw ( be more relevant for the business s) Tj 186.75 0 TD 0.018 Tc 2.0445 Tw (ector. According to the ) Tj -306.75 -14.25 TD -0.0454 Tc 1.8669 Tw (presence of foreign banks, there is little evidence for credit market integration in the ) Tj 0 -13.5 TD -0.1553 Tc 0.9053 Tw (EU: cross) Tj 46.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.1111 Tc 1.0861 Tw (border penetration of banks is limited. Also, in terms of cross) Tj 298.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0438 Tc 0.7938 Tw (border lending ) Tj -354 -14.25 TD -0.065 Tc 1.8864 Tw (and borrowing activities there is substantial room for) Tj 263.25 0 TD -0.0995 Tc 1.8138 Tw ( further integration, as these is a ) Tj -263.25 -13.5 TD -0.0862 Tc 0.5148 Tw (clear indication of home bias for these activities.) Tj 232.5 0 TD 0 Tc 0 Tw ( ) Tj -232.5 -25.5 TD /F3 12 Tf (4.4) Tj 15 0 TD ( ) Tj 21 0 TD -0.0597 Tc 0.4347 Tw (Explanations for imperfect capital mobility) Tj 220.5 0 TD 0 Tc 0 Tw ( ) Tj -256.5 -20.25 TD /F0 12 Tf -0.0872 Tc 2.5872 Tw (A number of explanations for the apparently low international capital mobility have ) Tj 0 -13.5 TD -0.0794 Tc 0.4544 Tw (been suggested in the literature.) Tj 152.25 5.25 TD /F0 8.25 Tf 0.375 Tc 0 Tw (18) Tj 9 -5.25 TD /F0 12 Tf 0 Tc ( ) Tj -161.25 -20.25 TD /F2 12 Tf 0.168 Tc (R) Tj 6.75 0 TD -0.0171 Tc 0.1671 Tw (estrictions on international trade in capital) Tj 207.75 0 TD 0 Tc 0 Tw ( ) Tj -214.5 -19.5 TD /F0 12 Tf -0.0289 Tc 4.1198 Tw (Although capital markets are becoming better integrated they are still subject to) Tj 0 Tc 0.75 Tw ( ) Tj 0 -13.5 TD 0.0137 Tc 0.2863 Tw (restrictions. Impediments may derive from national regulations, and differences therein, ) Tj 0 -14.25 TD -0.1411 Tc 1.2661 Tw (that have a direct impact on trade in c) Tj 184.5 0 TD -0.0761 Tc 1.0761 Tw (apital. They may also arise from barriers to entry ) Tj -184.5 -13.5 TD -0.0685 Tc 0.4018 Tw (for banks that result in imperfect international competition between them.) Tj 353.25 0 TD 0 Tc 0 Tw ( ) Tj -353.25 -20.25 TD /F2 12 Tf 0.0274 Tc -0.0274 Tw (Imperfect integration of goods markets ) Tj 191.25 0 TD 0 Tc 0 Tw ( ) Tj -191.25 -19.5 TD /F0 12 Tf -0.096 Tc 0.971 Tw (Obstfeld and Rogoff \(2000\) show that ) Tj 189 0 TD 0.112 Tc -0.112 Tw (the ) Tj 18.75 0 TD -0.0847 Tc 1.3347 Tw (transportation costs in the international trade ) Tj -207.75 -13.5 TD 0 Tc 0 Tw (o) Tj 6 0 TD -0.2534 Tc 3.8159 Tw (f goods go far toward) Tj 113.25 0 TD -0.168 Tc 0 Tw (s) Tj 4.5 0 TD -0.0265 Tc 3.2765 Tw ( explaining the Feldstein) Tj 126.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.012 Tc 3.012 Tw (Horioka saving) Tj 75.75 0 TD -0.246 Tc 0 Tw (-) Tj 5.25 0 TD -0.0461 Tc 1.9211 Tw (investment puzzle ) Tj -336 -14.25 TD -0.0049 Tc 4.0958 Tw (without, as is often the case, exacerbating other puzzles. Bovenberg \(1989\) and) Tj 0 Tc 0.75 Tw ( ) Tj 0 -13.5 TD -0.014 Tc 3.014 Tw (Acemoglu and Ventura \(2002\) explore a similar mechanism but assume imperfect ) Tj 0 -14.25 TD -0.0501 Tc 0.0501 Tw (substitutability b) Tj 79.5 0 TD -0.0825 Tc 0.5825 Tw (etween home and foreign consumption goods. ) Tj 224.25 0 TD 0 Tc 0 Tw ( ) Tj -303.75 -19.5 TD -0.0805 Tc 1.6876 Tw (The intuition of the argument goes as follows. Assume that goods of different origins ) Tj 0 -13.5 TD -0.103 Tc 1.2748 Tw (are imperfect substitutes. This has the implication that to sell more units of a good, the ) Tj 0 -14.25 TD -0.1095 Tc 1.8238 Tw (price of that good has to fall. Con) Tj 170.25 0 TD -0.1359 Tc 1.8859 Tw (sider furthermore a two) Tj 116.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0463 Tc 1.5463 Tw (period economy. When net ) Tj -291 -13.5 TD -0.027 Tc 1.077 Tw (exports are negative in period 1, positive net exports in the second period are required ) Tj 0 -14.25 TD -0.1462 Tc 1.0936 Tw (\(to pay back the loan in the first period\). Now, the relative price of the good is lower in ) Tj 0 -13.5 TD -0.0986 Tc 0.3986 Tw (period 2 than in period 1.) Tj 120.75 0 TD -0.0555 Tc 0.493 Tw ( The expected deflation will push up the home real interest rate ) Tj -120.75 -13.5 TD -0.0343 Tc 1.628 Tw (above the world interest rate. In that case, cross) Tj 238.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0506 Tc 1.4256 Tw (border capital flows are smaller than ) Tj -243 -14.25 TD -0.066 Tc 1.066 Tw (casual inspection of international interest rate differentials would suggest. This helps to ) Tj 0 -13.5 TD -0.1007 Tc 0.1007 Tw (explain pa) Tj 49.5 0 TD -0.0623 Tc 0.3123 Tw (rt of the Feldstein) Tj 84 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0103 Tc 0.0103 Tw (Horioka puzzle. ) Tj 79.5 0 TD 0 Tc 0 Tw ( ) Tj -217.5 -20.25 TD /F2 12 Tf 0.032 Tc -0.032 Tw (Asymmetric information) Tj 117 0 TD 0 Tc 0 Tw ( ) Tj -117 -19.5 TD /F0 12 Tf -0.0532 Tc 3.8865 Tw (Gordon and Bovenberg \(1996\) see asymmetric information between domestic and) Tj 0 Tc 0.75 Tw ( ) Tj 0 -13.5 TD -0.0143 Tc 0.3268 Tw (foreign investors as an obstacle to international capital mobility. Investors usually know ) Tj 0 -14.25 TD 0.0252 Tc 0.8748 Tw (more about the prospects of t) Tj 144.75 0 TD 0.0324 Tc 0.8113 Tw (heir own economy and about investment opportunities at ) Tj -144.75 -13.5 TD -0.0838 Tc 0.9492 Tw (home, than about those in other countries. Indeed, although some information in capital ) Tj 0 -14.25 TD -0.0626 Tc 0.4792 Tw (markets can be transmitted digitally, a lot still requires face) Tj 285 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.168 Tc (to) Tj 9 0 TD -0.246 Tc (-) Tj 4.5 0 TD -0.03 Tc 0.03 Tw (face contac) Tj 54 0 TD -0.0656 Tc 0.8156 Tw (t. To illustrate ) Tj -357 -13.5 TD -0.1058 Tc 0.4808 Tw (this, Table 4) Tj 60 0 TD 0.042 Tc -0.042 Tw ( show) Tj 28.5 0 TD 0.0154 Tc 0.2346 Tw (s some estimates presented in CEPR \(2002\) on the impact of distance ) Tj -88.5 -13.5 TD -0.0802 Tc 2.4552 Tw (on economic interactions in capital markets. The estimates express equity flows and ) Tj 0 -14.25 TD -0.0711 Tc 2.214 Tw (foreign direct investment at different distances, relative to the flows at a distance of ) Tj 0 -18.75 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj 67.5 0 TD ( ) Tj 67.5 0 TD ( ) Tj ET 84.75 122.25 144 0.75 re f BT 228.75 120.75 TD ( ) Tj -144 -25.5 TD /F0 6.75 Tf 0.375 Tc 0 Tw (18) Tj 7.5 -4.5 TD /F0 9.75 Tf 0.1322 Tc -0.0697 Tw ( See for example Obstfeld and Rogoff \(1996\) for a more elaborate discussion.) Tj 312 0 TD 0 Tc -0.1875 Tw ( ) Tj ET endstream endobj 728 0 obj 7976 endobj 729 0 obj << /Type /Page /Parent 712 0 R /Resources << /Font << /F0 6 0 R /F1 8 0 R /F2 622 0 R /F3 628 0 R /F6 655 0 R >> /ProcSet 2 0 R >> /Contents 730 0 R >> endobj 730 0 obj << /Length 731 0 R >> stream BT 249.75 762 TD 0 0 0 rg /F2 9.75 Tf 0.2468 Tc 0 Tw (C) Tj 6.75 0 TD /F2 8.25 Tf -0.068 Tc (ANTON) Tj 26.25 0 TD /F2 9.75 Tf -0.1875 Tc (,) Tj 2.25 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (E) Tj 6 0 TD /F2 8.25 Tf -0.1963 Tc -0.3662 Tw (WIJK ) Tj 20.25 0 TD /F2 9.75 Tf -0.0855 Tc 0 Tw (&) Tj 7.5 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf -0.171 Tc 0 Tw (T) Tj 5.25 0 TD /F2 8.25 Tf 0 Tc (ANG) Tj 16.5 0 TD /F2 9.75 Tf -0.1875 Tw ( ) Tj -53.25 -701.25 TD /F0 11.25 Tf -0.375 Tc 0 Tw (26) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -217.5 677.25 TD /F0 12 Tf -0.1305 Tc 0.8805 Tw (1000 km. We see) Tj 84 0 TD -0.0323 Tc 0.9186 Tw ( that distance substantially reduces equity transactions and, to a lesser ) Tj -84 -14.25 TD -0.0644 Tc 0.3644 Tw (extend, FDI. Hence, distance matters. ) Tj 183 0 TD 0 Tc 0 Tw ( ) Tj -183 -19.5 TD /F2 12 Tf -0.0672 Tc 0.0672 Tw (Table ) Tj 30 0 TD -0.0028 Tc 0.0028 Tw (4. The impact of distance on cross) Tj 164.25 0 TD -0.246 Tc 0 Tw (-) Tj 3.75 0 TD 0.0503 Tc -0.0503 Tw (border capital flows) Tj 97.5 0 TD /F0 12 Tf 0 Tc 0 Tw ( ) Tj -292.5 -18.75 TD /F0 11.25 Tf 0.1875 Tw ( ) Tj 225.75 0 TD -0.1592 Tc 0.3467 Tw (Equity flows) Tj ET q 369.75 682.5 3 12.75 re h W n BT 369.75 685.5 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 392.25 685.5 TD -0.1518 Tc 0.3393 Tw (Foreign direct investment) Tj ET q 504.75 682.5 3 12.75 re h W n BT 504.75 685.5 TD 0 Tc 0.1875 Tw ( ) Tj ET Q 84.75 694.5 166.5 0.75 re f 251.25 694.5 0.75 0.75 re f 252 694.5 120 0.75 re f 372 694.5 0.75 0.75 re f 372.75 694.5 134.25 0.75 re f q 87.75 668.25 6 6.75 re h W n BT 87.75 666 TD 0 Tc 0.1875 Tw ( ) Tj ET Q q 369.75 668.25 3 6.75 re h W n BT 369.75 666 TD 0 Tc 0.1875 Tw ( ) Tj ET Q q 504.75 668.25 3 6.75 re h W n BT 504.75 666 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 87.75 660 TD -0.1463 Tc 0.3338 Tw (1000 km) Tj 38.25 0 TD 0 Tc 0.1875 Tw ( ) Tj 238.5 0 TD 0.375 Tc 0 Tw (1) Tj ET q 369.75 657 3 12.75 re h W n BT 369.75 660 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 499.5 660 TD (1) Tj ET q 504.75 657 3 12.75 re h W n BT 504.75 660 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 87.75 641.25 TD -0.375 Tc (200) Tj 15.75 0 TD 0.0825 Tc 0.105 Tw (0 km) Tj 22.5 0 TD 0 Tc 0.1875 Tw ( ) Tj 225 0 TD -0.2344 Tc 0 Tw (0.55) Tj ET q 369.75 638.25 3 12.75 re h W n BT 369.75 641.25 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 486 641.25 TD (0.75) Tj ET q 504.75 638.25 3 12.75 re h W n BT 504.75 641.25 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 87.75 622.5 TD -0.1463 Tc 0.3338 Tw (4000 km) Tj 38.25 0 TD 0 Tc 0.1875 Tw ( ) Tj 225 0 TD -0.2344 Tc 0 Tw (0.31) Tj ET q 369.75 619.5 3 12.75 re h W n BT 369.75 622.5 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 486 622.5 TD (0.56) Tj ET q 504.75 619.5 3 12.75 re h W n BT 504.75 622.5 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 87.75 603.75 TD -0.1463 Tc 0.3338 Tw (8000 km) Tj 38.25 0 TD 0 Tc 0.1875 Tw ( ) Tj 225 0 TD -0.2344 Tc 0 Tw (0.17) Tj ET q 369.75 600.75 3 12.75 re h W n BT 369.75 603.75 TD 0 Tc 0.1875 Tw ( ) Tj ET Q BT 486 603.75 TD (0.42) Tj ET q 504.75 600.75 3 12.75 re h W n BT 504.75 603.75 TD 0 Tc 0.1875 Tw ( ) Tj ET Q q 87.75 587.25 5.25 6.75 re h W n BT 87.75 585 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj ET Q 84 587.25 423.75 0.75 re f BT 84.75 578.25 TD /F2 9.75 Tf 0.2754 Tc (Source:) Tj 31.5 0 TD /F0 9.75 Tf 0.0395 Tc -0.227 Tw ( CEPR \(2002\).) Tj 57.75 0 TD 0 Tc -0.1875 Tw ( ) Tj -89.25 -19.5 TD /F0 12 Tf -0.0455 Tc 2.2378 Tw (Portes and Rey \(1999\) provide an empirical assessment of the role of informational ) Tj 0 -13.5 TD 0.0064 Tc 0.9103 Tw (asymmetries. They use a panel data set on bilateral cross) Tj 280.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0177 Tc 1.0177 Tw (border equity flows betwe) Tj 128.25 0 TD 0.336 Tc -0.336 Tw (en ) Tj -413.25 -14.25 TD 0.056 Tc 0.694 Tw (14 countri) Tj 48.75 0 TD -0.018 Tc 0.768 Tw (es over the 1989) Tj 81 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0466 Tc 0.7966 Tw (96 period. Market size, openness, efficiency of transactions, ) Tj -134.25 -13.5 TD -0.0261 Tc 4.1852 Tw (and distance appear to be the most important determinants of transaction flows.) Tj 0 Tc 0.75 Tw ( ) Tj 0 -13.5 TD -0.1079 Tc 1.2041 Tw (Furthermore, it is shown that distance is largely a proxy for informational asymmetries. ) Tj 0 -14.25 TD -0.1183 Tc 0.1183 Tw (Portes a) Tj 38.25 0 TD -0.0642 Tc 0.5017 Tw (nd Rey include telephone call traffic and multinational bank branches to account ) Tj -38.25 -13.5 TD -0.0126 Tc 1.0841 Tw (for information transmission, and an index of the degree of insider training to account ) Tj 0 -14.25 TD -0.053 Tc 1.853 Tw (for information asymmetries between domestic and foreign investors. These variables ) Tj 0 -13.5 TD -0.556 Tc 0 Tw (sho) Tj 16.5 0 TD -0.0383 Tc 5.6632 Tw (w up with highly significant coefficients in the regression model, whereas) Tj 0 Tc 0.75 Tw ( ) Tj -16.5 -13.5 TD -0.0825 Tc 0.5598 Tw (significance of the distance variable is lost upon inclusion of these variables.) Tj 367.5 0 TD 0 Tc 0 Tw ( ) Tj -367.5 -20.25 TD -0.0166 Tc 1.0345 Tw (The conclusion is thus that capital mobility within the group of developed countries is ) Tj 0 -13.5 TD -0.2472 Tc 2.1222 Tw (far from per) Tj 60 0 TD -0.11 Tc 1.7975 Tw (fect. The explanations are found in restrictions on trade in capital, natural ) Tj -60 -14.25 TD -0.0356 Tc 3.3766 Tw (and other barriers to trade in goods markets and asymmetric information between) Tj 0 Tc 0 Tw ( ) Tj 0 -13.5 TD -0.0624 Tc 2.4999 Tw (domestic and foreign investors. Since these explanations are even more relevant for ) Tj T* -0.0185 Tc 0.0185 Tw (trade between ) Tj 71.25 0 TD 0.0313 Tc 0.6116 Tw (developed and developing countries, the conclusion applies ) Tj 295.5 0 TD /F2 12 Tf -0.02 Tc 0.77 Tw (a fortiori) Tj 45 0 TD /F0 12 Tf 0.207 Tc 0.543 Tw ( to ) Tj -411.75 -14.25 TD -0.1169 Tc 0.6169 Tw (capital mobility between them.) Tj 147.75 0 TD 0 Tc 0 Tw ( ) Tj -147.75 -25.5 TD /F3 12 Tf (4.5) Tj 15 0 TD ( ) Tj 21 0 TD -0.0568 Tc 0.0568 Tw (Will capital flow North to South?) Tj 169.5 0 TD 0 Tc 0 Tw ( ) Tj -205.5 -20.25 TD /F0 12 Tf -0.084 Tc 1.2311 Tw (A rather popular idea is that the old North will finance its pensions by investing in the ) Tj 0 -13.5 TD -0.0511 Tc 1.5511 Tw (young South. Indeed, emp) Tj 131.25 0 TD -0.0254 Tc 1.7754 Tw (irical work and model simulations corroborate this idea, at ) Tj -131.25 -13.5 TD -0.0016 Tc 0.3766 Tw (least up to 2010. It assumes that in the North the savings rate does not fall as fast as the ) Tj 0 -14.25 TD -0.0753 Tc 3.2361 Tw (investment rate. Without the possibility to invest in the South, this would tend to ) Tj 0 -13.5 TD 0.0071 Tc 1.2429 Tw (depress the rate of) Tj 90 0 TD -0.0093 Tc 1.0593 Tw ( return on investment. With this possibility, however, excess capital ) Tj -90 -14.25 TD -0.1029 Tc 1.0837 Tw (will flow towards the South, looking for investment opportunities with a relatively high ) Tj 0 -13.5 TD -0.1454 Tc 0.5204 Tw (rate of return.) Tj 65.25 0 TD 0 Tc 0 Tw ( ) Tj -65.25 -19.5 TD -0.0341 Tc 0.4956 Tw (The finding that capital mobility is rather limited, casts doubt on the idea that) Tj 375.75 0 TD 0.105 Tc -0.105 Tw ( the North ) Tj -375.75 -14.25 TD -0.0117 Tc 1.8331 Tw (will invest in the South. Capital mobility within the group of developed countries is ) Tj 0 -13.5 TD -0.011 Tc 0.4148 Tw (limited, let alone between developed and developing countries. Indeed, if this idea were ) Tj 0 -14.25 TD -0.0225 Tc 1.1892 Tw (to materialise, developing countries would need to liberalise their fi) Tj 333.75 0 TD -0.0041 Tc 1.0041 Tw (nancial markets so ) Tj -333.75 -13.5 TD -0.0087 Tc 0.4587 Tw (as to remove these impediments. ) Tj 162 0 TD 0.168 Tc 0 Tw (T) Tj 7.5 0 TD -0.1149 Tc 0.1149 Tw (here are) Tj 37.5 0 TD -0.0073 Tc 0.7573 Tw (, however,) Tj 51 0 TD 0.0124 Tc 0.4162 Tw ( other reasons that capital may not ) Tj -258 -13.5 TD -0.058 Tc 0.308 Tw (flow from developed to developing countries at a large scale.) Tj 292.5 0 TD 0 Tc 0 Tw ( ) Tj -274.5 -21 TD /F1 12 Tf -0.27 Tc (\267) Tj 5.25 0 TD /F6 12 Tf 0 Tc -0.336 Tw ( ) Tj 12.75 0 TD /F0 12 Tf -0.0091 Tc 0.1591 Tw (More than 10 years ago Lucas) Tj 145.5 0 TD -0.082 Tc 0.832 Tw ( \(1990\)) Tj 35.25 0 TD 0.0013 Tc -0.0013 Tw ( asked: Why ) Tj 63.75 0 TD 0 Tc 0 Tw (d) Tj 6 0 TD -0.013 Tc 0.013 Tw (oesn\222t ) Tj 32.25 0 TD -0.078 Tc 0 Tw (c) Tj 5.25 0 TD 0.056 Tc -0.056 Tw (apital ) Tj 30.75 0 TD -0.246 Tc 0 Tw (f) Tj 3.75 0 TD -0.1183 Tc 0.1183 Tw (low from ) Tj 48 0 TD -0.246 Tc 0 Tw (r) Tj 4.5 0 TD -0.138 Tc 0.138 Tw (ich ) Tj -375 -13.5 TD -0.168 Tc 0.168 Tw (to ) Tj 12.75 0 TD 0 Tc 0 Tw (p) Tj 6 0 TD -0.082 Tc 0.082 Tw (oor ) Tj 19.5 0 TD -0.078 Tc 0 Tw (c) Tj 5.25 0 TD 0 Tc (o) Tj 6.75 0 TD -0.1001 Tc 1.2876 Tw (untries? He replied that the return in poor countries is not necessarily ) Tj ET endstream endobj 731 0 obj 9180 endobj 732 0 obj << /Type /Page /Parent 733 0 R /Resources << /Font << /F0 6 0 R /F1 8 0 R /F2 622 0 R /F3 628 0 R /F6 655 0 R >> /ProcSet 2 0 R >> /Contents 734 0 R >> endobj 733 0 obj << /Kids [ 732 0 R 736 0 R 739 0 R 742 0 R 745 0 R 748 0 R ] /Count 6 /Type /Pages /Parent 807 0 R >> endobj 734 0 obj << /Length 735 0 R >> stream BT 183 762 TD 0 0 0 rg /F2 9.75 Tf 0.0428 Tc 0 Tw (P) Tj 6 0 TD /F2 8.25 Tf -0.0417 Tc -0.5208 Tw (OPULATION ) Tj 47.25 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (A) Tj 5.25 0 TD /F2 8.25 Tf -0.0567 Tc -0.1308 Tw (GEING AND ) Tj 45 0 TD /F2 9.75 Tf -0.2467 Tc 0 Tw (I) Tj 3 0 TD /F2 8.25 Tf -0.1155 Tc 0.303 Tw (NTERNATIONAL ) Tj 59.25 0 TD /F2 9.75 Tf 0.2468 Tc 0 Tw (C) Tj 6.75 0 TD /F2 8.25 Tf -0.1323 Tc 0.3198 Tw (APITAL ) Tj 28.5 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (F) Tj 6 0 TD /F2 8.25 Tf -0.5102 Tc (LOWS) Tj 21 0 TD /F2 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj -119.25 -688.5 TD /F0 11.25 Tf -0.375 Tc 0 Tw (27) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -181.5 664.5 TD /F0 12 Tf -0.0128 Tc 3.1199 Tw (higher than in rich countries, so that capital from the North will not seek ) Tj 0 -14.25 TD -0.035 Tc 4.8683 Tw (investment opportunities in the South. This goes against the neoclassical) Tj 0 Tc 0 Tw ( ) Tj 0 -13.5 TD -0.0186 Tc 6.2686 Tw (assumption that backward, develop) Tj 188.25 0 TD -0.0397 Tc 6.6022 Tw (ing countries have ample investment) Tj 0 Tc 0.75 Tw ( ) Tj -188.25 -13.5 TD -0.1083 Tc 1.0726 Tw (opportunities with high rates of return. It is this assumption from which the idea ) Tj 0 -14.25 TD -0.0369 Tc 1.9459 Tw (of convergence derives: the poor countries will grow faster than and catch) Tj 372.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0 Tc 0.75 Tw (up ) Tj -377.25 -13.5 TD -0.0191 Tc 0.5816 Tw (with the rich countries. ) Tj 116.25 0 TD 0.336 Tc 0 Tw (H) Tj 9 0 TD 0.0187 Tc 1.4813 Tw (igh growth) Tj 52.5 0 TD -0.0073 Tc 1.5073 Tw (, however,) Tj 51.75 0 TD -0.0647 Tc 1.1897 Tw ( is not a com) Tj 64.5 0 TD -0.0188 Tc 1.0187 Tw (mon experience for ) Tj -294 -14.25 TD -0.0545 Tc 0.3545 Tw (developing countries and convergence is at best conditional on many factors.) Tj 369 0 TD 0 Tc 0 Tw ( ) Tj -369 -19.5 TD -0.0943 Tc 2.4068 Tw (Lucas points at human capital in explaining low marginal returns to physical ) Tj 0 -13.5 TD -0.051 Tc 4.7385 Tw (capital in developing countries. Cross) Tj 198 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0443 Tc 4.9193 Tw (country differences in the marginal) Tj 0 Tc 0 Tw ( ) Tj -202.5 -14.25 TD -0.0943 Tc 0.0943 Tw (product ) Tj 39.75 0 TD -0.0434 Tc 0.9298 Tw (of capital are smaller when account is taken of international differences ) Tj -39.75 -13.5 TD 0.004 Tc 1.7268 Tw (in human capital per worker. More recently, Hall and Jones \(1999\) allow for ) Tj 0 -14.25 TD -0.132 Tc 0 Tw (cross) Tj 24 0 TD -0.246 Tc (-) Tj 4.5 0 TD 0.0047 Tc 1.7203 Tw (country differences in total factor productivity, and show that persistent ) Tj -28.5 -13.5 TD -0.0298 Tc 3.7797 Tw (international differences) Tj 120 0 TD -0.03 Tc 4.03 Tw ( in per capita output are the result of long) Tj 232.5 0 TD -0.246 Tc 0 Tw (-) Tj 5.25 0 TD -0.072 Tc 0.072 Tw (lasting ) Tj -357.75 -13.5 TD -0.0671 Tc 0.5671 Tw (differences in social infrastructure.) Tj 166.5 0 TD 0 Tc 0 Tw ( ) Tj -184.5 -21 TD /F1 12 Tf -0.27 Tc (\267) Tj 5.25 0 TD /F6 12 Tf 0 Tc -0.336 Tw ( ) Tj 12.75 0 TD /F0 12 Tf -0.1255 Tc 0.9908 Tw (In countries with good growth prospects, often in Asia, savings rates are high ) Tj 378.75 0 TD 0.252 Tc 0.498 Tw (as ) Tj -378.75 -13.5 TD 0.073 Tc 2.177 Tw (well. For example, Figure 5) Tj 141.75 0 TD -0.0511 Tc 2.3011 Tw ( shows that the savings rate in China is roughly ) Tj -141.75 -14.25 TD 0.03 Tc 0.72 Tw (twice a) Tj 34.5 0 TD -0.125 Tc 1.025 Tw (s high as in the ) Tj 79.5 0 TD -0.543 Tc 0 Tw (US) Tj 15 0 TD -0.0101 Tc 1.0601 Tw (. In other words, the \(fast) Tj 125.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.0082 Tc 0.5918 Tw (growing part of the\) South ) Tj -258.75 -13.5 TD -0.081 Tc 1.956 Tw (does not need the capital from the North. Developing countries may welcome ) Tj 0 -13.5 TD -0.0252 Tc 1.5877 Tw (foreign direct investment from the rich countries because this enables them to ) Tj 0 -14.25 TD -0.1222 Tc 2.6222 Tw (learn new production techniq) Tj 146.25 0 TD -0.1505 Tc 2.6505 Tw (ues and methods. But not because they lack the ) Tj -146.25 -13.5 TD -0.0994 Tc 0.5994 Tw (funds to finance investment.) Tj 135 0 TD 0 Tc 0 Tw ( ) Tj -153 -21 TD /F1 12 Tf -0.27 Tc (\267) Tj 5.25 0 TD /F6 12 Tf 0 Tc -0.336 Tw ( ) Tj 12.75 0 TD /F0 12 Tf -0.0438 Tc 0.3165 Tw (Finally, ageing is not confined to developed countries, but is rather a) Tj 330 0 TD -0.0492 Tc 0.7992 Tw ( world) Tj 31.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0195 Tc 0.7695 Tw (wide ) Tj -366 -13.5 TD -0.0632 Tc 3.8132 Tw (phenomenon. Figure) Tj 0 Tc 0 Tw ( ) Tj 108.75 0 TD -0.125 Tc 3.875 Tw (1 shows) Tj 42 0 TD 0 Tc 0 Tw (,) Tj 3 0 TD -0.1398 Tc 4.2648 Tw ( for example) Tj 67.5 0 TD 0 Tc 0 Tw (,) Tj 3 0 TD -0.1589 Tc 4.0339 Tw ( that also in China the old) Tj 144 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.052 Tc 0.802 Tw (age ) Tj -372.75 -14.25 TD -0.1088 Tc 2.1088 Tw (dependency ratio will inc) Tj 125.25 0 TD -0.0592 Tc 1.6342 Tw (rease after 2010 and eventually be higher than in the ) Tj -125.25 -13.5 TD -0.543 Tc 0 Tw (US) Tj 15 0 TD -0.0015 Tc 0.3476 Tw (. Of course, ageing will occur later in developing countries than in developed ) Tj -15 -13.5 TD -0.0539 Tc 0.3872 Tw (countries. Capital flows can potentially exploit this difference in timing.) Tj 345.75 0 TD 0 Tc 0 Tw ( ) Tj -381.75 -26.25 TD /F3 12 Tf (5.) Tj 9 0 TD ( ) Tj 27 0 TD -0.0416 Tc 0.3416 Tw (The impact of lower interest rates) Tj 173.25 0 TD 0 Tc 0 Tw ( ) Tj -182.25 -19.5 TD /F2 12 Tf 0.018 Tc 3.732 Tw (In the) Tj 0 Tc 0 Tw ( ) Tj 38.25 0 TD -0.0452 Tc 3.7952 Tw (absence of sufficient outlets for excess savings on international) Tj 0 Tc 0 Tw ( ) Tj -38.25 -14.25 TD -0.009 Tc 2.109 Tw (capital markets, policies to stimulate savings by current generations will ) Tj 0 -13.5 TD -0.0136 Tc 1.8261 Tw (lead to lower interest rates, thereby making a shift towards more funded ) Tj T* 0.033 Tc 3.717 Tw (pension systems less attractive. Simulatio) Tj 215.25 0 TD 0.0448 Tc 3.1052 Tw (ns for the Netherlands show, ) Tj -215.25 -14.25 TD -0.0388 Tc 0.6638 Tw (however, that a lower interest rate also implies more investment and higher ) Tj 0 -13.5 TD 0.0251 Tc -0.0251 Tw (wages, mitigating these negative effects.) Tj 194.25 0 TD 0 Tc 0 Tw ( ) Tj -221.25 -20.25 TD /F0 12 Tf -0.0859 Tc 1.7589 Tw (For a single economy international capital markets may provide a sufficient outlet for ) Tj 0 -13.5 TD -0.0733 Tc 1.5733 Tw (excess savings in the ) Tj 110.25 0 TD 0.0469 Tc 1.4531 Tw (wake of ageing. For the larger blocks within the OECD world ) Tj -110.25 -13.5 TD -0.0283 Tc 4.1245 Tw (exporting its excess capital is not a feasible option, however. First, ageing is a) Tj 0 Tc 0.75 Tw ( ) Tj 0 -14.25 TD -0.0698 Tc 0.9269 Tw (worldwide phenomenon; there is no major country that can easily absorb the surplus of ) Tj 0 -13.5 TD -0.0681 Tc 1.7556 Tw (savings of the ageing count) Tj 136.5 0 TD -0.013 Tc 0.763 Tw (ries. Second, ) Tj 67.5 0 TD 0.0027 Tc 0.3723 Tw (because of ) Tj 57 0 TD -0.091 Tc 2.041 Tw (capital market imperfections it is ) Tj -261 -14.25 TD -0.0427 Tc 3.0962 Tw (difficult to exploit the differences that exist in speed and timing of ageing across ) Tj 0 -13.5 TD 0.0149 Tc 1.5851 Tw (countries. The evidence on capital mobility casts doubt on the idea that the rich and ) Tj T* -0.0442 Tc 1.0442 Tw (relatively fast ageing co) Tj 117.75 0 TD -0.0486 Tc 1.0486 Tw (untries can finance old) Tj 111 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0046 Tc 0.8796 Tw (age pensions by investing their savings ) Tj -233.25 -14.25 TD -0.192 Tc 1.942 Tw (in poor but fast) Tj 75.75 0 TD -0.246 Tc 0 Tw (-) Tj 5.25 0 TD -0.0909 Tc 1.6534 Tw (growing countries. When in the early stages of ageing a gap between ) Tj -81 -13.5 TD -0.0597 Tc 1.8097 Tw (savings and investment rates opens up in \(some of\) the rich countries and the excess ) Tj ET endstream endobj 735 0 obj 8119 endobj 736 0 obj << /Type /Page /Parent 733 0 R /Resources << /Font << /F0 6 0 R /F2 622 0 R >> /ProcSet 2 0 R >> /Contents 737 0 R >> endobj 737 0 obj << /Length 738 0 R >> stream BT 249.75 762 TD 0 0 0 rg /F2 9.75 Tf 0.2468 Tc 0 Tw (C) Tj 6.75 0 TD /F2 8.25 Tf -0.068 Tc (ANTON) Tj 26.25 0 TD /F2 9.75 Tf -0.1875 Tc (,) Tj 2.25 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (E) Tj 6 0 TD /F2 8.25 Tf -0.1963 Tc -0.3662 Tw (WIJK ) Tj 20.25 0 TD /F2 9.75 Tf -0.0855 Tc 0 Tw (&) Tj 7.5 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf -0.171 Tc 0 Tw (T) Tj 5.25 0 TD /F2 8.25 Tf 0 Tc (ANG) Tj 16.5 0 TD /F2 9.75 Tf -0.1875 Tw ( ) Tj -53.25 -701.25 TD /F0 11.25 Tf -0.375 Tc 0 Tw (28) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -217.5 677.25 TD /F0 12 Tf 0.0054 Tc 0.7446 Tw (savings cannot be expo) Tj 114 0 TD -0.066 Tc 1.116 Tw (rted to the poor but fast) Tj 116.25 0 TD -0.246 Tc 0 Tw (-) Tj 5.25 0 TD -0.054 Tc 1.179 Tw (growing countries the interest rate will ) Tj -235.5 -14.25 TD -0.1065 Tc 0.4398 Tw (have to fall to let demand and supply meet. ) Tj 209.25 0 TD 0 Tc 0 Tw ( ) Tj -209.25 -19.5 TD -0.0561 Tc 0.9467 Tw (A falling return on savings seems a threat to policies that aim to raise national savings. ) Tj 0 -13.5 TD -0.0975 Tc 5.91 Tw (Governments try to move towards a funded pension syst) Tj 312.75 0 TD 0.0694 Tc 5.1806 Tw (em and/or to reduce) Tj 0 Tc 0.75 Tw ( ) Tj -312.75 -14.25 TD -0.0266 Tc 0.8838 Tw (government debt \(see section 3.3\). Without these policies the tax burden on the young, ) Tj 0 -13.5 TD 0.0059 Tc 0.2191 Tw (working generations may rise significantly, exacerbating already existing tax distortions ) Tj 0 -14.25 TD -0.0589 Tc 3.0589 Tw (and reducing economic efficiency. When the return on saving) Tj 317.25 0 TD -0.0537 Tc 2.6787 Tw (s falls, these policies ) Tj -317.25 -13.5 TD -0.0466 Tc 1.2466 Tw (become less effective: more savings are needed now to guarantee old) Tj 341.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.0249 Tc 0.7251 Tw (age pensions, or ) Tj -345.75 -13.5 TD -0.0408 Tc 1.6908 Tw (part thereof, in real terms later. In other words, the contributions to pension funds or ) Tj 0 -14.25 TD -0.0878 Tc 2.6378 Tw (taxes must rise more with a falling than constant rate of) Tj 0 Tc -0.75 Tw ( ) Tj 293.25 0 TD -0.017 Tc 2.117 Tw (return on savings. In fact, ) Tj -293.25 -13.5 TD -0.0813 Tc 1.0813 Tw (promoting national savings seems to have a negative international ) Tj 325.5 0 TD 0 Tc 0.75 Tw (spill over) Tj 46.5 0 TD -0.1734 Tc 1.4234 Tw (: the larger ) Tj -372 -14.25 TD 0.0312 Tc 0.8688 Tw (the group of countries that want to export capital but cannot, the larger the downward ) Tj 0 -13.5 TD -0.0487 Tc 1.0487 Tw (effect on the interest rate will be. This suggests ) Tj 237 0 TD 0 Tc 0 Tw (\226) Tj 6 0 TD -0.0229 Tc 0.9229 Tw ( the other way around ) Tj 112.5 0 TD 0 Tc 0 Tw (\226) Tj 6 0 TD -0.0295 Tc 0.967 Tw ( that the rich ) Tj -361.5 -13.5 TD -0.0785 Tc 1.2035 Tw (and ageing countries have much to win from capital mobility: investment opportunities ) Tj 0 -14.25 TD -0.0814 Tc 1.6314 Tw (in developing countries that promise a relatively high rate of return help them to deal ) Tj 0 -13.5 TD -0.0679 Tc 0.3679 Tw (with the problem of financing old) Tj 161.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.1653 Tc 0.1653 Tw (age pensio) Tj 51 0 TD -0.306 Tc 0.306 Tw (ns. ) Tj 15.75 0 TD 0 Tc 0 Tw ( ) Tj -232.5 -20.25 TD -0.0644 Tc 1.7375 Tw (The interest rate is, however, not only relevant for pensions savings. Changes therein ) Tj 0 -13.5 TD -0.0901 Tc 1.1901 Tw (will also affect other economic variables. A lower interest rate will also imply a higher ) Tj T* 0.0369 Tc 0 Tw (capital) Tj 30.75 0 TD -0.246 Tc (-) Tj 5.25 0 TD -0.0909 Tc 0.9772 Tw (labour ratio and thus a higher wage rate, which reinforces the bas) Tj 318.75 0 TD -0.0547 Tc 0.8047 Tw (is of a PAYG) Tj 66 0 TD -0.246 Tc 0 Tw (-) Tj -420.75 -14.25 TD -0.1038 Tc 3.3717 Tw (system. Besides, it will also imply that the debt burden will press less heavily on) Tj 0 Tc 0 Tw ( ) Tj 0 -13.5 TD -0.071 Tc 1.6335 Tw (governments. Therefore we will explore the implications of different scenarios for the ) Tj 0 -14.25 TD -0.0921 Tc 0.4671 Tw (interest rate in more details.) Tj 132.75 0 TD 0 Tc 0 Tw ( ) Tj -132.75 -19.5 TD -0.0263 Tc 3.4013 Tw (Simulations for the average international) Tj 207 0 TD -0.0175 Tc 3.3175 Tw ( interest rate based on general) Tj 157.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.0224 Tc 0.7276 Tw (equilibrium ) Tj -369 -13.5 TD -0.0328 Tc 1.0136 Tw (models produce mixed results. Most models predict that population ageing will lead to ) Tj 0 -14.25 TD -0.0814 Tc 2.6314 Tw (lower future interest rates \(cf. INGENUE) Tj 207.75 0 TD 0 Tc 0 Tw (, ) Tj 8.25 0 TD (2001) Tj 24 0 TD -0.336 Tc (;) Tj 3 0 TD -0.153 Tc 3.153 Tw ( Brooks) Tj 39.75 0 TD 0 Tc 0 Tw (, ) Tj 8.25 0 TD (2000) Tj 24 0 TD -0.336 Tc (;) Tj 3 0 TD 0.084 Tc 2.916 Tw ( B\366rsch) Tj 39 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.1578 Tc 2.4078 Tw (Supan et al.) Tj 60 0 TD 0 Tc 0 Tw (,) Tj 3.75 0 TD ( ) Tj -425.25 -13.5 TD -0.0848 Tc 4.0848 Tw (2001\), but some models produce increasing ) Tj 4.086 Tc 0 Tw (w) Tj 241.5 0 TD -0.0688 Tc 4.2688 Tw (orld interest rates \(see for instance) Tj 0 Tc 0.75 Tw ( ) Tj -241.5 -14.25 TD -0.1959 Tc 1.3209 Tw (Kotlikoff et al.) Tj 71.25 0 TD 0 Tc 0 Tw (,) Tj 3 0 TD -0.0825 Tc 1.2075 Tw ( 2001\). An important factor is actually the policies implemented to face ) Tj -74.25 -13.5 TD -0.0137 Tc 1.6637 Tw (the ageing problem. Policies which tend to focus on additional ) Tj 320.25 0 TD 0 Tc 0 Tw (\226) Tj 6 0 TD 0.062 Tc 1.063 Tw ( public or private ) Tj 92.25 0 TD 0 Tc 0 Tw (\226) Tj 6.75 0 TD ( ) Tj -425.25 -13.5 TD 0.03 Tc 0.22 Tw (yield lower interest rates than policies th) Tj 195.75 0 TD -0.0218 Tc 0.5575 Tw (at foster participation and investment in human ) Tj -195.75 -14.25 TD -0.0887 Tc 3.1356 Tw (capital. As most models predict falling rates of return to capital and to be on the ) Tj 0 -13.5 TD -0.0716 Tc 2.4287 Tw (conservative side, we shall consider the case in which the world is confronted with ) Tj 0 -14.25 TD -0.0625 Tc 1.6875 Tw (downward pressure on the world interest ) Tj 207.75 0 TD -0.0188 Tc 1.6855 Tw (rate in the decades ahead of us. In general, ) Tj -207.75 -13.5 TD -0.1064 Tc 1.9278 Tw (falling interest rates are bad news for pension funds, as the financial returns fall. ) Tj 408 0 TD -0.53 Tc 0 Tw (But) Tj 17.25 0 TD 0 Tc ( ) Tj -425.25 -13.5 TD -0.0775 Tc 3.4236 Tw (there are other effects as well. A lower interest rate also stimulates investment in) Tj 0 Tc 0 Tw ( ) Tj 0 -14.25 TD -0.0472 Tc 1.8472 Tw (physical \(and human\) capital and the) Tj 185.25 0 TD -0.0191 Tc 1.8004 Tw (reby raises productivity of labour. This leads to ) Tj -185.25 -13.5 TD -0.081 Tc 1.231 Tw (higher wages and higher GDP in the longer term. The higher wages tend to strengthen ) Tj 0 -14.25 TD -0.0839 Tc 2.4339 Tw (the financial base of the pension system. But, if outlays on pensions are indexed to ) Tj 0 -13.5 TD 0.0193 Tc 1.6307 Tw (wages, also the expenditures of pensi) Tj 186 0 TD -0.0145 Tc 1.7288 Tw (on funds are affected. Obviously, rising interest ) Tj -186 -13.5 TD -0.0163 Tc 0.0163 Tw (rates produce opposite effects.) Tj 145.5 0 TD 0 Tc 0 Tw ( ) Tj -145.5 -20.25 TD -0.291 Tc 0.291 Tw (To ) Tj 16.5 0 TD 0 Tc 0 Tw (obtain) Tj 29.25 0 TD -0.138 Tc 1.263 Tw ( a mo) Tj 28.5 0 TD -0.024 Tc 0.9615 Tw (re comprehensive view, Table 5) Tj 156 0 TD -0.0636 Tc 0.8136 Tw ( shows the effects for the Netherlands ) Tj 188.25 0 TD 0 Tc 0 Tw (\226) Tj 6.75 0 TD ( ) Tj -425.25 -13.5 TD -0.0629 Tc 1 Tw (with large pension funds ) Tj 124.5 0 TD 0 Tc 0 Tw (\226) Tj 6.75 0 TD 0.0048 Tc 0.9497 Tw ( when the interest rate decreases with 1 percentage point in ) Tj -131.25 -14.25 TD 0 Tc 0 Tw (20) Tj 12 0 TD -0.012 Tc 3.3245 Tw (10. This decrease could arise, for example, from more savings in other OECD) Tj 0 Tc 0 Tw ( ) Tj -12 -13.5 TD -0.019 Tc 1.594 Tw (countries. These effects are simulated with GAMMA, CPB\222s overlapping generations ) Tj 0 -13.5 TD -0.0436 Tc 0.2311 Tw (model for the Dutch economy \(Draper and Westerhout, 2002\).) Tj 299.25 0 TD 0 Tc 0 Tw ( ) Tj ET endstream endobj 738 0 obj 8393 endobj 739 0 obj << /Type /Page /Parent 733 0 R /Resources << /Font << /F0 6 0 R /F1 8 0 R /F2 622 0 R >> /ProcSet 2 0 R >> /Contents 740 0 R >> endobj 740 0 obj << /Length 741 0 R >> stream BT 183 762 TD 0 0 0 rg /F2 9.75 Tf 0.0428 Tc 0 Tw (P) Tj 6 0 TD /F2 8.25 Tf -0.0417 Tc -0.5208 Tw (OPULATION ) Tj 47.25 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (A) Tj 5.25 0 TD /F2 8.25 Tf -0.0567 Tc -0.1308 Tw (GEING AND ) Tj 45 0 TD /F2 9.75 Tf -0.2467 Tc 0 Tw (I) Tj 3 0 TD /F2 8.25 Tf -0.1155 Tc 0.303 Tw (NTERNATIONAL ) Tj 59.25 0 TD /F2 9.75 Tf 0.2468 Tc 0 Tw (C) Tj 6.75 0 TD /F2 8.25 Tf -0.1323 Tc 0.3198 Tw (APITAL ) Tj 28.5 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (F) Tj 6 0 TD /F2 8.25 Tf -0.5102 Tc (LOWS) Tj 21 0 TD /F2 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj -119.25 -688.5 TD /F0 11.25 Tf -0.375 Tc 0 Tw (29) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -217.5 664.5 TD /F0 12 Tf -0.0291 Tc 0.5648 Tw (A lower interest rate leads to an inflow) Tj 188.25 0 TD 0.0394 Tc 0.1856 Tw ( of capital. Investment shows a peak in 2010 and ) Tj -188.25 -14.25 TD 0.0031 Tc 1.0353 Tw (after that year a permanent increase of more than 8%, reflecting replacement of worn) Tj 420.75 0 TD -0.246 Tc 0 Tw (-) Tj -420.75 -13.5 TD -0.0749 Tc 1.1249 Tw (out capital. The higher capital stock leads to higher labour productivity. As a result the ) Tj 0 -13.5 TD -0.0335 Tc 4.1585 Tw (wage rate increases with 5.6%.) Tj 0 Tc 0 Tw ( ) Tj 171 0 TD 0.0138 Tc 4.1112 Tw (Nevertheless, workers do not necessarily see an) Tj 0 Tc 0 Tw ( ) Tj -171 -14.25 TD -0.0392 Tc 0.5007 Tw (improvement in their disposable income. Contributions for their pensions have to rise to ) Tj 0 -13.5 TD -0.0838 Tc 1.1223 Tw (make up for the lower return on pension savings. Even more importantly, contributions ) Tj 0 -14.25 TD 0.0036 Tc 0.7464 Tw (for others\222 pensions will rise. T) Tj 153.75 0 TD -0.0921 Tc 1.1421 Tw (he reason is that in the Netherlands the level of old) Tj 250.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.052 Tc 0.802 Tw (age ) Tj -408.75 -13.5 TD -0.1042 Tc 0.6667 Tw (pensions is indexed to the wage rate. In fact, the net benefit that the working generations ) Tj 0 -13.5 TD -0.0513 Tc 1.0897 Tw (derive from the funded pension system \(the net present value of contributions and old) Tj 420.75 0 TD -0.246 Tc 0 Tw (-) Tj -420.75 -14.25 TD -0.0671 Tc 2.8171 Tw (age pensions\) will ) Tj 3 Tc 0 Tw (g) Tj 102.75 0 TD -0.065 Tc 2.6275 Tw (o down for the working generations and go up for the already ) Tj -102.75 -13.5 TD -0.06 Tc 0.435 Tw (retired generations. ) Tj 95.25 0 TD 0 Tc 0 Tw ( ) Tj -95.25 -20.25 TD -0.0361 Tc 5.5361 Tw (The public sector does not benefit from a lower interest rate either. Pension) Tj 0 Tc 0 Tw ( ) Tj 0 -13.5 TD 0.0183 Tc 0.3567 Tw (contributions are tax) Tj 98.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0618 Tc 0.4709 Tw (deductible, and the government will see its revenue fall when these ) Tj -102.75 -13.5 TD -0.132 Tc 0 Tw (contr) Tj 24.75 0 TD -0.0502 Tc 1.0886 Tw (ibutions rise steeply. Besides, the effect of lower interest payments is negative on ) Tj -24.75 -14.25 TD -0.0118 Tc 1.0296 Tw (impact but not very strong. Other expenditures than interest payments tend to rise: the ) Tj 0 -13.5 TD -0.1324 Tc 1.1503 Tw (wages for civil servants will rise and the demand for health care increases. The re) Tj 396 0 TD -0.099 Tc 1.224 Tw (sult is ) Tj -396 -14.25 TD -0.0364 Tc 0.3645 Tw (that the financial position of the public sector worsens: debt will start to rise and interest ) Tj 0 -13.5 TD -0.0508 Tc 0.2651 Tw (payments on this debt eventually rise as well.) Tj 217.5 0 TD 0 Tc 0 Tw ( ) Tj -217.5 -25.5 TD /F2 12 Tf -0.0672 Tc 0.0672 Tw (Table ) Tj 30 0 TD -0.0308 Tc 0.1058 Tw (5. A 1% decrease in the interest rate in 2010: ) Tj 221.25 0 TD 0.168 Tc 0 Tw (E) Tj 7.5 0 TD 0.0253 Tc -0.0253 Tw (ffects for the Netherlands) Tj 122.25 0 TD /F0 12 Tf 0 Tc 0 Tw ( ) Tj -378 -19.5 TD /F0 9.75 Tf -0.1875 Tw ( ) Tj 181.5 0 TD 0.1875 Tc 0 Tw (2010) Tj ET q 288.75 450 3 11.25 re h W n BT 288.75 452.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 341.25 452.25 TD (2015) Tj ET q 360.75 450 3 11.25 re h W n BT 360.75 452.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 413.25 452.25 TD (2025) Tj ET q 432.75 450 3 11.25 re h W n BT 432.75 452.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 485.25 452.25 TD (2050) Tj ET q 504.75 450 3 11.25 re h W n BT 504.75 452.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q 84.75 461.25 143.25 0.75 re f 228 461.25 0.75 0.75 re f 228.75 461.25 62.25 0.75 re f 291 461.25 0.75 0.75 re f 291.75 461.25 71.25 0.75 re f 363 461.25 0.75 0.75 re f 363.75 461.25 71.25 0.75 re f 435 461.25 0.75 0.75 re f 435.75 461.25 71.25 0.75 re f q 87.75 437.25 5.25 6.75 re h W n BT 87.75 435 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 288.75 437.25 3 6.75 re h W n BT 288.75 435 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 360.75 437.25 3 6.75 re h W n BT 360.75 435 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 432.75 437.25 3 6.75 re h W n BT 432.75 435 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 504.75 437.25 3 6.75 re h W n BT 504.75 435 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 87.75 428.25 TD 0.1529 Tc -0.3404 Tw (Relative change) Tj 64.5 0 TD 0 Tc -0.1875 Tw ( ) Tj ET q 288.75 426 3 11.25 re h W n BT 288.75 428.25 TD ( ) Tj ET Q q 360.75 426 3 11.25 re h W n BT 360.75 428.25 TD ( ) Tj ET Q q 432.75 426 3 11.25 re h W n BT 432.75 428.25 TD ( ) Tj ET Q q 504.75 426 3 11.25 re h W n BT 504.75 428.25 TD ( ) Tj ET Q BT 87.75 411 TD 0.1671 Tc 0 Tw (Investment) Tj 45 0 TD 0 Tc -0.1875 Tw ( ) Tj 134.25 0 TD 0.1125 Tc 0 Tw (108.2) Tj ET q 288.75 408.75 3 11.25 re h W n BT 288.75 411 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 348.75 411 TD 0.1875 Tc (8.1) Tj ET q 360.75 408.75 3 11.25 re h W n BT 360.75 411 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 420.75 411 TD (8.1) Tj ET q 432.75 408.75 3 11.25 re h W n BT 432.75 411 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 492.75 411 TD (8.1) Tj ET q 504.75 408.75 3 11.25 re h W n BT 504.75 411 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 87.75 393 TD 0.206 Tc -0.3935 Tw (Wage rate) Tj 41.25 0 TD 0 Tc -0.1875 Tw ( ) Tj 147.75 0 TD 0.1875 Tc 0 Tw (5.6) Tj ET q 288.75 390.75 3 11.25 re h W n BT 288.75 393 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 348.75 393 TD (5.6) Tj ET q 360.75 390.75 3 11.25 re h W n BT 360.75 393 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 420.75 393 TD (5.6) Tj ET q 432.75 390.75 3 11.25 re h W n BT 432.75 393 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 492.75 393 TD (5.6) Tj ET q 504.75 390.75 3 11.25 re h W n BT 504.75 393 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 87.75 378 5.25 6.75 re h W n BT 87.75 375.75 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 288.75 378 3 6.75 re h W n BT 288.75 375.75 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 360.75 378 3 6.75 re h W n BT 360.75 375.75 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 432.75 378 3 6.75 re h W n BT 432.75 375.75 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 504.75 378 3 6.75 re h W n BT 504.75 375.75 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 87.75 369.75 TD 0.1548 Tc -0.1548 Tw (Absolute change, % of GDP) Tj 113.25 0 TD 0 Tc -0.1875 Tw ( ) Tj ET q 288.75 367.5 3 11.25 re h W n BT 288.75 369.75 TD ( ) Tj ET Q q 360.75 367.5 3 11.25 re h W n BT 360.75 369.75 TD ( ) Tj ET Q q 432.75 367.5 3 11.25 re h W n BT 432.75 369.75 TD ( ) Tj ET Q q 504.75 367.5 3 11.25 re h W n BT 504.75 369.75 TD ( ) Tj ET Q BT 87.75 351.75 TD 0.1206 Tc -0.3081 Tw (Pension contributions) Tj 87.75 0 TD 0 Tc -0.1875 Tw ( ) Tj 96.75 0 TD -0.1406 Tc 0 Tw (13.7) Tj ET q 288.75 349.5 3 11.25 re h W n BT 288.75 351.75 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 344.25 351.75 TD (29.3) Tj ET q 360.75 349.5 3 11.25 re h W n BT 360.75 351.75 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 416.25 351.75 TD (10.2) Tj ET q 432.75 349.5 3 11.25 re h W n BT 432.75 351.75 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 492.75 351.75 TD 0.1875 Tc (7.7) Tj ET q 504.75 349.5 3 11.25 re h W n BT 504.75 351.75 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 87.75 334.5 TD 0.2955 Tc -0.483 Tw ( To own pension) Tj 75 0 TD 0 Tc -0.1875 Tw ( ) Tj 114 0 TD 0.1875 Tc 0 Tw (1.4) Tj ET q 288.75 332.25 3 11.25 re h W n BT 288.75 334.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 356.25 334.5 TD 0.375 Tc (2) Tj ET q 360.75 332.25 3 11.25 re h W n BT 360.75 334.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 420.75 334.5 TD 0.1875 Tc (2.4) Tj ET q 432.75 332.25 3 11.25 re h W n BT 432.75 334.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 492.75 334.5 TD (2.7) Tj ET q 504.75 332.25 3 11.25 re h W n BT 504.75 334.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 87.75 317.25 TD 0.2628 Tc -0.4503 Tw ( To others\222 pensions) Tj 90 0 TD 0 Tc -0.1875 Tw ( ) Tj 94.5 0 TD -0.1406 Tc 0 Tw (12.3) Tj ET q 288.75 315 3 11.25 re h W n BT 288.75 317.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 344.25 317.25 TD (27.3) Tj ET q 360.75 315 3 11.25 re h W n BT 360.75 317.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 420.75 317.25 TD 0.1875 Tc (7.8) Tj ET q 432.75 315 3 11.25 re h W n BT 432.75 317.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 500.25 317.25 TD 0.375 Tc (5) Tj ET q 504.75 315 3 11.25 re h W n BT 504.75 317.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 87.75 301.5 5.25 6.75 re h W n BT 87.75 299.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 288.75 301.5 3 6.75 re h W n BT 288.75 299.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 360.75 301.5 3 6.75 re h W n BT 360.75 299.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 432.75 301.5 3 6.75 re h W n BT 432.75 299.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 504.75 301.5 3 6.75 re h W n BT 504.75 299.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 87.75 293.25 TD 0.1548 Tc -0.1548 Tw (Absolute change, % of GDP) Tj 113.25 0 TD 0 Tc -0.1875 Tw ( ) Tj ET q 288.75 291 3 11.25 re h W n BT 288.75 293.25 TD ( ) Tj ET Q q 360.75 291 3 11.25 re h W n BT 360.75 293.25 TD ( ) Tj ET Q q 432.75 291 3 11.25 re h W n BT 432.75 293.25 TD ( ) Tj ET Q q 504.75 291 3 11.25 re h W n BT 504.75 293.25 TD ( ) Tj ET Q BT 87.75 275.25 TD 0.0841 Tc 0.4784 Tw (Public revenues) Tj 64.5 0 TD 0 Tc -0.1875 Tw ( ) Tj 124.5 0 TD 0.1875 Tc 0 Tw (1.1) Tj ET q 288.75 273 3 11.25 re h W n BT 288.75 275.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 341.25 274.5 TD /F1 9.75 Tf -0.1028 Tc (-) Tj 5.25 0 TD /F0 9.75 Tf -0.0625 Tc -0.125 Tw ( 2.5) Tj ET q 360.75 272.25 3 11.25 re h W n BT 360.75 274.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 420.75 274.5 TD /F1 9.75 Tf -0.1028 Tc 0 Tw (-) Tj 5.25 0 TD /F0 9.75 Tf -0.375 Tc 0.1875 Tw ( 2) Tj ET q 432.75 272.25 3 11.25 re h W n BT 432.75 274.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 485.25 274.5 TD /F1 9.75 Tf -0.1028 Tc 0 Tw (-) Tj 5.25 0 TD /F0 9.75 Tf -0.0625 Tc -0.125 Tw ( 2.9) Tj ET q 504.75 272.25 3 11.25 re h W n BT 504.75 274.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 87.75 257.25 TD 0.0617 Tc -0.2492 Tw (Public expenditure) Tj 75 0 TD 0 Tc -0.1875 Tw ( ) Tj 106.5 -0.75 TD /F1 9.75 Tf -0.1028 Tc 0 Tw (-) Tj 5.25 0 TD /F0 9.75 Tf -0.0625 Tc -0.125 Tw ( 0.1) Tj ET q 288.75 254.25 3 11.25 re h W n BT 288.75 256.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 356.25 257.25 TD 0.375 Tc 0 Tw (0) Tj ET q 360.75 255 3 11.25 re h W n BT 360.75 257.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 420.75 257.25 TD 0.1875 Tc (0.8) Tj ET q 432.75 255 3 11.25 re h W n BT 432.75 257.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 492.75 257.25 TD (2.8) Tj ET q 504.75 255 3 11.25 re h W n BT 504.75 257.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 87.75 239.25 TD 0.1492 Tc -0.1867 Tw ( Interest payments) Tj 81.75 0 TD 0 Tc -0.1875 Tw ( ) Tj 99.75 -0.75 TD /F1 9.75 Tf -0.1028 Tc 0 Tw (-) Tj 5.25 0 TD /F0 9.75 Tf -0.0625 Tc -0.125 Tw ( 0.1) Tj ET q 288.75 236.25 3 11.25 re h W n BT 288.75 238.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 341.25 238.5 TD /F1 9.75 Tf -0.1028 Tc 0 Tw (-) Tj 5.25 0 TD /F0 9.75 Tf -0.0625 Tc -0.125 Tw ( 0.1) Tj ET q 360.75 236.25 3 11.25 re h W n BT 360.75 238.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 420.75 239.25 TD 0.1875 Tc 0 Tw (0.4) Tj ET q 432.75 237 3 11.25 re h W n BT 432.75 239.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 492.75 239.25 TD (2.2) Tj ET q 504.75 237 3 11.25 re h W n BT 504.75 239.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 87.75 220.5 TD 0.1584 Tc -0.0959 Tw ( Expenditure excluding interest) Tj 133.5 0 TD 0 Tc -0.1875 Tw ( ) Tj 63 0 TD 0.375 Tc 0 Tw (0) Tj ET q 288.75 218.25 3 11.25 re h W n BT 288.75 220.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 348.75 220.5 TD 0.1875 Tc (0.1) Tj ET q 360.75 218.25 3 11.25 re h W n BT 360.75 220.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 420.75 220.5 TD (0.3) Tj ET q 432.75 218.25 3 11.25 re h W n BT 432.75 220.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 492.75 220.5 TD (0.6) Tj ET q 504.75 218.25 3 11.25 re h W n BT 504.75 220.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 87.75 205.5 5.25 6.75 re h W n BT 87.75 203.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q 84 204.75 423.75 0.75 re f BT 84.75 194.25 TD /F2 11.25 Tf 0.0431 Tc (Source) Tj 30.75 0 TD 0.1237 Tc (s) Tj 4.5 0 TD /F0 11.25 Tf -0.222 Tc 0.4095 Tw (: CPB, own calculations with GAMMA) Tj 174 0 TD /F0 12 Tf 0 Tc 0 Tw (.) Tj 3 0 TD ( ) Tj -212.25 -25.5 TD 0.0112 Tc 0.7387 Tw (Working g) Tj 51 0 TD -0.0605 Tc 0.5963 Tw (enerations are not necessarily hurt by a lower interest rate. Of course, a lower ) Tj -51 -14.25 TD -0.0888 Tc 0.9795 Tw (rate of return on savings requires higher savings now to ensure an adequate level of the ) Tj 0 -13.5 TD -0.612 Tc 0 Tw (old) Tj 14.25 0 TD -0.246 Tc (-) Tj 4.5 0 TD -0.1133 Tc 1.3633 Tw (age pension later. ) Tj 91.5 0 TD -0.53 Tc 0 Tw (But) Tj 16.5 0 TD -0.1304 Tc 1.9031 Tw ( it also leads to more investments and higher wages, so that) Tj 298.5 0 TD 0 Tc 0 Tw ( ) Tj -425.25 -13.5 TD -0.0623 Tc 1.723 Tw (the working generations can afford higher savings. In the case of the Netherlands the ) Tj 0 -14.25 TD -0.0576 Tc 2.6826 Tw (working generations are nevertheless worse) Tj 218.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0825 Tc 2.52 Tw (off. The interest rate risk is not equally ) Tj -222.75 -13.5 TD -0.0436 Tc 1.7481 Tw (shared across generations. 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Williamson \(1996) Tj 108 0 TD -0.246 Tc 0 Tw (\)) Tj 3.75 0 TD /F2 12 Tf 0.0658 Tc 2.4342 Tw (, Asian demography and foreign capital ) Tj -180.75 -14.25 TD -0.039 Tc 0 Tw (dependence) Tj 56.25 0 TD /F0 12 Tf 0 Tc (,) Tj 3 0 TD -0.0161 Tc 2.2661 Tw ( NBER Working Paper, No. 5560,) Tj 175.5 0 TD 0 Tc 0 Tw ( ) Tj 5.25 0 TD -0.0475 Tc 1.9225 Tw (National Bureau of Economic ) Tj -240 -13.5 TD 0.0171 Tc -0.0171 Tw (Research, Cambridge, MA) Tj 128.25 0 TD 0 Tc 0 Tw ( ) Tj -164.25 -14.25 TD -0.1007 Tc 0.6007 Tw (Hunt, J. \(2000\), ) Tj 79.5 0 TD /F2 12 Tf -0.0351 Tc 0.7851 Tw (Why do people still live in East Germany?,) Tj 210 0 TD /F0 12 Tf -0.0951 Tc 0.6951 Tw ( NBER Working Paper, No. ) Tj -253.5 -13.5 TD -0.0456 Tc 0.2599 Tw (7564, National Bureau of Economic Research, Cambridge, MA) Tj 304.5 0 TD 0 Tc 0 Tw ( ) Tj -340.5 -13.5 TD -0.0399 Tc 1.1649 Tw (INGENEU \(2001\), ) Tj 98.25 0 TD /F2 12 Tf -0.123 Tc 0 Tw (Macr) Tj 25.5 0 TD 0.0166 Tc 2.2334 Tw (oeconomic consequences of pension reforms in Europe: An) Tj 301.5 0 TD 0 Tc 0 Tw ( ) Tj -389.25 -14.25 TD 0.029 Tc 1.171 Tw (investigation with the INGENEU world model) Tj 228.75 0 TD /F0 12 Tf -0.0259 Tc 1.2759 Tw (, CEPII Working Paper, No. 17, ) Tj -228.75 -13.5 TD -0.0772 Tc 0.4522 Tw (Centre for Economic Policy, Paris.) Tj 166.5 0 TD 0 Tc 0 Tw ( ) Tj -202.5 -14.25 TD -0.0796 Tc 1.4546 Tw (Kapteyn, A. and C. Panis \(2002\), ) Tj 170.25 0 TD /F2 12 Tf -0.0083 Tc 1.3416 Tw (The size and composition of wealth holdings in the ) Tj -134.25 -13.5 TD 0.048 Tc -0.048 Tw (United S) Tj 42 0 TD 0.0174 Tc -0.0174 Tw (tates, Italy, and the Netherlands) Tj 154.5 0 TD /F0 12 Tf -0.0534 Tc 0.6534 Tw (, RAND unrestricted draft series, DRU) Tj 188.25 0 TD -0.246 Tc 0 Tw (-) Tj -384.75 -13.5 TD 0 Tc (2767) Tj 24 0 TD -0.246 Tc (-) Tj 4.5 0 TD -0.3525 Tc (DOL.) Tj 27 0 TD 0 Tc ( ) Tj -91.5 -14.25 TD -0.1344 Tc (Kotli) Tj 24 0 TD -0.1534 Tc 2.4034 Tw (koff, L.) Tj 38.25 0 TD 0 Tc 0 Tw ( ) Tj 4.5 0 TD 0 Tc 1.3921 Tw (J., K. Smetters and J. Walliser \(2001\), ) Tj 197.25 0 TD /F2 12 Tf 0.0569 Tc 1.3181 Tw (Finding a way out of America\222s ) Tj -228 -13.5 TD -0.0212 Tc 1.1462 Tw (demographic dilemma, ) Tj 117.75 0 TD /F0 12 Tf -0.0398 Tc 2.1023 Tw (NBER Working Paper, No. 8258, National Bureau of ) Tj -117.75 -14.25 TD -0.0497 Tc 0.4247 Tw (Economic Research, C) Tj 109.5 0 TD -0.0824 Tc 0.0824 Tw (ambridge, MA) Tj 69.75 0 TD 0 Tc 0 Tw ( ) Tj -215.25 -13.5 TD -0.0943 Tc 2.3443 Tw (Lane, P.) Tj 42 0 TD 0 Tc 0 Tw ( ) Tj 6 0 TD -0.627 Tc (R.) Tj 10.5 0 TD 2.172 Tc 0.078 Tw ( a) Tj 11.25 0 TD -0.291 Tc 2.541 Tw (nd G.) Tj 29.25 0 TD 0 Tc 0 Tw ( ) Tj 5.25 0 TD 0.0825 Tc 2.9175 Tw (M. Milesi) Tj 49.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.0304 Tc 1.0946 Tw (Feretti \(2001\), ) Tj 77.25 0 TD /F2 12 Tf 0.0195 Tc 0 Tw (Long) Tj 24.75 0 TD -0.246 Tc (-) Tj 3.75 0 TD 0.1551 Tc 2.0949 Tw (term capital movements) Tj 121.5 0 TD /F0 12 Tf -0.1008 Tc 1.2258 Tw (, NBER ) Tj -349.5 -13.5 TD 0.0129 Tc 0 Tw (Working) Tj 42 0 TD 0.0009 Tc 0.7491 Tw ( Paper, No. 8366,) Tj 86.25 0 TD 0 Tc 0 Tw ( ) Tj 3.75 0 TD -0.022 Tc 1.022 Tw (National Bureau of Economic Research, Cambridge, ) Tj -132 -14.25 TD -0.291 Tc 0 Tw (MA) Tj 18.75 0 TD 0 Tc ( ) Tj -54.75 -13.5 TD -0.1913 Tc 3.9413 Tw (Lazear, E.) Tj 51.75 0 TD 0 Tc 0 Tw ( ) Tj 6.75 0 TD -0.028 Tc 3.778 Tw (P. \(197) Tj 38.25 0 TD -0.082 Tc 0.082 Tw (9\), ) Tj 20.25 0 TD -0.078 Tc 0 Tw (\223) Tj 4.5 0 TD -0.1014 Tc 4.4139 Tw (Why is there mandatory retirement?) Tj 188.25 0 TD -0.078 Tc 0 Tw (\224) Tj 4.5 0 TD 0 Tc (, ) Tj 9.75 0 TD /F2 12 Tf -0.0143 Tc 2.7643 Tw (Journal of Political ) Tj -288 -14.25 TD 0.071 Tc 0 Tw (Econom) Tj 39.75 0 TD -0.078 Tc (y) Tj 5.25 0 TD /F0 12 Tf -0.0703 Tc 0.0703 Tw (, 87\(6\), ) Tj 37.5 0 TD 0 Tc 0 Tw (pp. ) Tj 18 0 TD (1261) Tj 24 0 TD -0.246 Tc (-) Tj 4.5 0 TD 0 Tc (1284.) Tj 27 0 TD ( ) Tj -192 -13.5 TD -0.0647 Tc 3.8147 Tw (Lichtenberg, F.) Tj 76.5 0 TD 0 Tc 0 Tw ( ) Tj 7.5 0 TD -0.1107 Tc 3.8607 Tw (R. \(2002\),) Tj 0 Tc 0 Tw ( ) Tj 58.5 0 TD /F2 12 Tf 0.0103 Tc 3.7397 Tw (Sources of U.S. longevity increase, 1960) Tj 213.75 0 TD -0.246 Tc 0 Tw (-) Tj 3.75 0 TD 0 Tc (1997) Tj 24 0 TD /F0 12 Tf -0.1008 Tc 3.8508 Tw (, NBER) Tj 0 Tc 0 Tw ( ) Tj -348 -13.5 TD 0.0129 Tc (Working) Tj 42 0 TD 0.0009 Tc 0.7491 Tw ( Paper, No. 8755,) Tj 86.25 0 TD 0 Tc 0 Tw ( ) Tj 3.75 0 TD -0.022 Tc 1.022 Tw (National Bureau of Economic Research, Cambridge, ) Tj -132 -14.25 TD -0.291 Tc 0 Tw (MA) Tj 18.75 0 TD 0 Tc ( ) Tj -54.75 -13.5 TD -0.1763 Tc 0.1763 Tw (Lucas, R.) Tj 45 0 TD 0 Tc 0 Tw ( ) Tj 3.75 0 TD 0.0473 Tc 0.3277 Tw (E. \(1990\), ) Tj 52.5 0 TD -0.078 Tc 0 Tw (\223) Tj 4.5 0 TD -0.0285 Tc 0.4035 Tw (Why doesn\222t capital flow from rich to poor countries?) Tj 261.75 0 TD -0.078 Tc 0 Tw (\224) Tj 4.5 0 TD 0 Tc (, ) Tj 6 0 TD /F2 12 Tf 0.0742 Tc 0.6758 Tw (American ) Tj -342 -14.25 TD 0.0109 Tc -0.0109 Tw (Economic Review Papers and Proceedings) Tj 206.25 0 TD /F0 12 Tf -0.041 Tc 0.041 Tw (, 80\(2\), pp. 92) Tj 67.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0 Tc (96.) Tj 15 0 TD ( ) Tj -329.25 -13.5 TD -0.064 Tc 2.064 Tw (L\374hrmann, M. \(2001\), ) Tj 119.25 0 TD -0.0414 Tc 3.2557 Tw (The role of demographic change in explaining international) Tj 0 Tc 0 Tw ( ) Tj -83.25 -13.5 TD -0.138 Tc 0.888 Tw (capital flows) Tj 60.75 0 TD 0 Tc 0 Tw (, ) Tj 6.75 0 TD (u) Tj 6 0 TD -0.0918 Tc 0.0918 Tw (npublished ) Tj 55.5 0 TD -0.336 Tc 0 Tw (m) Tj 9 0 TD -0.0397 Tc 0.4147 Tw (anuscript, Mannheim University.) Tj 159 0 TD 0 Tc 0 Tw ( ) Tj -333 -14.25 TD -0.2366 Tc 0.2366 Tw (Mace, B.) Tj 42.75 0 TD 0 Tc 0 Tw ( ) Tj 3.75 0 TD 0.01 Tc 0.365 Tw (J. \(1991\), ) Tj 49.5 0 TD -0.078 Tc 0 Tw (\223) Tj 4.5 0 TD -0.0549 Tc 0.6174 Tw (Full insurance in the pre) Tj 117 0 TD 0.0267 Tc 0.2233 Tw (sence of aggregate uncertainty) Tj 147 0 TD -0.078 Tc 0 Tw (\224) Tj 4.5 0 TD 0 Tc (, ) Tj 6 0 TD /F2 12 Tf 0.0647 Tc 0.3103 Tw (Journal of ) Tj -339 -13.5 TD 0.0161 Tc -0.0161 Tw (Political Economy) Tj 88.5 0 TD /F0 12 Tf -0.0378 Tc 0.0378 Tw (, 99\(5\), pp. 928) Tj 73.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0 Tc (956.) Tj 21 0 TD ( ) Tj -223.5 -14.25 TD 0.0336 Tc (Manki) Tj 30.75 0 TD -0.0195 Tc 0.0195 Tw (w, N.) Tj 26.25 0 TD 0 Tc 0 Tw ( ) Tj 3 0 TD -0.1007 Tc 0.4757 Tw (G. \(1992\), ) Tj 53.25 0 TD /F2 12 Tf -0.0639 Tc 0 Tw (Macroeconomics) Tj 81.75 0 TD /F0 12 Tf 0 Tc (,) Tj 3 0 TD 0.0977 Tc -0.0977 Tw ( New York) Tj 54.75 0 TD -1.086 Tc 0.336 Tw (: ) Tj 5.25 0 TD -0.041 Tc 0.041 Tw (Worth Publishers Inc) Tj 102 0 TD 0 Tc 0 Tw (.) Tj 3 0 TD ( ) Tj -363 -13.5 TD 0.0159 Tc 0.1091 Tw (McMorrow, K. and W. Roeger \(2003\), ) Tj 190.5 0 TD /F2 12 Tf 0.0613 Tc 0.0637 Tw (Economic and financial market consequences of ) Tj -154.5 -13.5 TD -0.0494 Tc 4.5494 Tw (ageing populations) Tj 96 0 TD /F0 12 Tf 0 Tc 0 Tw (, ) Tj 10.5 0 TD /F2 12 Tf 0.084 Tc (Eu) Tj 13.5 0 TD 0.0655 Tc 4.4345 Tw (ropean Economy) Tj 86.25 0 TD /F0 12 Tf -0.0296 Tc 4.5296 Tw (, European Commission, Economic) Tj 0 Tc 0.75 Tw ( ) Tj -206.25 -14.25 TD -0.0492 Tc 0.0492 Tw (Papers 182.) Tj 55.5 0 TD 0 Tc 0 Tw ( ) Tj -91.5 -13.5 TD 0.0123 Tc 3.7377 Tw (Modigliani, F. \(1986\),) Tj 0 Tc 0 Tw ( ) Tj 122.25 0 TD -0.078 Tc (\223) Tj 5.25 0 TD -0.0653 Tc 4.3777 Tw (Life cycle, individual thrift, and the wealth of nations) Tj 289.5 0 TD -0.078 Tc 0 Tw (\224) Tj 4.5 0 TD 0.75 Tc (, ) Tj -385.5 -14.25 TD /F2 12 Tf -0.0195 Tc (American) Tj 46.5 0 TD 0 Tc ( ) Tj 3 0 TD -0.0103 Tc 0.0103 Tw (Economic Review) Tj 85.5 0 TD /F0 12 Tf 0 Tc 0 Tw (, 76, pp. 297) Tj 60 0 TD -0.246 Tc (-) Tj 4.5 0 TD 0 Tc (313.) Tj 21 0 TD ( ) Tj -256.5 -13.5 TD -0.0075 Tc 0.1325 Tw (Modigliani, F. and R. Brumberg \(1954\), ) Tj 197.25 0 TD -0.078 Tc 0 Tw (\223) Tj 4.5 0 TD 0.0328 Tc -0.0328 Tw (Utility analysis and the consump) Tj 158.25 0 TD -0.0388 Tc 0.4138 Tw (tion function: ) Tj -324 -13.5 TD -0.0968 Tc 2.5968 Tw (An interpretation of cross) Tj 128.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0671 Tc 2.3171 Tw (section data) Tj 59.25 0 TD -0.078 Tc 0 Tw (\224) Tj 4.5 0 TD -0.112 Tc 3.112 Tw (, in) Tj 17.25 0 TD -0.0551 Tc 1.7426 Tw ( K. Kurihara \(ed.\), ) Tj 99.75 0 TD /F2 12 Tf -0.084 Tc 0 Tw (Post) Tj 21.75 0 TD -0.246 Tc (-) Tj 3.75 0 TD 0.0287 Tc 0.7213 Tw (Keynesian ) Tj -339 -14.25 TD -0.0173 Tc 0 Tw (Economics) Tj 52.5 0 TD /F0 12 Tf -0.0309 Tc 0.0309 Tw (, New Brunswick) Tj 83.25 0 TD 0.249 Tc -0.249 Tw (; NJ:) Tj 23.25 0 TD 0 Tc 0 Tw ( ) Tj 3 0 TD -0.0286 Tc 0.2161 Tw (Rutgers University Press, pp. 388) Tj 161.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0 Tc (436.) Tj 21 0 TD ( ) Tj -384.75 -13.5 TD 0.0417 Tc 1.7083 Tw (Nahuis, R., E. Canton) Tj 110.25 0 TD 0.0496 Tc 1.4504 Tw ( and H. de Groot \(2000\), ) Tj 132 0 TD /F2 12 Tf 0.078 Tc 1.422 Tw (Vested interests, ageing and growth) Tj 180 0 TD /F0 12 Tf 0 Tc 0 Tw (, ) Tj -386.25 -14.25 TD 0.19 Tc (CPB) Tj 22.5 0 TD 0 Tc ( ) Tj 3 0 TD 0.056 Tc (Report) Tj 32.25 0 TD 0 Tc (, No. 2000/3, pp. 44) Tj 96 0 TD -0.246 Tc (-) Tj 4.5 0 TD 0 Tc (47.) Tj 15 0 TD ( ) Tj -209.25 -13.5 TD -0.0224 Tc 2.2724 Tw (Obstfeld, M.) Tj 63 0 TD 0.0567 Tc 2.0433 Tw ( and K. Rogoff \(1996\), ) Tj 126 0 TD /F2 12 Tf -0.0185 Tc 2.7685 Tw (Foundations of International Macroeconomics) Tj 232.5 0 TD 0 Tc 0 Tw (,) Tj 3.75 0 TD /F0 12 Tf ( ) Tj -389.25 -13.5 TD -0.1753 Tc (Cambridge) Tj 52.5 0 TD 0.333 Tc -0.333 Tw (, MA:) Tj 28.5 0 TD 0.099 Tc 0.276 Tw ( The MIT) Tj 47.25 0 TD -0.097 Tc 0.097 Tw ( Press.) 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Rey \(1999\), ) Tj 154.5 0 TD /F2 12 Tf 0.0417 Tc 1.4583 Tw (The determinants of cross) Tj 129.75 0 TD -0.246 Tc 0 Tw (-) Tj 3.75 0 TD 0.1126 Tc 1.3874 Tw (border equity flows) Tj 97.5 0 TD /F0 12 Tf 0.0492 Tc 0.7008 Tw (, NBER ) Tj -349.5 -14.25 TD 0.0129 Tc 0 Tw (Working) Tj 42 0 TD 0.0009 Tc 0.7491 Tw ( Paper, No. 7336,) Tj 86.25 0 TD 0 Tc 0 Tw ( ) Tj 3.75 0 TD -0.022 Tc 1.022 Tw (National Bureau of Economic Research, Cambridge, ) Tj -132 -13.5 TD -0.291 Tc 0 Tw (MA) Tj 18.75 0 TD 0 Tc ( ) Tj -54.75 -14.25 TD -0.0828 Tc 3.0828 Tw (Poterba, J.) 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Euwals) Tj 87.75 0 TD 0.0979 Tc 3.1521 Tw ( and H. ter Rele \(2003\), ) Tj 141 0 TD /F2 12 Tf 0.0117 Tc 3.9883 Tw (Immigration and the Dutch) Tj 0 Tc 0 Tw ( ) Tj -246 -13.5 TD 0.0435 Tc -0.0435 Tw (Economy, ) Tj 51 0 TD /F0 12 Tf -0.0659 Tc 0.4409 Tw (CPB Netherlands Bureau for Economic Policy Analysis, The Hague.) Tj 330 0 TD 0 Tc 0 Tw ( ) Tj -417 -14.25 TD -0.1367 Tc 3.5117 Tw (Sinn, H. \(2000\),) Tj 0 Tc 0 Tw ( ) Tj 88.5 0 TD /F2 12 Tf -0.108 Tc 0.108 Tw (Why ) Tj 27 0 TD -0.0489 Tc 2.9739 Tw (a funded pension system is useful and why it is not) Tj 270 0 TD /F0 12 Tf -0.1008 Tc 1.2258 Tw (, NBER ) Tj -349.5 -13.5 TD -0.0615 Tc 0.0615 Tw (Working Paper 7592) Tj 99 0 TD 0 Tc 0 Tw (,) Tj 3 0 TD ( ) Tj 3 0 TD -0.0173 Tc 0.3923 Tw (National Bureau of Economic Research, Cambridge, MA) Tj 276 0 TD 0 Tc 0 Tw ( ) Tj -417 -14.25 TD -0.1343 Tc 3.1343 Tw (United Nations) Tj 75 0 TD -0.0703 Tc 3.8203 Tw ( \(2001\),) Tj 0 Tc 0 Tw ( ) Tj 47.25 0 TD /F2 12 Tf 0.0062 Tc 2.9938 Tw (World population prospects: The 2000 revision, highlights,) Tj 303 0 TD /F0 12 Tf 0 Tc 0 Tw ( ) Tj -389.25 -13.5 TD -0.0763 Tc 0.9763 Tw (Draft, Population Division, Department of Ec) Tj 221.25 0 TD 0.0008 Tc 0.7492 Tw (onomic and Social Affairs, United ) Tj -221.25 -13.5 TD -0.0874 Tc 0.4624 Tw (Nations, New York.) Tj 96 0 TD 0 Tc 0 Tw ( ) Tj ET endstream endobj 757 0 obj 4918 endobj 758 0 obj << /Type /Page /Parent 752 0 R /Resources << /Font << /F0 6 0 R /F1 8 0 R /F2 622 0 R /F3 628 0 R /F8 761 0 R >> /ProcSet 2 0 R >> /Contents 759 0 R >> endobj 759 0 obj << /Length 760 0 R >> stream BT 297 783.75 TD 0 0 0 rg /F2 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj -5.25 -720.75 TD /F0 11.25 Tf -0.375 Tc 0 Tw (35) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -36.75 681.75 TD /F3 14.25 Tf 0.2115 Tc 0 Tw (A) Tj 9.75 0 TD /F3 11.25 Tf 0.0364 Tc (PPENDIX) Tj 49.5 0 TD /F3 14.25 Tf -0.2453 Tc (:) Tj 3.75 0 TD /F3 11.25 Tf 0 Tc 0.1875 Tw ( ) Tj 3 0 TD /F3 14.25 Tf ( ) Tj -222.75 -16.5 TD 0.2452 Tc 0 Tw (E) Tj 9.75 0 TD /F3 11.25 Tf -0.0846 Tc -0.1029 Tw (STIMATED RELATION BE) Tj 138 0 TD -0.1549 Tc 0.0924 Tw (TWEEN SAVINGS AND AG) Tj 138 0 TD -0.1259 Tc 0.3134 Tw (E COMPOSITION) Tj 91.5 0 TD /F3 14.25 Tf 0 Tc 0.1875 Tw ( ) Tj ET 83.25 723 428.25 0.75 re f BT 84.75 706.5 TD /F3 12 Tf 0.0402 Tc 0 Tw (Background) Tj 63 0 TD 0 Tc ( ) Tj -63 -20.25 TD /F0 12 Tf 0.0072 Tc 6.1428 Tw (For the estimation of the relationship between savings and the demographic) Tj 0 Tc 0.75 Tw ( ) Tj 0 -13.5 TD -0.0749 Tc 0.9186 Tw (composition of economies, we have used a slightly ) Tj 252.75 0 TD -0.0859 Tc 1.2109 Tw (modified version of the commonly) Tj 168 0 TD -0.246 Tc 0 Tw (-) Tj -420.75 -13.5 TD -0.0757 Tc 1.1257 Tw (used methodology developed in Fair and Dominguez \(1991\) to estimate age) Tj 371.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.02 Tc 0.73 Tw (dependent ) Tj -375.75 -14.25 TD -0.0662 Tc 3.9662 Tw (economic decisions such as savings, participation, etc. We estimate the following) Tj 0 Tc 0 Tw ( ) Tj 0 -13.5 TD -0.046 Tc (equation:) Tj 44.25 0 TD 0 Tc ( ) Tj -44.25 -18.75 TD /F0 9.75 Tf -0.1875 Tw ( ) Tj 0 -39.75 TD -0.102 Tc 0 Tw (\(A1\)) Tj 18.75 0 TD 0 Tc -0.1875 Tw ( ) Tj 100.5 13.5 TD /F1 18.1184 Tf -0.1684 Tc 0 Tw (\345) Tj 5.25 -9.75 TD /F1 8.0526 Tf 0.0791 Tc (=) Tj 42.75 13.5 TD /F1 10.0658 Tf -0.2761 Tc (+) Tj -55.5 0 TD (+) Tj -32.25 0 TD (+) Tj -27 0 TD (=) Tj 69 12 TD /F0 8.0526 Tf 0.4737 Tc (17) Tj 6.75 -25.5 TD -0.2763 Tc (1) Tj 28.5 10.5 TD 0.2368 Tc (,) Tj -63.75 0 TD -0.2763 Tc (1) Tj -21 0 TD 0.2368 Tc (,) Tj -4.5 0 TD -0.2763 Tc (0) Tj 54 -10.5 TD /F2 8.0526 Tf 0.0114 Tc (j) Tj 57.75 10.5 TD (it) Tj -20.25 0 TD (it) Tj -4.5 0 TD (j) Tj -12.75 0 TD (j) Tj -38.25 0 TD (it) Tj -30 0 TD (i) Tj -30 0 TD (it) Tj 102 3 TD /F2 10.0658 Tf 0.0361 Tc (C) Tj -47.25 0 TD 0.2171 Tc (g) Tj -60 0 TD (S) Tj 135.75 0 TD /F8 10.0658 Tf 0.0811 Tc (e) Tj -41.25 0 TD -0.3515 Tc (a) Tj -45.75 0 TD -0.2761 Tc (b) Tj -26.25 0 TD (b) Tj 127.5 -17.25 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj -188.25 -11.25 TD ( ) Tj 0 -24 TD /F0 12 Tf -0.1632 Tc 0.1632 Tw (where ) Tj 41.25 2.25 TD /F2 8 Tf 0.026 Tc 0 Tw (it) Tj -5.25 3 TD /F2 10 Tf 0.25 Tc (S) Tj 12.75 -5.25 TD /F0 12 Tf -0.0936 Tc 1.6513 Tw ( is the average savings rate of country i over the time period t) Tj 308.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0885 Tc 0.0885 Tw (t+5, ) Tj 38.25 3.75 TD /F2 7.875 Tf 0.0608 Tc 0 Tw (i) Tj -2.25 0 TD /F0 7.875 Tf 0.2813 Tc (,) Tj -3.75 0 TD -0.1875 Tc (0) Tj -6.75 2.25 TD /F8 9.8437 Tf -0.1542 Tc (b) Tj 16.5 -6 TD /F0 12 Tf -0.194 Tc 1.444 Tw ( is a ) Tj -403.5 -18 TD 0.068 Tc 2.182 Tw (series of country) Tj 84 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0814 Tc 1.8314 Tw (specific fixed effects, ) Tj 120.75 2.25 TD /F2 8 Tf 0.026 Tc 0 Tw (it) Tj -6 3 TD /F2 10 Tf 0.25 Tc (g) Tj 12.75 -5.25 TD /F0 12 Tf -0.0685 Tc 2.2435 Tw ( is the growth rate of GDP per capita of ) Tj -216 -19.5 TD 0.084 Tc 1.666 Tw (country i over the time period t) Tj 159.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.178 Tc 1.322 Tw (t+5, an) Tj 34.5 0 TD 0 Tc 0 Tw (d ) Tj 26.25 4.5 TD /F2 8.1176 Tf -0.0067 Tc (it) Tj -4.5 0 TD (j) Tj -9 2.25 TD /F2 10.1471 Tf -0.0181 Tc (C) Tj 11.25 -2.25 TD /F0 8.1176 Tf 0.2206 Tc (,) Tj 9 -4.5 TD /F0 12 Tf 0.0242 Tc 1.5508 Tw ( is the fraction of cohort j of the total ) Tj -231.75 -13.5 TD -0.0635 Tc 0.4385 Tw (population in country i at time t. In total, we have seventeen 5) Tj 298.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0688 Tc 0.3188 Tw (year cohorts, namely 0) Tj 108.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0 Tc (5, ) Tj -416.25 -14.25 TD (5) Tj 6 0 TD -0.246 Tc (-) Tj 4.5 0 TD 0 Tc 3 Tw (10, 10) Tj 33 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0833 Tc 3.0833 Tw (15, ..., 75) Tj 50.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0351 Tc 3.0351 Tw (80 and 80 and above. Multi) Tj 144.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0249 Tc 3.0249 Tw (collinearity among the cohort) Tj 150 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.0225 Tc 0.7275 Tw (size ) Tj -406.5 -13.5 TD 0.0664 Tc 2.1836 Tw (variables compl) Tj 78.75 0 TD 0.0153 Tc 2.2347 Tw (icates the estimation of this equation. We therefore follow Fair and ) Tj -78.75 -19.5 TD 0.014 Tc 0.286 Tw (Dominguez in putting more structure on the estimated effects sizes ) Tj 337.5 4.5 TD /F2 8.1176 Tf -0.0067 Tc 0 Tw (j) Tj -9 2.25 TD /F8 10.1471 Tf 0.3472 Tc (a) Tj 14.25 -6.75 TD /F0 12 Tf 0.012 Tc -0.012 Tw (. The polynomial ) Tj -342.75 -13.5 TD -0.1455 Tc 0.8955 Tw (constraint that we impose is) Tj 133.5 0 TD 0 Tc 0 Tw ( ) Tj -133.5 -18.75 TD /F0 9.75 Tf -0.1875 Tw ( ) Tj 0 -21.75 TD -0.102 Tc 0 Tw (\(A2\)) Tj 18.75 0 TD 0 Tc -0.1875 Tw ( ) Tj 132 11.25 TD /F0 8.1 Tf -0.3 Tc 0 Tw (3) Tj -10.5 -6.75 TD (3) Tj -19.5 6.75 TD (2) Tj -11.25 -6.75 TD (2) Tj -24 0 TD (1) Tj -19.5 0 TD (0) Tj 81 2.25 TD /F2 10.125 Tf 0.1852 Tc (j) Tj -30.75 0 TD (j) Tj -24.75 0 TD (j) Tj -45.75 -2.25 TD /F2 8.1 Tf -0.0018 Tc (j) Tj 88.5 2.25 TD /F8 10.125 Tf 0.3386 Tc (g) Tj -30.75 0 TD (g) Tj -23.25 0 TD (g) Tj -20.25 0 TD (g) Tj -23.25 0 TD 0.3611 Tc (a) Tj 90.75 0 TD /F1 10.125 Tf -0.3086 Tc (+) Tj -30.75 0 TD (+) Tj -23.25 0 TD (+) Tj -21 0 TD (=) Tj 104.25 -6.75 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj -156.75 -12 TD ( ) Tj 0 -18.75 TD /F0 12 Tf -0.1045 Tc 0.7045 Tw (Furthermore, we impose the restriction that) Tj 207 0 TD 0 Tc 0 Tw ( ) Tj -207 -18 TD /F0 9.75 Tf -0.1875 Tw ( ) Tj 0 -40.5 TD -0.102 Tc 0 Tw (\(A3\)) Tj 18.75 0 TD 0 Tc -0.1875 Tw ( ) Tj 18.75 13.5 TD /F1 18.1184 Tf -0.1684 Tc 0 Tw (\345) Tj 5.25 -9.75 TD /F1 8.0526 Tf 0.0791 Tc (=) Tj 24 13.5 TD /F1 10.0658 Tf -0.2761 Tc (=) Tj -27 12 TD /F0 8.0526 Tf 0.4737 Tc (17) Tj 6.75 -25.5 TD -0.2763 Tc (1) Tj 28.5 13.5 TD /F0 10.0658 Tf 0.2171 Tc (0) Tj -35.25 -13.5 TD /F2 8.0526 Tf 0.0114 Tc (j) Tj 20.25 10.5 TD (j) Tj -9 3 TD /F8 10.0658 Tf -0.3515 Tc (a) Tj 30.75 -17.25 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj -81.75 -11.25 TD ( ) Tj 0 -19.5 TD /F0 12 Tf -0.037 Tc 0.287 Tw (This implies that the average a over an individual\222s life time is equal to zero and that the ) Tj 0 -13.5 TD -0.0989 Tc 1.1374 Tw (a\222s for specific periods in life can be seen as deviations from the life) Tj 335.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0745 Tc 0.4495 Tw (time average. ) Tj 68.25 0 TD 0.297 Tc 0.453 Tw (We ) Tj -408 -13.5 TD -0.0328 Tc 0.2828 Tw (can then derive that) Tj 93.75 0 TD 0 Tc 0 Tw ( ) Tj -93.75 -18.75 TD /F0 9.75 Tf -0.1875 Tw ( 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-49.5 0 TD (j) Tj -43.5 0 TD (j) Tj 62.25 6.75 TD /F8 10.0658 Tf 0.363 Tc (g) Tj -49.5 0 TD (g) Tj -42 0 TD (g) Tj -29.25 -6.75 TD (g) Tj 162.75 -17.25 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj ET endstream endobj 760 0 obj 8466 endobj 761 0 obj << /Type /Font /Subtype /TrueType /Name /F8 /BaseFont /Symbol,Italic /FirstChar 30 /LastChar 255 /Widths [ 600 600 250 333 713 500 549 833 778 439 333 333 500 549 250 549 250 278 500 500 500 500 500 500 500 500 500 500 278 278 549 549 549 444 549 722 667 722 612 611 763 603 722 333 631 722 686 889 722 722 768 741 556 592 611 690 439 768 645 795 611 333 863 333 658 500 500 631 549 549 494 439 521 411 603 329 603 549 549 576 521 549 549 521 549 603 439 576 713 686 493 686 494 480 200 480 549 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 620 247 549 167 713 500 753 753 753 753 1042 987 603 987 603 400 549 411 549 549 713 494 460 549 549 549 549 1000 603 1000 658 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-38.25 -6 TD /F1 10 Tf -0.24 Tc (-) Tj -48.75 0 TD (=) Tj 9.75 12 TD /F0 8 Tf 0.5 Tc (17) Tj 6.75 -25.5 TD -0.25 Tc (1) Tj 42 44.25 TD 0.5 Tc (17) Tj 6.75 -24.75 TD -0.25 Tc (1) Tj 18.75 24.75 TD 0.5 Tc (17) Tj 6.75 -24.75 TD -0.25 Tc (1) Tj 17.25 10.5 TD 0.25 Tc (,) Tj -69.75 -19.5 TD (,) Tj -49.5 0 TD (,) Tj -3 0 TD -0.25 Tc (1) Tj 95.25 -5.25 TD /F0 10 Tf -0.5 Tc (17) Tj -3 27 TD -0.25 Tc (.) Tj -68.25 -32.25 TD /F2 8 Tf 0.026 Tc (j) Tj 48.75 19.5 TD (j) Tj 25.5 0 TD (j) Tj 25.5 10.5 TD (it) Tj -4.5 0 TD (j) Tj -64.5 -19.5 TD (it) Tj -5.25 0 TD (j) Tj -44.25 0 TD (it) Tj 105 21.75 TD /F2 10 Tf 0.08 Tc (C) Tj -23.25 0 TD 0.22 Tc (j) Tj -48.75 -18.75 TD -0.6 Tc (jC) Tj -44.25 0 TD -0.31 Tc (Z) Tj 139.5 -17.25 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj -177.75 -11.25 TD ( ) Tj 0 -60 TD ( ) Tj ET 207 534 m 274.5 534 l S BT 152.25 528 TD /F1 18 Tf -0.084 Tc 0 Tw (\345) Tj 55.5 19.5 TD (\345) Tj 32.25 0 TD (\345) Tj -82.5 -29.25 TD /F1 8 Tf 0.108 Tc (=) Tj 54.75 19.5 TD (=) Tj 32.25 0 TD (=) Tj -45 -6 TD /F1 10 Tf -0.24 Tc (-) Tj -54.75 0 TD (=) Tj 9.75 12 TD /F0 8 Tf 0.5 Tc (17) Tj 6.75 -25.5 TD -0.25 Tc (1) Tj 48 44.25 TD 0.5 Tc (17) Tj 6.75 -24.75 TD -0.25 Tc (1) Tj 25.5 24.75 TD 0.5 Tc (17) Tj 6.75 -24.75 TD -0.25 Tc (1) Tj 17.25 10.5 TD 0.25 Tc (,) Tj -37.5 6.75 TD -0.25 Tc (2) Tj -39 -26.25 TD 0.25 Tc (,) Tj -15.75 7.5 TD -0.25 Tc (2) Tj -39.75 -7.5 TD 0.25 Tc (,) Tj -3.75 0 TD -0.25 Tc (2) Tj 105.75 -5.25 TD /F0 10 Tf -0.5 Tc (17) Tj 0 27 TD -0.25 Tc (.) Tj -81 -32.25 TD /F2 8 Tf 0.026 Tc (j) Tj 54.75 19.5 TD (j) Tj 32.25 0 TD (j) Tj 25.5 10.5 TD (it) Tj -4.5 0 TD (j) Tj -71.25 -19.5 TD (it) Tj -4.5 0 TD (j) Tj -51 0 TD (it) Tj 117.75 21.75 TD /F2 10 Tf 0.08 Tc (C) Tj -30 0 TD 0.22 Tc (j) Tj -45.75 -18.75 TD 0.08 Tc (C) Tj -9 0 TD 0.22 Tc (j) Tj -45.75 0 TD -0.31 Tc (Z) Tj 153.75 -17.25 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj -192 -9 TD ( ) Tj 0 -11.25 TD ( ) Tj 0 -59.25 TD ( ) Tj ET 206.25 454.5 m 273 454.5 l S BT 152.25 448.5 TD /F1 18 Tf -0.084 Tc 0 Tw (\345) Tj 54.75 19.5 TD (\345) Tj 31.5 0 TD (\345) Tj -81.75 -29.25 TD /F1 8 Tf 0.108 Tc (=) Tj 54.75 19.5 TD (=) Tj 31.5 0 TD (=) Tj -44.25 -6 TD /F1 10 Tf -0.24 Tc (-) Tj -54.75 0 TD (=) Tj 9.75 12 TD /F0 8 Tf 0.5 Tc (17) Tj 6.75 -25.5 TD -0.25 Tc (1) Tj 48 44.25 TD 0.5 Tc (17) Tj 6.75 -24.75 TD -0.25 Tc (1) Tj 24.75 24.75 TD 0.5 Tc (17) Tj 7.5 -24.75 TD -0.25 Tc (1) Tj 16.5 10.5 TD 0.25 Tc (,) Tj -36.75 6.75 TD -0.25 Tc (3) Tj -39 -26.25 TD 0.25 Tc (,) Tj -15.75 7.5 TD -0.25 Tc (3) Tj -39.75 -7.5 TD 0.25 Tc (,) Tj -3.75 0 TD -0.25 Tc (3) Tj 105 -5.25 TD /F0 10 Tf -0.5 Tc (17) Tj 0 27 TD -0.25 Tc (.) Tj -80.25 -32.25 TD /F2 8 Tf 0.026 Tc (j) Tj 54.75 19.5 TD (j) Tj 32.25 0 TD (j) Tj 25.5 10.5 TD (it) Tj -4.5 0 TD (j) Tj -71.25 -19.5 TD (it) Tj -5.25 0 TD (j) Tj -50.25 0 TD (it) Tj 117.75 21.75 TD /F2 10 Tf 0.08 Tc (C) Tj -30 0 TD 0.22 Tc (j) Tj -45.75 -18.75 TD 0.08 Tc (C) Tj -9 0 TD 0.22 Tc (j) Tj -45 0 TD -0.31 Tc (Z) Tj 153 -17.25 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj -191.25 -9 TD ( ) Tj 0 -23.25 TD /F0 12 Tf -0.081 Tc 1.656 Tw (Our estimation yields estimates for the country specific fixed effects, ) Tj 354.75 2.25 TD /F0 8 Tf -0.25 Tc 0 Tw (1) Tj -6 3 TD /F8 10 Tf -0.24 Tc (b) Tj 12 -5.25 TD /F0 12 Tf 0 Tc (, ) Tj 14.25 2.25 TD /F0 8 Tf -0.25 Tc (1) Tj -5.25 3 TD /F8 10 Tf -0.36 Tc (g) Tj 10.5 -5.25 TD /F0 12 Tf 0 Tc (, ) Tj 14.25 2.25 TD /F0 8 Tf -0.25 Tc (2) Tj -6 3 TD /F8 10 Tf -0.36 Tc (g) Tj 12.75 -5.25 TD /F0 12 Tf -0.207 Tc 0.957 Tw (, and ) Tj -394.5 -15 TD /F0 8 Tf -0.25 Tc 0 Tw (3) Tj -5.25 3 TD /F8 10 Tf -0.36 Tc (g) Tj 11.25 -5.25 TD /F0 12 Tf -0.0453 Tc 1.2953 Tw (. Using equation \(4\), we obtain the value of ) Tj 231.75 2.25 TD /F0 8 Tf -0.25 Tc 0 Tw (0) Tj -6 3 TD /F8 10 Tf -0.36 Tc (g) Tj 11.25 -5.25 TD /F0 12 Tf -0.001 Tc 1.876 Tw (. Finally, usi) Tj 63 0 TD -0.375 Tc -0.375 Tw (ng ) Tj 24 2.25 TD /F0 8 Tf -0.25 Tc 0 Tw (0) Tj -6 3 TD /F8 10 Tf -0.36 Tc (g) Tj 11.25 -5.25 TD /F0 12 Tf 0 Tc (, ) Tj 14.25 2.25 TD /F0 8 Tf -0.25 Tc (1) Tj -5.25 3 TD /F8 10 Tf -0.36 Tc (g) Tj 10.5 -5.25 TD /F0 12 Tf 0 Tc (, ) Tj 15 2.25 TD /F0 8 Tf -0.25 Tc (2) Tj -6 3 TD /F8 10 Tf -0.36 Tc (g) Tj 12.75 -5.25 TD /F0 12 Tf 0 Tc (, ) Tj 14.25 2.25 TD /F0 8 Tf -0.25 Tc (3) Tj -5.25 3 TD /F8 10 Tf -0.36 Tc (g) Tj 11.25 -5.25 TD /F0 12 Tf -0.026 Tc 1.151 Tw ( and ) Tj -403.5 -14.25 TD -0.0935 Tc 2.0935 Tw (equation \(A3\), the cohort) Tj 125.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.0238 Tc 1.3096 Tw (specific effects on savings are derived. The contribution of ) Tj -129.75 -13.5 TD -0.0354 Tc 0.1854 Tw (ageing to \(variation in\) savings can then simply be determined ) Tj 302.25 0 TD -0.072 Tc 0.822 Tw (by using) Tj 40.5 0 TD 0 Tc 0 Tw ( ) Tj -342.75 -18.75 TD /F0 9.75 Tf -0.1875 Tw ( ) Tj 0 -39.75 TD -0.102 Tc 0 Tw (\(A7\)) Tj 18.75 0 TD 0 Tc -0.1875 Tw ( ) Tj 114.75 13.5 TD /F1 18.1184 Tf -0.1684 Tc 0 Tw (\345) Tj -54 0 TD (\345) Tj 58.5 -9.75 TD /F1 8.0526 Tf 0.0791 Tc (=) Tj -54 0 TD (=) Tj 134.25 13.5 TD /F1 10.0658 Tf -0.2761 Tc (+) Tj -30.75 0 TD (+) Tj -23.25 0 TD (+) Tj -36.75 0 TD (=) Tj -56.25 0 TD (=) Tj 63.75 12 TD /F0 8.0526 Tf 0.4737 Tc (17) Tj 7.5 -25.5 TD -0.2763 Tc (1) Tj 119.25 10.5 TD 0.2368 Tc (,) Tj -19.5 7.5 TD -0.2763 Tc (3) Tj -10.5 -7.5 TD (3) Tj -20.25 7.5 TD (2) Tj -11.25 -7.5 TD (2) Tj -24 0 TD (1) Tj -19.5 0 TD (0) Tj -75.75 15 TD 0.4737 Tc (17) Tj 6.75 -25.5 TD -0.2763 Tc (1) Tj 29.25 10.5 TD 0.2368 Tc (,) Tj 130.5 3 TD /F0 10.0658 Tf -0.3519 Tc (\)) Tj -99.75 0 TD (\() Tj -12 -13.5 TD /F2 8.0526 Tf 0.0114 Tc (j) Tj 128.25 10.5 TD (it) Tj -4.5 0 TD (j) Tj -178.5 -10.5 TD (j) Tj 37.5 10.5 TD (it) Tj -4.5 0 TD (j) Tj -12 0 TD (j) Tj -57 7.5 TD 0.3468 Tc (ageing) Tj 205.5 -4.5 TD /F2 10.0658 Tf 0.0361 Tc (C) Tj -12.75 0 TD 0.2017 Tc (j) Tj -30.75 0 TD (j) Tj -24.75 0 TD (j) Tj -77.25 0 TD 0.0361 Tc (C) Tj -66.75 0 TD 0.2171 Tc (S) Tj 187.5 0 TD /F8 10.0658 Tf 0.363 Tc (g) Tj -31.5 0 TD (g) Tj -23.25 0 TD (g) Tj -20.25 0 TD (g) Tj -57.75 0 TD -0.3515 Tc (a) Tj 179.25 -17.25 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj -272.25 -11.25 TD ( ) Tj 0 -19.5 TD /F3 12 Tf 0.0225 Tc 0 Tw (Data) Tj 24.75 0 TD 0 Tc ( ) Tj -24.75 -19.5 TD /F0 12 Tf -0.0068 Tc 0.9068 Tw (Our data are derived from a variety of sources. Information on the age composition of ) Tj 0 -14.25 TD -0.0111 Tc 1.0611 Tw (economies is taken from the United Nations. Data on GDP per worker are taken from ) Tj 0 -13.5 TD -0.0705 Tc 3.1776 Tw (the Penn World Table \(Mark 6.1\). The growth) Tj 240 0 TD -0.0466 Tc 2.7251 Tw ( rate was constructed as an average ) Tj -240 -13.5 TD -0.0626 Tc 0.928 Tw (annual growth rate. GDP per worker is expressed in constant dollars, where conversion ) Tj 0 -14.25 TD 0 Tc 3.0576 Tw (is based on purchasing power parities. Our measure for savings is average Gross ) Tj 0 -13.5 TD -0.0926 Tc 2.1551 Tw (Domestic Savings for the five) Tj 149.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.0723 Tc 1.4277 Tw (year periods distinguish) Tj 117.75 0 TD -0.0026 Tc 1.5026 Tw (ed in the analysis and is taken ) Tj -271.5 -14.25 TD -0.0422 Tc 2.4172 Tw (from the World Bank \(World Development Indicators, 2002\). Their data have been ) Tj 0 -13.5 TD -0.1181 Tc 0.8681 Tw (aggregated to five) Tj 86.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.0753 Tc 0.544 Tw (year cohorts, neglecting the distinction between males and females.) Tj 323.25 0 TD 0 Tc 0 Tw ( ) Tj -414 -19.5 TD /F3 12 Tf -0.0875 Tc 0.8375 Tw (Regression results) Tj 93 0 TD 0 Tc 0 Tw ( ) Tj -93 -20.25 TD /F0 12 Tf -0.0358 Tc 1.2358 Tw (The regression results underlying the f) Tj 188.25 0 TD -0.101 Tc 1.1509 Tw (igures in the main text are reported in Table A1. ) Tj -188.25 -13.5 TD -0.0158 Tc 3.9533 Tw (Equations 1 and 2 use fairly aggregated cohorts reducing the problem of multi) Tj 420 0 TD -0.246 Tc 0 Tw (-) Tj -420 -14.25 TD -0.0825 Tc 2.621 Tw (collinearity among the cohort measures. These results give a first impression of the ) Tj ET endstream endobj 765 0 obj 10741 endobj 766 0 obj << /Type /Page /Parent 752 0 R /Resources << /Font << /F0 6 0 R /F1 8 0 R /F2 622 0 R >> /ProcSet 2 0 R >> /Contents 767 0 R >> endobj 767 0 obj << /Length 768 0 R >> stream BT 183 783.75 TD 0 0 0 rg /F2 9.75 Tf 0.0428 Tc 0 Tw (P) Tj 6 0 TD /F2 8.25 Tf -0.0417 Tc -0.5208 Tw (OPULATION ) Tj 47.25 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (A) Tj 5.25 0 TD /F2 8.25 Tf -0.0567 Tc -0.1308 Tw (GEING AND ) Tj 45 0 TD /F2 9.75 Tf -0.2467 Tc 0 Tw (I) Tj 3 0 TD /F2 8.25 Tf -0.1155 Tc 0.303 Tw (NTERNATIONAL ) Tj 59.25 0 TD /F2 9.75 Tf 0.2468 Tc 0 Tw (C) Tj 6.75 0 TD /F2 8.25 Tf -0.1323 Tc 0.3198 Tw (APITAL ) Tj 28.5 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (F) Tj 6 0 TD /F2 8.25 Tf -0.5102 Tc (LOWS) Tj 21 0 TD /F2 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj -119.25 -720.75 TD /F0 11.25 Tf -0.375 Tc 0 Tw (37) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -217.5 683.25 TD /F0 12 Tf -0.0363 Tc 1.7506 Tw (variation of savings over the lifetime of i) Tj 204.75 0 TD -0.1001 Tc 1.8143 Tw (ndividuals. They have been used to generate ) Tj -204.75 -14.25 TD -0.0829 Tc 0.4579 Tw (the predictions for savings in Figure ) Tj 176.25 0 TD -0.15 Tc 0.7125 Tw (5 in the main text.) Tj 87.75 5.25 TD /F0 8.25 Tf 0.375 Tc 0 Tw (19) Tj 9 -5.25 TD /F0 12 Tf 0 Tc ( ) Tj -273 -19.5 TD -0.0111 Tc 1.0611 Tw (Equations 3 and 4 use five) Tj 132 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.0342 Tc 0.8408 Tw (year cohorts, aggravating the problem of multi) Tj 229.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.0075 Tc -0.0075 Tw (collinearity ) Tj -370.5 -13.5 TD -0.0928 Tc 1.9262 Tw (and requiring estimation according to the Fair and Dominguez metho) Tj 344.25 0 TD -0.1412 Tc 1.7912 Tw (d laid out in the ) Tj -344.25 -14.25 TD -0.0227 Tc 0.9091 Tw (first part of this appendix. The evolution of savings over an individual) Tj 344.25 0 TD -0.246 Tc 0 Tw (\222) Tj 3.75 0 TD -0.0231 Tc 1.0231 Tw (s lifetime based ) Tj -348 -13.5 TD -0.098 Tc 0.4194 Tw (on these regressions is given in Figure ) Tj 186 0 TD 0 Tc 0 Tw (3) Tj 6 0 TD -0.1607 Tc 0.7232 Tw ( in the main text.) Tj 81 0 TD 0 Tc 0 Tw ( ) Tj -273 -20.25 TD -0.004 Tc 0.1915 Tw (Results are reported for both our preferred extensive sample \(covering 107 countries\) as) Tj 425.25 0 TD 0 Tc 0 Tw ( ) Tj -425.25 -13.5 TD 0.0035 Tc 1.673 Tw (well as for a restricted sample of only OECD countries to give a first feeling of the ) Tj 0 -13.5 TD 0.0242 Tc 1.4077 Tw (sensitivity of our results for sampling. More detailed sensitivity analyses considering ) Tj 0 -14.25 TD -0.0604 Tc 0.3938 Tw (both sampling as well as specification are available upon request.) Tj 313.5 0 TD 0 Tc 0 Tw ( ) Tj -313.5 -18 TD /F2 11.25 Tf 0.0831 Tc 0.8544 Tw (Table A) Tj 36 0 TD 0.375 Tc 0 Tw (1) Tj 6 0 TD 0.1875 Tc (.) Tj 3 0 TD -0.0473 Tc 0.8484 Tw ( Dependent variable is average domestic savings \(% of GDP\), pooled cross) Tj 346.5 0 TD 0.0038 Tc 0 Tw (-) Tj 3.75 0 TD -0.2673 Tc -0.2952 Tw (section ) Tj -395.25 -12.75 TD -0.0634 Tc 0.2509 Tw (analysis with ) Tj 60.75 0 TD 0.0638 Tc 0 Tw (five) Tj 16.5 0 TD 0.0038 Tc (-) Tj 3 0 TD -0.0659 Tc -0.4966 Tw (year periods, 1960) Tj 83.25 0 TD 0.0038 Tc 0 Tw (-) Tj 3 0 TD -0.1875 Tc (2000) Tj 22.5 0 TD /F0 12 Tf 0 Tc ( ) Tj -186 -19.5 TD /F0 9.75 Tf -0.1875 Tw ( ) Tj 83.25 0 TD 0.1346 Tc -0.3221 Tw (Simple approach) Tj ET q 238.5 557.25 3 11.25 re h W n BT 238.5 559.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 257.25 559.5 TD (Simple approach) Tj ET q 324.75 557.25 3 11.25 re h W n BT 324.75 559.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 354.75 559.5 TD 0.1791 Tc -0.3666 Tw (F&D approach) Tj ET q 414.75 557.25 3 11.25 re h W n BT 414.75 559.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 453.75 559.5 TD (F&D approach) Tj ET q 513.75 557.25 3 11.25 re h W n BT 513.75 559.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q 84.75 568.5 62.25 0.75 re f 147 568.5 0.75 0.75 re f 147.75 568.5 93 0.75 re f 240.75 568.5 0.75 0.75 re f 241.5 568.5 85.5 0.75 re f 327 568.5 0.75 0.75 re f 327.75 568.5 89.25 0.75 re f 417 568.5 0.75 0.75 re f 417.75 568.5 98.25 0.75 re f BT 87.75 541.5 TD 0 Tc -0.1875 Tw ( ) Tj 90 0 TD 0.1706 Tc -0.3581 Tw (\(107 countries\)) Tj ET q 238.5 539.25 3 11.25 re h W n BT 238.5 541.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 271.5 541.5 TD 0.1382 Tc -0.3257 Tw (\(OECD only\)) Tj ET q 324.75 539.25 3 11.25 re h W n BT 324.75 541.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 354 541.5 TD 0.1904 Tc -0.3779 Tw (\(107 count) Tj 43.5 0 TD 0.1348 Tc 0 Tw (ries\)) Tj ET q 414.75 539.25 3 11.25 re h W n BT 414.75 541.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 460.5 541.5 TD 0.1382 Tc -0.3257 Tw (\(OECD only\)) Tj ET q 513.75 539.25 3 11.25 re h W n BT 513.75 541.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 90 524.25 5.25 9 re h W n BT 90 526.5 TD /F2 10 Tf 0.25 Tc 0 Tw (g) Tj ET Q BT 97.5 521.25 TD 0 Tc -0.1875 Tw ( ) Tj 124.5 3 TD -0.1406 Tc 0 Tw (0.14) Tj ET q 238.5 522 3 11.25 re h W n BT 238.5 524.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 292.5 524.25 TD 0.0804 Tc (0.64***) Tj ET q 324.75 522 3 11.25 re h W n BT 324.75 524.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 393 524.25 TD -0.1875 Tc (0.20*) Tj ET q 414.75 522 3 11.25 re h W n BT 414.75 524.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 481.5 524.25 TD 0.0804 Tc (0.65***) Tj ET q 513.75 522 3 11.25 re h W n BT 513.75 524.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 87.75 506.25 TD 0 Tc -0.1875 Tw ( ) Tj 127.5 0 TD -0.051 Tc 0 Tw (\(1.34\)) Tj ET q 238.5 504 3 11.25 re h W n BT 238.5 506.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 301.5 506.25 TD (\(4.31\)) Tj ET q 324.75 504 3 11.25 re h W n BT 324.75 506.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 391.5 506.25 TD (\(1.89\)) Tj ET q 414.75 504 3 11.25 re h W n BT 414.75 506.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 490.5 506.25 TD (\(3.97\)) Tj ET q 513.75 504 3 11.25 re h W n BT 513.75 506.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 109.5 485.25 TD /F0 8 Tf 0.5 Tc (45) Tj -12.75 0 TD (25) Tj 8.25 0 TD /F1 8 Tf 0.108 Tc (-) Tj -15.75 3 TD /F2 10 Tf 0.08 Tc (C) Tj 30.75 -5.25 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj 86.25 6 TD 0.0804 Tc 0 Tw (0.57***) Tj ET q 238.5 486.75 3 11.25 re h W n BT 238.5 489 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 300 488.25 TD /F1 9.75 Tf -0.1028 Tc (-) Tj 5.25 0 TD /F0 9.75 Tf 0.2344 Tc -0.4219 Tw ( 0.09) Tj ET q 324.75 486 3 11.25 re h W n BT 324.75 488.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 414.75 486.75 3 11.25 re h W n BT 414.75 489 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 513.75 486.75 3 11.25 re h W n BT 513.75 489 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 87.75 468 TD 0 Tc -0.1875 Tw ( ) Tj 127.5 0 TD -0.051 Tc 0 Tw (\(4.52\)) Tj ET q 238.5 465.75 3 11.25 re h W n BT 238.5 468 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 293.25 467.25 TD -0.2467 Tc (\() Tj 3 0 TD /F1 9.75 Tf -0.1028 Tc (-) Tj 5.25 0 TD /F0 9.75 Tf 0.1382 Tc 0.4244 Tw ( 0.67\)) Tj ET q 324.75 465 3 11.25 re h W n BT 324.75 467.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 414.75 465.75 3 11.25 re h W n BT 414.75 468 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 513.75 465.75 3 11.25 re h W n BT 513.75 468 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 109.5 445.5 TD /F0 8 Tf 0.5 Tc 0 Tw (65) Tj -12.75 0 TD (45) Tj 8.25 0 TD /F1 8 Tf 0.108 Tc (-) Tj -15.75 3 TD /F2 10 Tf 0.08 Tc (C) Tj 30.75 -5.25 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj 86.25 6 TD 0.0804 Tc 0 Tw (0.84***) Tj ET q 238.5 447 3 11.25 re h W n BT 238.5 449.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 308.25 449.25 TD -0.1406 Tc (0.06) Tj ET q 324.75 447 3 11.25 re h W n BT 324.75 449.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 414.75 447 3 11.25 re h W n BT 414.75 449.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 513.75 447 3 11.25 re h W n BT 513.75 449.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 87.75 428.25 TD 0 Tc -0.1875 Tw ( ) Tj 127.5 0 TD -0.051 Tc 0 Tw (\(3.82\)) Tj ET q 238.5 426 3 11.25 re h W n BT 238.5 428.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 301.5 428.25 TD (\(0.31\)) Tj ET q 324.75 426 3 11.25 re h W n BT 324.75 428.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 414.75 426 3 11.25 re h W n BT 414.75 428.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 513.75 426 3 11.25 re h W n BT 513.75 428.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 101.25 407.25 TD /F0 8 Tf 0.5 Tc (65) Tj -4.5 0 TD /F1 8 Tf 0.108 Tc (>) Tj -7.5 3 TD /F2 10 Tf 0.08 Tc (C) Tj 22.5 -5.25 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj 86.25 5.25 TD /F1 9.75 Tf -0.1028 Tc 0 Tw (-) Tj 5.25 0 TD /F0 9.75 Tf 0.1875 Tc -0.375 Tw ( 0.79***) Tj ET q 238.5 408 3 11.25 re h W n BT 238.5 410.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 284.25 410.25 TD /F1 9.75 Tf -0.1028 Tc 0 Tw (-) Tj 5.25 0 TD /F0 9.75 Tf 0.1875 Tc -0.375 Tw ( 0.55***) Tj ET q 324.75 408 3 11.25 re h W n BT 324.75 410.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 414.75 408.75 3 11.25 re h W n BT 414.75 411 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 513.75 408.75 3 11.25 re h W n BT 513.75 411 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 87.75 390 TD 0 Tc -0.1875 Tw ( ) Tj 119.25 -0.75 TD -0.2467 Tc 0 Tw (\() Tj 3 0 TD /F1 9.75 Tf -0.1028 Tc (-) Tj 5.25 0 TD /F0 9.75 Tf 0.1382 Tc 0.4244 Tw ( 3.38\)) Tj ET q 238.5 387 3 11.25 re h W n BT 238.5 389.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 293.25 389.25 TD -0.2467 Tc 0 Tw (\() Tj 3 0 TD /F1 9.75 Tf -0.1028 Tc (-) Tj 5.25 0 TD /F0 9.75 Tf 0.1382 Tc 0.4244 Tw ( 3.28\)) Tj ET q 324.75 387 3 11.25 re h W n BT 324.75 389.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 414.75 387.75 3 11.25 re h W n BT 414.75 390 TD 0 Tc -0.1875 Tw ( ) Tj ET Q q 513.75 387.75 3 11.25 re h W n BT 513.75 390 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 95.25 368.25 TD /F0 8 Tf -0.25 Tc 0 Tw (1) Tj -5.25 3 TD /F2 10 Tf -0.31 Tc (Z) Tj 10.5 -5.25 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj ET q 238.5 369.75 3 11.25 re h W n BT 238.5 372 TD ( ) Tj ET Q q 324.75 369.75 3 11.25 re h W n BT 324.75 372 TD ( ) Tj ET Q BT 382.5 372 TD 0.0804 Tc 0 Tw (0.39***) Tj ET q 414.75 369.75 3 11.25 re h W n BT 414.75 372 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 468 371.25 TD /F1 9.75 Tf -0.1028 Tc (-) Tj 5.25 0 TD /F0 9.75 Tf 0.2109 Tc -0.3984 Tw ( 0.270***) Tj ET q 513.75 369 3 11.25 re h W n BT 513.75 371.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 87.75 351 TD 0 Tc -0.1875 Tw ( ) Tj ET q 238.5 348.75 3 11.25 re h W n BT 238.5 351 TD ( ) Tj ET Q q 324.75 348.75 3 11.25 re h W n BT 324.75 351 TD ( ) Tj ET Q BT 391.5 351 TD -0.051 Tc 0 Tw (\(2.69\)) Tj ET q 414.75 348.75 3 11.25 re h W n BT 414.75 351 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 482.25 350.25 TD -0.2467 Tc (\() Tj 3 0 TD /F1 9.75 Tf -0.1028 Tc (-) Tj 5.25 0 TD /F0 9.75 Tf 0.1382 Tc 0.4244 Tw ( 2.19\)) Tj ET q 513.75 348 3 11.25 re h W n BT 513.75 350.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 96.75 328.5 TD /F0 8 Tf -0.25 Tc 0 Tw (2) Tj -6.75 3 TD /F2 10 Tf -0.31 Tc (Z) Tj 12.75 -5.25 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj ET q 238.5 330 3 11.25 re h W n BT 238.5 332.25 TD ( ) Tj ET Q q 324.75 330 3 11.25 re h W n BT 324.75 332.25 TD ( ) Tj ET Q BT 380.25 331.5 TD /F1 9.75 Tf -0.1028 Tc 0 Tw (-) Tj 5.25 0 TD /F0 9.75 Tf 0.0313 Tc -0.2188 Tw ( 0.0249) Tj ET q 414.75 329.25 3 11.25 re h W n BT 414.75 331.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 463.5 331.5 TD /F1 9.75 Tf -0.1028 Tc 0 Tw (-) Tj 5.25 0 TD /F0 9.75 Tf 0.1458 Tc -0.3333 Tw ( 0.0434***) Tj ET q 513.75 329.25 3 11.25 re h W n BT 513.75 331.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 87.75 311.25 TD 0 Tc -0.1875 Tw ( ) Tj ET q 238.5 309 3 11.25 re h W n BT 238.5 311.25 TD ( ) Tj ET Q q 324.75 309 3 11.25 re h W n BT 324.75 311.25 TD ( ) Tj ET Q BT 383.25 310.5 TD -0.2467 Tc 0 Tw (\() Tj 3 0 TD /F1 9.75 Tf -0.1028 Tc (-) Tj 5.25 0 TD /F0 9.75 Tf 0.1382 Tc 0.4244 Tw ( 1.16\)) Tj ET q 414.75 308.25 3 11.25 re h W n BT 414.75 310.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 490.5 311.25 TD -0.051 Tc 0 Tw (\(2.90\)) Tj ET q 513.75 309 3 11.25 re h W n BT 513.75 311.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 96.75 289.5 TD /F0 8 Tf -0.25 Tc (3) Tj -6.75 3 TD /F2 10 Tf -0.31 Tc (Z) Tj 12 -5.25 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj ET q 238.5 291 3 11.25 re h W n BT 238.5 293.25 TD ( ) Tj ET Q q 324.75 291 3 11.25 re h W n BT 324.75 293.25 TD ( ) Tj ET Q BT 375.75 293.25 TD -0.2467 Tc 0 Tw (-) Tj 3 0 TD 0.1773 Tc (5.8\32710) Tj 27.75 0 TD -0.2467 Tc (-) Tj 3.75 0 TD 0.375 Tc (5) Tj ET q 414.75 291 3 11.25 re h W n BT 414.75 293.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 463.5 292.5 TD /F1 9.75 Tf -0.1028 Tc (-) Tj 5.25 0 TD /F0 9.75 Tf 0.1458 Tc -0.3333 Tw ( 0.0019***) Tj ET q 513.75 290.25 3 11.25 re h W n BT 513.75 292.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 87.75 272.25 TD 0 Tc -0.1875 Tw ( ) Tj ET q 238.5 270 3 11.25 re h W n BT 238.5 272.25 TD ( ) Tj ET Q q 324.75 270 3 11.25 re h W n BT 324.75 272.25 TD ( ) Tj ET Q BT 383.25 271.5 TD -0.2467 Tc 0 Tw (\() Tj 3 0 TD /F1 9.75 Tf -0.1028 Tc (-) Tj 5.25 0 TD /F0 9.75 Tf 0.1382 Tc 0.4244 Tw ( 0.07\)) Tj ET q 414.75 269.25 3 11.25 re h W n BT 414.75 271.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 482.25 271.5 TD -0.2467 Tc 0 Tw (\() Tj 3 0 TD /F1 9.75 Tf -0.1028 Tc (-) Tj 5.25 0 TD /F0 9.75 Tf 0.1382 Tc 0.4244 Tw ( 3.26\)) Tj ET q 513.75 269.25 3 11.25 re h W n BT 513.75 271.5 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 108 255.75 TD /F0 8.1 Tf -0.3 Tc 0 Tw (2) Tj -11.25 -7.5 TD /F2 8.1 Tf 0.5494 Tc (adj) Tj -6.75 2.25 TD /F2 10.125 Tf -0.1864 Tc (R) Tj 24 -6.75 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj 108 10.5 TD -0.1406 Tc 0 Tw (0.77) Tj ET q 238.5 252 3 11.25 re h W n BT 238.5 254.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 308.25 254.25 TD (0.64) Tj ET q 324.75 252 3 11.25 re h W n BT 324.75 254.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 398.25 254.25 TD (0.78) Tj ET q 414.75 252 3 11.25 re h W n BT 414.75 254.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 497.25 254.25 TD (0.65) Tj ET q 513.75 252 3 11.25 re h W n BT 513.75 254.25 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 87.75 228.75 TD -0.2895 Tc (N) Tj 6.75 0 TD 0 Tc -0.1875 Tw ( ) Tj 129.75 0 TD 0.125 Tc 0 Tw (608) Tj ET q 238.5 226.5 3 11.25 re h W n BT 238.5 228.75 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 310.5 228.75 TD (153) Tj ET q 324.75 226.5 3 11.25 re h W n BT 324.75 228.75 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 400.5 228.75 TD (608) Tj ET q 414.75 226.5 3 11.25 re h W n BT 414.75 228.75 TD 0 Tc -0.1875 Tw ( ) Tj ET Q BT 499.5 228.75 TD (153) Tj ET q 513.75 226.5 3 11.25 re h W n BT 513.75 228.75 TD 0 Tc -0.1875 Tw ( ) Tj ET Q 84 219.75 63.75 0.75 re f 147 219.75 0.75 0.75 re f 147.75 219.75 93.75 0.75 re f 240.75 219.75 0.75 0.75 re f 241.5 219.75 86.25 0.75 re f 327 219.75 0.75 0.75 re f 327.75 219.75 90 0.75 re f 417 219.75 0.75 0.75 re f 417.75 219.75 99 0.75 re f BT 84.75 210.75 TD /F2 11.25 Tf 0.1005 Tc (Note:) Tj 25.5 0 TD /F0 11.25 Tf -0.0584 Tc 0.2459 Tw ( All equations are estimated using country) Tj 187.5 0 TD 0.0038 Tc 0 Tw (-) Tj 3.75 0 TD -0.0712 Tc 0.2587 Tw (specific fixed effects. White heteroskedasticity ) Tj -216.75 -12.75 TD -0.0798 Tc 1.0173 Tw (consistent t) Tj 50.25 0 TD 0.0038 Tc 0 Tw (-) Tj 3.75 0 TD -0.0695 Tc 1.007 Tw (statistics have been reported in parentheses. *, ** and *** means significance at, ) Tj -54 -13.5 TD -0.1115 Tc 0.299 Tw (respectively 10,) Tj 69 0 TD -0.2694 Tc 0.4569 Tw ( 5 and 1%) Tj 45 0 TD /F0 12 Tf 0 Tc 0 Tw (.) Tj 3 0 TD ( ) Tj -117 -20.25 TD /F0 9.75 Tf -0.1875 Tw ( ) Tj 67.5 0 TD ( ) Tj 67.5 0 TD ( ) Tj ET 84.75 165.75 144 0.75 re f BT 228.75 164.25 TD ( ) Tj -144 -24.75 TD /F0 6.75 Tf 0.375 Tc 0 Tw (19) Tj 7.5 -4.5 TD /F0 9.75 Tf 0.1767 Tc 0.3858 Tw ( The reason for using this specification for predicting savings for the period up to 2050 instead of t) Tj 409.5 0 TD -0.477 Tc -0.4605 Tw (he ) Tj -417 -12 TD 0.1798 Tc 0.4509 Tw (Fair and Dominguez specification is related to the fact that the out) Tj 275.25 0 TD -0.2467 Tc 0 Tw (-) Tj 3 0 TD 0.4391 Tc (of) Tj 8.25 0 TD -0.2467 Tc (-) Tj 3 0 TD 0.1321 Tc 0.5554 Tw (sample behaviour of the Fair and ) Tj -289.5 -11.25 TD 0.1117 Tc 0.4977 Tw (Dominguez specification is less realistic than for the simple specification using cohorts. This is likely to ) Tj 0 -11.25 TD 0.108 Tc 1.2045 Tw (be related to the imposed functional fo) Tj 162.75 0 TD 0.1134 Tc 1.1157 Tw (rm in the Fair and Dominguez specification. More specifically, ) Tj -162.75 -12 TD 0.0874 Tc 1.9282 Tw (savings rates are projected to become negative for rapidly ageing countries in the course of the 21) Tj 420.75 4.5 TD /F0 6.75 Tf 0.3739 Tc 0 Tw (st) Tj 4.5 -4.5 TD /F0 9.75 Tf 0 Tc -0.1875 Tw ( ) Tj -425.25 -11.25 TD 0.1603 Tc -0.3478 Tw (century when using the Fair and Dominguez specifications.) Tj 237.75 0 TD 0 Tc -0.1875 Tw ( ) Tj ET endstream endobj 768 0 obj 16925 endobj 769 0 obj << /Type /Page /Parent 752 0 R /Resources << /Font << /F0 6 0 R /F2 622 0 R /F8 761 0 R >> /ProcSet 2 0 R >> /Contents 770 0 R >> endobj 770 0 obj << /Length 771 0 R >> stream BT 249.75 783.75 TD 0 0 0 rg /F2 9.75 Tf 0.2468 Tc 0 Tw (C) Tj 6.75 0 TD /F2 8.25 Tf -0.068 Tc (ANTON) Tj 26.25 0 TD /F2 9.75 Tf -0.1875 Tc (,) Tj 2.25 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf 0.0428 Tc 0 Tw (E) Tj 6 0 TD /F2 8.25 Tf -0.1963 Tc -0.3662 Tw (WIJK ) Tj 20.25 0 TD /F2 9.75 Tf -0.0855 Tc 0 Tw (&) Tj 7.5 0 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD /F2 9.75 Tf -0.171 Tc 0 Tw (T) Tj 5.25 0 TD /F2 8.25 Tf 0 Tc (ANG) Tj 16.5 0 TD /F2 9.75 Tf -0.1875 Tw ( ) Tj -53.25 -733.5 TD /F0 11.25 Tf -0.375 Tc 0 Tw (38) Tj 10.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -217.5 692.25 TD /F0 12 Tf -0.0618 Tc 1.5618 Tw (From the third regression specification, ) Tj 207 2.25 TD /F0 8 Tf -0.25 Tc 0 Tw (0) Tj -6 3 TD /F8 10 Tf -0.36 Tc (g) Tj 11.25 -5.25 TD /F0 12 Tf -0.0555 Tc 1.2555 Tw ( is straightforwardly derived as ) Tj 158.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.046 Tc 1.079 Tw (0.81. This ) Tj -375 -14.25 TD -0.0282 Tc 2.3532 Tw (results in a pattern of a\222s as depicted in Figure ) Tj 249 0 TD 0 Tc 0 Tw (4) Tj 6 0 TD -0.0987 Tc 2.7237 Tw ( in the main text. This pattern is ) Tj -255 -13.5 TD -0.0556 Tc 2.4931 Tw (generally found for a wide range of different spec) Tj 256.5 0 TD -0.0474 Tc 2.2974 Tw (ifications. We have, for example, ) Tj -256.5 -14.25 TD -0.0689 Tc 2.4261 Tw (included the real interest rate as an explanatory variable, measures of the degree of ) Tj 0 -13.5 TD -0.0754 Tc 2.3254 Tw (development of financial markets, etc., but the general picture that emerges tends to ) Tj T* -0.0974 Tc 2.1974 Tw (prevail. It has to be noted that this pattern is f) Tj 231.75 0 TD -0.0159 Tc 1.5159 Tw (airly consistent with other econometric ) Tj -231.75 -14.25 TD -0.0299 Tc 0.2799 Tw (analyses where the relationship between ageing and savings have been estimated. Figure ) Tj 0 -13.5 TD 0 Tc 0 Tw (5) Tj 6 0 TD -0.1265 Tc 1.2098 Tw ( is based on the first specification in Table A1. Again, this pattern is found for a wide ) Tj -6 -14.25 TD 0.0284 Tc 2.2216 Tw (range of alternative specifications. I) Tj 180.75 0 TD -0.1111 Tc 2.4974 Tw (t is to be noted, though, that using the Fair and ) Tj -180.75 -13.5 TD -0.0248 Tc 0.7748 Tw (Dominguez specifications yields extreme savings rates for several countries after 2030. ) Tj 0 -13.5 TD -0.0671 Tc 1.2671 Tw (This is likely to be caused by the imposed functional form, resulting in relatively poor ) Tj 0 -14.25 TD -0.612 Tc 0 Tw (out) Tj 14.25 0 TD -0.246 Tc (-) Tj 4.5 0 TD 0.627 Tc (of) Tj 9.75 0 TD -0.246 Tc (-) Tj 4.5 0 TD -0.0028 Tc 0.0028 Tw (sample behaviour \(see ) Tj 110.25 0 TD -0.069 Tc 0.444 Tw (also footnote ) Tj 66 0 TD -0.11 Tc 0.11 Tw (number ) Tj 39 0 TD -0.0615 Tc 0 Tw (19\).) 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