This paper explores the international spillover effects of ageing through capital markets when countries have different pension systems. We use a two-country two-period overlapping-generations model, where the two countries only differ in their pension schemes. Two forms of population ageing are considered, namely an increasein longevity and a fall in fertility. It is shown that in the long run a country using a funded pension system experiences negative spillovers from the fact that the other country uses a PAYG system. The short-run spillovers, however, are opposite to the spillovers in the long run.

Netspar, Network for Studies on Pensions, Aging and Retirement, is een denktank en kennisnetwerk. Netspar is gericht op een goed geïnformeerd pensioendebat.

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