Countries with aging populations (such as China and most members of the EU: their populations will decline by 0.75 percent per year until 2050!) usually have relatively high savings rates. Savings preferentially flow to economies with better demographic development, because capital there promises a better return. So, sooner or later, there will be high capital exports, with repercussions for exchange rates and the global current account balance. Monetary policy must take this into account. – See age dependency ratio, global macro, Japan syndrome, Methuselah syndrome, sustainability, capital flight, risk aversion, reserve depletion, shadow debt, public debt, aging, aging. – Cf. Monthly Report of the Deutsche Bundesbank, June 2001, p. 77 et seqq.
Deutsche Bundesbank of July 2002, p. 33 f., ECB Monthly Bulletin of March 2006, p. 75 ff. (budgetary burden of aging), ECB Monthly Bulletin of February 2007, p. 69, p. 73 (sustainability problems due to aging), ECB Monthly Bulletin of June 2009, p. 93 ff. Projection of government spending due to aging; overviews).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/

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