Open economies less affected by low rates due to ageing populations – IMF

IMF headquarters in Washington DC

The impact of demographic factors on interest rates diminishes in open economies, according to a working paper published by the International Monetary Fund on July 27.

In Demographics and interest rates in Asia, Serkan Arslanalp, Jaewoo Lee and Umang Rawat argue that in an economy with an open capital account, the balance between savings and investments is also determined by global factors. Therefore, demographic factors like an ageing population become less relevant for interest rates, because

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