Capital Will Not Become More Expensive as the World Ages

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dc.creatorLim, Jamus Jerome
dc.creatorBussolo, Maurizio
dc.creatorMaliszewska, Maryla
dc.creatorTimmer, Hans
dc.date2014-08-15T18:54:34Z
dc.date2014-08-15T18:54:34Z
dc.date2014-07
dc.date.accessioned2026-07-01T00:52:47Z
dc.descriptionAging of populations and convergence between developed and developing countries in per capita incomes are shaping the evolution of saving, investment, capital flows, and, in particular, the cost of capital. When considering these trends, the existing literature argues for either continued, low interest rates, or sharply rising ones. This paper presents an alternative view: modest rises in interest rates, which result from a combination of increases in the global weight of high-saving developing economies (limiting declines in global saving), and decelerations in the rate of growth in developing countries (constraining upward pressure in global investment). For the majority of countries, slowing capital demand resulting from decelerating growth, coupled with structural changes that influence its attractiveness as a destination for capital, moderate increases in interest rates. Changes in key assumptions do not alter this view. More specifically, the small rise in interest rates persists even in a scenario where growth in developing countries decelerates more slowly, or when elasticities governing the behavior of saving and investment are varied.
dc.formatapplication/pdf
dc.formattext/plain
dc.identifierhttp://documents.worldbank.org/curated/en/2014/07/19899048/capital-not-more-expensive-world-ages
dc.identifierhttps://hdl.handle.net/10986/19385
dc.identifierhttps://doi.org/10.1596/1813-9450-6989
dc.identifier.urihttp://hdl.handle.net/123456789/412361
dc.languageEnglish
dc.languageen_US
dc.publisherWorld Bank Group, Washington, DC
dc.relationPolicy Research Working Paper;No. 6989
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCELERATOR
dc.subjectACCESS TO CREDIT
dc.subjectACCOUNTING
dc.subjectAFFILIATED ORGANIZATIONS
dc.subjectAGRICULTURAL SECTOR
dc.subjectAGRICULTURE
dc.subjectBALANCE OF PAYMENTS
dc.subjectBENCHMARK
dc.subjectBIASES
dc.subjectBID
dc.subjectBORROWER
dc.subjectBUSINESS INVESTMENT
dc.subjectCAPITAL ACCUMULATION
dc.subjectCAPITAL ALLOCATION
dc.subjectCAPITAL FLOW
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL FORMATION
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL STOCK
dc.subjectCAPITAL STOCKS
dc.subjectCAPITAL THEORY
dc.subjectCHECKS
dc.subjectCOMMODITY
dc.subjectCOMMUNICATIONS TECHNOLOGY
dc.subjectCONSUMER DEMAND
dc.subjectCONSUMPTION FUNCTION
dc.subjectCONSUMPTION SMOOTHING
dc.subjectCORPORATE FINANCING
dc.subjectCORRUPTION
dc.subjectCOST OF CAPITAL
dc.subjectCOUNTRY CAPITAL
dc.subjectCOUNTRY RISK
dc.subjectCREDIT NEED
dc.subjectCROSS-BORDER CAPITAL
dc.subjectCROSS-BORDER FLOWS
dc.subjectCURRENT ACCOUNT
dc.subjectCURRENT ACCOUNT BALANCES
dc.subjectCURRENT ACCOUNT DEFICIT
dc.subjectCURRENT ACCOUNT DEFICITS
dc.subjectCURRENT ACCOUNTS
dc.subjectDEFICITS
dc.subjectDEMAND FOR CAPITAL
dc.subjectDEMOCRATIC ACCOUNTABILITY
dc.subjectDEMOGRAPHIC
dc.subjectDEMOGRAPHIC CHANGE
dc.subjectDEMOGRAPHIC CHANGES
dc.subjectDEMOGRAPHIC EFFECTS
dc.subjectDEMOGRAPHIC PROFILES
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING COUNTRY
dc.subjectDEVELOPING ECONOMIES
dc.subjectDEVELOPMENT POLICY
dc.subjectDISTRIBUTION OF WEALTH
dc.subjectDOMESTIC FINANCIAL MARKETS
dc.subjectDOMESTIC INVESTMENT
dc.subjectDOMESTIC SAVING
dc.subjectDUMMY VARIABLES
dc.subjectECONOMIC ACTIVITY
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC MODELS
dc.subjectECONOMIC OUTLOOK
dc.subjectECONOMIC POLICY
dc.subjectECONOMIC STRUCTURE
dc.subjectELASTICITY
dc.subjectELASTICITY OF SUBSTITUTION
dc.subjectENDOWMENTS
dc.subjectEQUATIONS
dc.subjectEQUILIBRIUM
dc.subjectEXCESS DEMAND
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATES
dc.subjectEXOGENOUS VARIABLES
dc.subjectEXPECTED RETURNS
dc.subjectFINANCIAL ASSETS
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectFINANCIAL GLOBALIZATION
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL INTERMEDIATION
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL OPENNESS
dc.subjectFINANCIAL PORTFOLIOS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectFINANCING OF INVESTMENT
dc.subjectFIXED INVESTMENT
dc.subjectFOREIGN ASSET
dc.subjectFOREIGN ASSET POSITION
dc.subjectFUTURE RESEARCH
dc.subjectGDP
dc.subjectGLOBAL CAPITAL
dc.subjectGLOBAL CAPITAL FLOWS
dc.subjectGLOBAL CAPITAL MARKETS
dc.subjectGLOBAL ECONOMIC PROSPECTS
dc.subjectGLOBAL ECONOMICS
dc.subjectGLOBAL ECONOMY
dc.subjectGLOBAL INVESTMENT
dc.subjectGLOBAL OUTPUT
dc.subjectGLOBAL TRADE
dc.subjectGLOBALIZATION
dc.subjectGOVERNMENT EXPENDITURES
dc.subjectGOVERNMENT SAVING
dc.subjectGROWTH RATE
dc.subjectGROWTH RATES
dc.subjectHOUSEHOLD SAVING
dc.subjectHOUSEHOLDS
dc.subjectINCOME
dc.subjectINCOME GROUP
dc.subjectINCOME GROUPS
dc.subjectINCOME GROWTH
dc.subjectINCOMES
dc.subjectINDUSTRIAL COUNTRIES
dc.subjectINFLOWS OF CAPITAL
dc.subjectINSTRUMENT
dc.subjectINSURANCE
dc.subjectINTEREST RATE
dc.subjectINTEREST RATE DIFFERENTIALS
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINTERNATIONAL CAPITAL FLOWS
dc.subjectINTERNATIONAL CAPITAL MARKETS
dc.subjectINTERNATIONAL INVESTOR
dc.subjectINTERNATIONAL TRADE
dc.subjectINVESTMENT ACTIVITY
dc.subjectINVESTMENT BEHAVIOR
dc.subjectINVESTMENT CLIMATE
dc.subjectINVESTMENT FINANCING
dc.subjectINVESTMENT FLOWS
dc.subjectINVESTMENT FUNCTION
dc.subjectINVESTMENT FUNCTIONS
dc.subjectINVESTMENT GROWTH
dc.subjectINVESTMENT NEEDS
dc.subjectINVESTMENT OPPORTUNITIES
dc.subjectINVESTMENT PATTERNS
dc.subjectINVESTMENT PROJECTS
dc.subjectINVESTMENT PURPOSES
dc.subjectINVESTMENT RATE
dc.subjectINVESTMENT RATES
dc.subjectINVESTMENT SPENDING
dc.subjectKEYNESIAN ECONOMICS
dc.subjectLABOR FORCE PARTICIPATION
dc.subjectLDCS
dc.subjectLENDER
dc.subjectLIFE CYCLE HYPOTHESIS
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY CONSTRAINTS
dc.subjectLOAN
dc.subjectLOANABLE FUNDS
dc.subjectLONG-TERM INTEREST
dc.subjectLONG-TERM INTEREST RATES
dc.subjectLOW INTEREST RATES
dc.subjectMACROECONOMIC MODELS
dc.subjectMACROECONOMICS
dc.subjectMARGINAL PRODUCT
dc.subjectMARKET DISTORTIONS
dc.subjectMONETARY FUND
dc.subjectNATIONAL INCOME
dc.subjectNATURAL RESOURCE
dc.subjectNET CAPITAL
dc.subjectPENSION
dc.subjectPENSION REFORM
dc.subjectPENSION REFORMS
dc.subjectPER CAPITA INCOME
dc.subjectPER CAPITA INCOMES
dc.subjectPERMANENT INCOME
dc.subjectPOLITICAL ECONOMY
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO ALLOCATION
dc.subjectPORTFOLIOS
dc.subjectPOTENTIAL OUTPUT
dc.subjectPRICE FLUCTUATIONS
dc.subjectPRIVATE INVESTMENT
dc.subjectPRIVATE SAVING
dc.subjectPRODUCTION FUNCTIONS
dc.subjectPRODUCTIVE CAPITAL
dc.subjectPRODUCTIVITY
dc.subjectPRODUCTIVITY GROWTH
dc.subjectPUBLIC POLICY
dc.subjectRAPID GROWTH
dc.subjectRATE OF GROWTH
dc.subjectRATE OF RETURN
dc.subjectRATE OF RETURN TO CAPITAL
dc.subjectRATES OF RETURN
dc.subjectRATES OF RETURNS
dc.subjectREAL GDP
dc.subjectREAL GROWTH RATE
dc.subjectREAL INTEREST
dc.subjectREAL INTEREST RATE
dc.subjectREAL INTEREST RATES
dc.subjectREAL RATE OF RETURN
dc.subjectSAVINGS
dc.subjectSOCIAL PROTECTION
dc.subjectSOCIAL SAFETY NET
dc.subjectSOCIAL SECURITY
dc.subjectTAX
dc.subjectTAX POLICY
dc.subjectTRADE BALANCES
dc.subjectURUGUAY ROUND
dc.subjectUTILITY FUNCTION
dc.subjectWORLD DEVELOPMENT INDICATORS
dc.subjectWORLD ECONOMY
dc.subjectWORLD TRADE
dc.subjectWORLD TRADE ORGANIZATION
dc.titleCapital Will Not Become More Expensive as the World Ages

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