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Policy Research Working Papers
Aging 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 developingdoi:10.1596/1813-9450-6989 fatcat:tesqgefxc5hovh25eg6vgtgqci