Abío, GemmaPatxot, ConcepcióSánchez-Romero, MiguelSouto Nieves, Guadalupe2017-05-162017-05-162017-051435-9871https://hdl.handle.net/2445/111098The demographic transition experienced by developed countries produces initial positive effects on economic growth ‒ the first demographic dividend ‒ which can be extended into a second demographic dividend if baby boomers' savings increase capital accumulation. Nevertheless, aging might reverse this process if dissaving of elderly baby boomers and the pressure on the pay-as-you-go financed welfare state reduce savings and capital.38 p.application/pdfengcc-by-nc (c) Abío, Gemma et al., 2017http://creativecommons.org/licenses/by-nc/3.0/esEstat del benestarEnvelliment de la poblacióWelfare statePopulation aginginfo:eu-repo/semantics/article6675752017-05-16info:eu-repo/semantics/openAccess