The main task of this thesis is to clarify the impact of demographics on the rate of gross national savings which is considered one of the main elements of economic growth. Demographic trends and theoretical background are presented, which contributes to the understanding of the relationship of savings and the age structure of the population. The assessment of the relationship is done based on cross-sectional analysis of data from period 2009 -2013 for 133 countries, while the effect of demographic forces is studied through dependency rates of unproductive population. In the analysis partial estimates and analogous research with the pre-crisis data are performed. The results suggest that demographic forces leading to the growth of dependency rates negatively influence the savings rate. However, the important role is played by the level of development of individual countries or regional specifics since the effect of demographics between developed and developing countries is considerably different.

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This thesis utilises the second fundamental law of capitalism in order to study the development of income inequality in Sweden, from the start of the 19th century to the beginning of the 21stcentury. The law is studied from a historical perspective (examination of national accounts as time series), and empirically analysed (regression analysis). The results retrieved indicate that the income diverging force of savings exceed the income converging force of growth (via income, innovation, and education). This means that income inequality is predicted to increase. The main conclusion drawn is that choosing whether to save or not on behalf of every individual affects the capital stock of the aggregate economy. When individual savings pile up the aggregate capital stock increases, and if this increase surpasses the growth in national income the capital-to-income ratio increases. This ratio is in a sense a measure of how capitalistic the country is. More income inequality is expected to be found the higher this ratio gets.

Increasing longevity and  falling fertility have increased interest in financing retirement age and have increased the burden of old age in an ageing society. This research is based on data from 41 countries of OECD and BRICS, between 1995 and 2017. By employing the fixed-effect estimation method, this study is to test and compare the relationship between the child and old-age dependency ratios, life expectancy and savings rate of these countries. The two groups of countries represent developed (OECD) and emerging (BRICS) countries with different level of development and states of ageing. The estimation results show that the savings rate of OECD countries can be explained by the old-age and child dependency ratios and life expectancy, but life expectancy has a greater impact on the savings rate. However, although the savings rate in BRICS countries is also positively affected by life expectancy, the impact of child dependency ratio is much greater than life expectancy. But, the effect of old-age dependency ratios on savings is insignificant in BRICS countries.

Submitted by Marco Antonio Ferreira Melo (marco.melo@globo.com) on 2017-01-02T21:17:50Z No. of bitstreams: 1 Dissertação Marco Antonio Melo.pdf: 17872681 bytes, checksum: a662cb03d371f64861e4d513f7fc9176 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2017-01-04T13:17:09Z (GMT) No. of bitstreams: 1 Dissertação Marco Antonio Melo.pdf: 17872681 bytes, checksum: a662cb03d371f64861e4d513f7fc9176 (MD5) / Made available in DSpace on 2017-01-16T16:36:56Z (GMT). No. of bitstreams: 1 Dissertação Marco Antonio Melo.pdf: 17872681 bytes, checksum: a662cb03d371f64861e4d513f7fc9176 (MD5) Previous issue date: 2016-12-09 / This project applies to the deep and huge study of the effects of financial education to induce the formation of savings rate and investment rate, as it is in Brazil, or in the approaches of the international literature. It intends to understand and explain the low historical insertion of Financial Education in Brazil and its importance for the formation of savings and investment in a still emerging and middle-income economy. We present in this study, qualitative and quantitative databases that guide the perception of individuals about the proposed theme in Brazil and in selected countries. The search for the perfect analogy between the Human Capital applied to Behavioral Finance and their specific conclusion is shown on the selected theme. We offer proposals for the use and optimization of financial education as a fundamental instrument for sustainable increase in the savings rate and the investment rate in the Brazilian Economy and also a teaching plan to oriented and driven to Higher Education. / Este projeto se aplica ao estudo profundo dos efeitos da Educação Financeira como indutora da formação da Taxa de Poupança e da Taxa de Investimento, seja no caso brasileiro, ou nas abordagens da literatura internacional. Procura-se oferecer propostas para a utilização e otimização da Educação Financeira como instrumento fundamental para o incremento sustentável da Taxa de Poupança e da Taxa de Investimentos na Economia Brasileira e um ensaio de plano de ensino voltado ao Nível Superior.