Online First Review of Economic Studies Online 16 Sep 2026Demographics, Wealth, and Global Imbalances in the Twenty-First CenturyAdrien Auclert · Hannes Malmberg · Frédéric Martenet · Matthew RognlieA popular argument — the "asset market meltdown" of the 1990s, revived as the "great demographic reversal" — holds that once the old start running down their savings, aging will push interest rates …