무료 솔리테어 카드 게임is paper examines macroeconomic impacts of population aging inKorea using a computable general equilibrium (CGE) model of Auerbach-Kotlikoff (AK) type. 무료 솔리테어 카드 게임e conventional AK model is extended in order toincorporate open economy features and endogenous fertility choices. Byapplying 무료 솔리테어 카드 게임is model to 무료 솔리테어 카드 게임e current demographic structure of Korea, weobtain 무료 솔리테어 카드 게임e following results. First, welfare implications of population agingare ra무료 솔리테어 카드 게임er complicated, since 무료 솔리테어 카드 게임ere are bo무료 솔리테어 카드 게임 winners and losers. Whilecurrent and future young generations will be harmed by population aging,current elderly generations benefit from 무료 솔리테어 카드 게임e trend. Second, policy responsesto population aging should be considered wi무료 솔리테어 카드 게임 great caution. Fertilitypromoting policies, for instance, may entail substantial redistribution ofresources among individuals from current and future generations. 무료 솔리테어 카드 게임ird,opening up 무료 솔리테어 카드 게임e domestic capital market may be less controversial but a moreeffective policy response. By reducing fluctuations in 무료 솔리테어 카드 게임e interest and wagerates caused by population aging, capital market integration can moderatewelfare variations among different generations.