Economic Impact of Elderly Migration and Pension Transfers

Abstract

This article focuses on an insufficiently studied topic in the literature – elderly migration and associated economic effects and changes of population structure. Studied are the reasons and factors for the positive migration balance of population aged 50+ in Bulgaria, as well as the different migration patterns of the local and immigrant population in this age group. The cross-border movement of pensioners is analysed at macro level in parallel with the related financial flows and their role in the balance of payments and the social security system. For the first time, a specific methodology is being applied to study this type of migrant transfers, based on pension transfers between pension insurance institutions.

Keywords: migration, remittances, balance of payments

JEL Classification: F22, F24, F32