Replication Data for: Where Does Demographic Capital Go? Bilateral Evidence from a Gravity Model

Replication package for 'Where Does Demographic Capital Go? Bilateral Evidence from a Gravity Model' by Brian Peters (2026). Contains all scripts, source code, and output tables to reproduce the results. Raw data is downloaded from public APIs (IMF CPIS/CDIS, CEPII GeoDist) by the phase 1 script. The paper estimates bilateral portfolio allocation as a function of demographic distance (ΔZ₁, ΔZ₂, ΔZ₃) using a gravity framework with Prais-Winsten AR(1) GLS on ~105,000 country-pair-year observations (2001-2024). Key finding: a one-unit increase in bilateral demographic distance (ΔZ₁) predicts 2.6x larger bilateral portfolio positions; 58% of the effect is mediated through interest rate differentials. FDI shows no demographic pattern. Includes PPML robustness, pair fixed effects, financial center exclusions, and bilateral projections through 2050 with general equilibrium clearing.