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Population composition and financial markets: evidence from Japan

Author

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  • Hiroyuki Kawakatsu
  • Mikiko Oliver

Abstract

Purpose - This study aims to examine the relation between population composition and financial market variables in post-war Japan. Design/methodology/approach - Cointegration and Granger causality tests are applied to annual data for the period 1948-2015. Findings - Accounting for nonstationarity, this study finds long-run equilibrium relations between real financial price (stock and house) indices and the proportion of population in the prime earning (45-64) or retirement (65+) age. Granger causality tests that account for possibly nonstationary variables find some evidence of dynamic causation running from the 45-64 cohort to the real financial price indices. No such evidence is found for the 65+ cohort. Originality/value - This study complements the existing literature primarily based on US data with analysis of Japanese data that has some unique population composition features.

Suggested Citation

  • Hiroyuki Kawakatsu & Mikiko Oliver, 2018. "Population composition and financial markets: evidence from Japan," Studies in Economics and Finance, Emerald Group Publishing Limited, vol. 35(4), pages 505-524, August.
    • Handle: RePEc:eme:sefpps:sef-07-2017-0187
    DOI: 10.1108/SEF-07-2017-0187
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    Cited by:

    1. Pandey, Dharen Kumar & Lucey, Brian M. & Kumar, Satish, 2023. "Border disputes, conflicts, war, and financial markets research: A systematic review," Research in International Business and Finance, Elsevier, vol. 65(C).

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