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Impact of population aging on financial markets in developed countries

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Author Info

  • James M. Poterba

Abstract

The impact of population aging on asset prices is a topic that has attracted tremendous interest, both in academic research and even more so in the popular press. It is not too hard to understand why. Poterba addresses three issues related to the links between demography and financial markets. First, he outlines a very simple model in which there can be an important linkage between the age structure of the population and the level of financial asset prices. Then he describes the empirical evidence that is available on this relationship, focusing primarily on the U.S. experience in the 20th century. Finally, he explores how the changing age structure of the population will affect the demand for different types of financial products.

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File URL: http://www.kansascityfed.org/Publicat/econrev/Pdf/4Q04pote.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of Kansas City in its journal Economic Review.

Volume (Year): (2004)
Issue (Month): Q IV ()
Pages: 43-53

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Handle: RePEc:fip:fedker:y:2004:i:qiv:p:43-53:n:v.89no.4

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Related research

Keywords: Population ; Financial markets ; Demography;

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Cited by:
  1. De Santis, Roberto A. & Lührmann, Melanie, 2009. "On the determinants of net international portfolio flows: A global perspective," Journal of International Money and Finance, Elsevier, vol. 28(5), pages 880-901, September.
  2. Mukesh Chawla & Gordon Betcherman & Arup Banerji, 2007. "From Red to Gray : The "Third Transition" of Aging Populations in Eastern Europe and the Former Soviet Union," World Bank Publications, The World Bank, number 6741, January.
  3. Ansgar Belke & Christian Dreger & Richard Ochmann, 2012. "Do Wealthier Households Save More? – The Impact of the Demographic Factor," Ruhr Economic Papers 0338, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
  4. Hoechle, Daniel & Schmid, Markus & Zimmermann, Heinz, 2012. "Measuring Long-term Performance: a Regression Based Generalization of the Calendar Time Portfolio Approach," Working Papers on Finance 1216, University of St. Gallen, School of Finance.
  5. Takáts, Előd, 2012. "Aging and house prices," Journal of Housing Economics, Elsevier, vol. 21(2), pages 131-141.
  6. Lee, King Fuei, 2011. "Demographics and the Long-Horizon Returns of Dividend-Yield Strategies in the US," MPRA Paper 46350, University Library of Munich, Germany.
  7. David E. Bloom & David Canning & Michael Moore, 2004. "The Effect of Improvements in Health and Longevity on Optimal Retirement and Saving," NBER Working Papers 10919, National Bureau of Economic Research, Inc.
  8. Juan F. Jimeno & Juan A. Rojas & Sergio Puente, 2006. "Modeling the impact of aging on social security expenditures," Banco de Espa�a Occasional Papers 0601, Banco de Espa�a.
  9. Song, Jae G. & Manchester, Joyce, 2007. "New evidence on earnings and benefit claims following changes in the retirement earnings test in 2000," Journal of Public Economics, Elsevier, vol. 91(3-4), pages 669-700, April.
  10. Jonathan Skinner, 2009. "Comment on "The Decline of Defined Benefit Retirement Plans and Asset Flows"," NBER Chapters, in: Social Security Policy in a Changing Environment, pages 379-384 National Bureau of Economic Research, Inc.
  11. David E. Bloom & David Canning, 2004. "Global Demographic Change: Dimensions and Economic Significance," NBER Working Papers 10817, National Bureau of Economic Research, Inc.
  12. Patrick A. Imam, 2013. "Shock from Graying: Is the Demographic Shift Weakening Monetary Policy Effectiveness," IMF Working Papers 13/191, International Monetary Fund.
  13. Michael Spence & Danny Leipziger, 2010. "Globalization and Growth - Implications for a Post-Crisis World : Commission on Growth and Development," World Bank Publications, The World Bank, number 2440, January.
  14. Montén, Anna & Thum, Marcel, 2010. "Ageing municipalities, gerontocracy and fiscal competition," European Journal of Political Economy, Elsevier, vol. 26(2), pages 235-247, June.
  15. Hans Fehr & Sabine Jokisch, 2006. "Demographischer Wandel und internationale Finanzmärkte," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 7(4), pages 501-517, November.

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