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Population Ageing, Household Portfolios and Financial Asset Returns: a Survey of the Literature

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  • Brunetti Marianna

Abstract

Population ageing is a recognised phenomenon affecting many countries in the world including most EU ones, Japan and US. The financial implications of this phenomenon can be manifold and some recent literature has focused in particular on the possible consequences of ageing on household portfolios and on main financial asset returns ones. Overall, the extant literature on household portfolios reports a significant effect of age on asset allocation, thereby providing evidence in favour of the standard life-cycle hypothesis. On the other hand, empirical results on the link between demographics and financial asset prices/returns are less uniform. The aim of this paper is to systematize the extant literature on these issues and to provide an overview of the main results reported so far, trying to evaluate whether the different conclusions reached depend on the approach taken in the empirical exercises rather than on the actual differences, in terms of demographic dynamics, public pension systems and financial markets, of the realities considered.

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Bibliographic Info

Article provided by Società editrice il Mulino in its journal Politica economica.

Volume (Year): (2007)
Issue (Month): 2 ()
Pages: 171-208

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Handle: RePEc:mul:je8794:doi:10.1429/24806:y:2007:i:2:p:171-208

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Keywords: population ageing; household portfolios; financial asset returns.;

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References

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  2. Alessie, R.J.M. & Hochgürtel, S. & Soest, A.H.O. van, 2000. "Household Portfolios in the Netherlands," Discussion Paper, Tilburg University, Center for Economic Research 2000-55, Tilburg University, Center for Economic Research.
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  16. Tullio Jappelli, 1999. "The Age-Wealth Profile and The Life-Cycle Hypothesis: a Cohort Analysis with a Time Series of Cross-Sections of Italian Households," CSEF Working Papers, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy 14, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
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Citations

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Cited by:
  1. Elisabetta Gualandri, 2011. "Basel 3, Pillar 2: the role of banks’ internal governance and control function," Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance), Universita di Modena e Reggio Emilia, Facoltà di Economia "Marco Biagi" 11091, Universita di Modena e Reggio Emilia, Facoltà di Economia "Marco Biagi".
  2. Stefano Cosma & Elisabetta Gualandri, 2013. "The sovereign debt crisis: the impact on the intermediation model of Italian banks," Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance), Universita di Modena e Reggio Emilia, Facoltà di Economia "Marco Biagi" 13102, Universita di Modena e Reggio Emilia, Facoltà di Economia "Marco Biagi".
  3. C. Pederzoli & C. Torricelli, 2013. "Efficiency and unbiasedness of corn futures markets: new evidence across the financial crisis," Applied Financial Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 23(24), pages 1853-1863, December.
  4. Elisabetta Gualandri & Valeria Venturelli, 2013. "The financing of Italian firms and the credit crunch: findings and exit strategies," Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance), Universita di Modena e Reggio Emilia, Facoltà di Economia "Marco Biagi" 13101, Universita di Modena e Reggio Emilia, Facoltà di Economia "Marco Biagi".
  5. Lisa Mattioli & Riccardo Ferretti, 2013. "La regolamentazione dello short selling: effetti sul mercato azionario italiano (Short selling ban: effects on the Italian stock market)," Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance), Universita di Modena e Reggio Emilia, Facoltà di Economia "Marco Biagi" 13081, Universita di Modena e Reggio Emilia, Facoltà di Economia "Marco Biagi".
  6. Chiara Pederzoli & Costanza Torricelli, 2010. "A parsimonious default prediction model for Italian SMEs," Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance), Universita di Modena e Reggio Emilia, Facoltà di Economia "Marco Biagi" 10061, Universita di Modena e Reggio Emilia, Facoltà di Economia "Marco Biagi".
  7. Marianna Brunetti & Costanza Torricelli, 2010. "Demographics and asset returns: does the dynamics of population ageing matter?," Annals of Finance, Springer, Springer, vol. 6(2), pages 193-219, March.

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