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Demographic Developments, Funded Pension Provision and Financial Stability

Author

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  • Stefan W. Schmitz

    (Oesterreichische Nationalbank)

Abstract

The following study analyzes the impact of demographic developments in Austria on the long-term average real interest rate, funded pension provision and the implications of demographic developments for the stability of the financial system. The key results of this study are twofold: (1) Households_ net supply of savings and the demand for capital by the corporate sector both need to be integrated into the empirical and theoretical analysis of the impact of demographic developments on financial markets. (2) In addition, funded pension provision is exposed to demographic risks.

Suggested Citation

  • Stefan W. Schmitz, 2005. "Demographic Developments, Funded Pension Provision and Financial Stability," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 9, pages 93-109.
    • Handle: RePEc:onb:oenbfs:y:2005:i:9:b:3
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    File URL: https://www.oenb.at/dam/jcr:92cab867-9ca4-4995-9d4b-b617861f804a/fsr_09_special_03_tcm16-29257.pdf
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    Cited by:

    1. Stefan W. Schmitz, 2007. "Demographic Change, Bank Strategy and Financial Stability," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 13, pages 98-114.

    More about this item

    Keywords

    Financial Stability; Pension Funds; Demographics; Ageing;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • J10 - Labor and Demographic Economics - - Demographic Economics - - - General

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