Demographic Developments, Funded Pension Provision and Financial Stability

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Demographic Developments, Funded Pension Provision and Financial Stability

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Stefan W. Schmitz () (Oesterreichische Nationalbank)

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Stefan W. Schmitz

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. JEL classification: G23, J10

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Publisher Info
Article provided by Oesterreichische Nationalbank (Austrian Central Bank) in its journal Financial Stability Report.

Volume (Year): (2005)
Issue (Month): 9 (June)
Pages: 93-109
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Handle: RePEc:onb:oenbfs:y:2005:i:9:b:3

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For technical questions regarding this item, or to correct its listing, contact: (Stefan W. Schmitz).

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Paper
- Stefan W. Schmitz, 2005. "Demographic Developments, Funded Pension Provision and Financial Stability," Finance 0510023, EconWPA. [Downloadable!]

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

John Geanakoplos & Michael Magill & Martine Quinzii, 2002. "Demography and the Long-run Predictability of the Stock Market," Cowles Foundation Discussion Papers 1380R, Cowles Foundation, Yale University, revised Jul 2004. [Downloadable!]
Other versions:
- John Geanakoplos & Michael Magill & Martine Quinzii, 2002. "Demography and the Long-run Predictability of the Stock Market," Cowles Foundation Discussion Papers 1380, Cowles Foundation, Yale University. [Downloadable!]
- Author-Name: John Geanakoplos & Michael Magill & Martine Quinzii, 2004. "Demography and the Long-Run Predictability of the Stock Market," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 35(2004-1), pages 241-326. [Downloadable!]
Axel Börsch-Supan & Jens Köke & Joachim Winter, 2004. "Pension reform, savings behavior and capital market performance," MEA discussion paper series 04053, Mannheim Research Institute for the Economics of Aging (MEA), University of Mannheim. [Downloadable!]
Other versions:
- Axel Börsch-Supan & Jens Köke & Joachim Winter, 2004. "Pension reform, savings behavior and capital market performance," MEA discussion paper series 04053, Mannheim Research Institute for the Economics of Aging (MEA), University of Mannheim. [Downloadable!]
- B Rsch-Supan, Axel H. & Jens K Ke, F. & Winter, Joachim K., 2005. "Pension reform, savings behavior, and capital market performance," Journal of Pension Economics and Finance, Cambridge University Press, vol. 4(01), pages 87-107, March. [Downloadable!]
Barry P. Bosworth & Ralph C. Bryant & Gary Burtless, 2004. "The Impact of Aging on Financial Markets and the Economy: A Survey," Working Papers, Center for Retirement Research at Boston College 2004-23, Center for Retirement Research. [Downloadable!]
E Philip Davis & Christine Li, 2003. "Demographics And Financial Asset Prices In The Major Industrial Economies," Economics and Finance Discussion Papers 03-07, Economics and Finance Section, School of Social Sciences, Brunel University. [Downloadable!]
Other versions:
- E Philip Davis & Christine Li, 2003. "Demographics And Financial Asset Prices In The Major Industrial Economies," Public Policy Discussion Papers 03-07, Economics and Finance Section, School of Social Sciences, Brunel University. [Downloadable!]
Werner Dirschmid & Ernst Glatzer, 2004. "Determinants of the Household Saving Rate in Austria," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 4, pages 25-38, December. [Downloadable!]

Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

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

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