Population ageing, household portfolios and financial asset returns: A survey of the literature
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.Download Info
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Paper provided by Universita di Modena e Reggio Emilia, Facoltà di Economia "Marco Biagi" in its series Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance) with number 07051.Length: pages 42
Date of creation: May 2007
Date of revision:
Handle: RePEc:mod:wcefin:07051
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Web page: http://www.economia.unimore.it
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Keywords: population ageing; household portfolios; financial asset returns;Other versions of this item:
- Brunetti Marianna, 2007. "Population Ageing, Household Portfolios and Financial Asset Returns: A Survey of the Literature," Politica economica, Società editrice il Mulino, issue 2, pages 171-208.
- D14 - Microeconomics - - Household Behavior - - - Personal Finance
- D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving
- G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
- J1 - Labor and Demographic Economics - - Demographic Economics
This paper has been announced in the following NEP Reports:
- NEP-AGE-2007-05-26 (Economics of Ageing)
- NEP-ALL-2007-05-26 (All new papers)
- NEP-EEC-2007-05-26 (European Economics)
- NEP-PBE-2007-05-26 (Public Economics)
References
References listed on IDEASPlease 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.:
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- repec:fth:harver:1490 is not listed on IDEAS
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- 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) 10061, Universita di Modena e Reggio Emilia, Facoltà di Economia "Marco Biagi".
- Marianna Brunetti & Costanza Torricelli, 2010. "Demographics and asset returns: does the dynamics of population ageing matter?," Annals of Finance, Springer, vol. 6(2), pages 193-219, March.
- 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) 11091, Universita di Modena e Reggio Emilia, Facoltà di Economia "Marco Biagi".
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