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Demographic Developments, Funded Pension Provision and Financial Stability

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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.

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File URL: http://128.118.178.162/eps/fin/papers/0510/0510023.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Finance with number 0510023.

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Length: 17 pages
Date of creation: 18 Oct 2005
Date of revision:
Handle: RePEc:wpa:wuwpfi:0510023

Note: Type of Document - pdf; pages: 17. Appears in OeNB Financial Stability Report 9
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Web page: http://128.118.178.162

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Keywords: Demographic change; aging; funded pensions; financial stability;

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References

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  1. Axel Börsch-Supan & Jens Köke & Joachim Winter, 2004. "Pension reform, savings behavior and capital market performance," MEA discussion paper series 04053, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
  2. Glatzer, Ernst & Dirschmid, Werner, 2004. "Determinants of the Household Saving Rate in Austria," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 4, pages 25–38.
  3. 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(1), pages 241-326.
  4. 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.
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Cited by:
  1. Schmitz, Stefan W., 2007. "Demographic Change, Bank Strategy and Financial Stability," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 13.

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