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The impact of pension reforms and demography on stock markets

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Author Info
Joachim Winter () (Mannheim Research Institute for the Economics of Aging (MEA))

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Abstract

Population aging is just beginning to hit the industrialized countries in full force, and it will have a tremendous impact on capital markets. Capital market effects of population aging are particularly strong in continental European economies such as Germany, with their large pay-as-you- go public pension systems. The younger generations in these countries are becoming aware of the need to provide for more retirement income through own private saving, and these effects will be accentuated by fundamental pension reforms that aim at more pre-funding. Population aging therefore changes households’ savings behavior and portfolio composition, and much more assets will be invested in the stock market. Capital markets will grow in size, and active institutional in-vestors such as pension funds are likely to become more important in continental European coun-tries.

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Paper provided by Mannheim Research Institute for the Economics of Aging, University of Mannheim in its series MEA discussion paper series with number 02021.

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Date of creation: 10 Apr 2002
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Handle: RePEc:xrs:meawpa:02021

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Web page: http://www.mea.uni-mannheim.de/

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Z00 - Other Special Topics - - General - - - General

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  1. Börsch-Supan, Axel & Reil-Held, Anette & Schnabel, Reinhold, 1998. "Pension Provision in Germany," Sonderforschungsbereich 504 Publications 98-07, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
  2. Börsch-Supan, Axel & Reil-Held, Anette & Rodepeter, Ralf & Schnabel, Reinhold & Winter, Joachim, 2000. "The German Savings Puzzle," Sonderforschungsbereich 504 Publications 01-07, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim. [Downloadable!]
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  3. Robert E. Hall & Charles I. Jones, 1999. "Why Do Some Countries Produce So Much More Output per Worker than Others?," NBER Working Papers 6564, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. Pound, John, 1988. "Proxy contests and the efficiency of shareholder oversight," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 237-265, January. [Downloadable!] (restricted)
  5. Dennis C. Mueller & B. Burcin Yurtoglu, 2000. "Country Legal Environments and Corporate Investment Performance," German Economic Review, Blackwell Publishing, vol. 1(2), pages 187-220, 05. [Downloadable!] (restricted)
  6. Axel H. Boersch-Supan & Joachim K. Winter, 2001. "Population Aging, Savings Behavior and Capital Markets," NBER Working Papers 8561, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Walliser, Jan & Winter, Joachim, 1998. "Tax incentives, bequest motives and the demand for life insurance: evidence from Germany," Sonderforschungsbereich 504 Publications 99-28, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim. [Downloadable!]
  8. Axel Börsch-Supan & Alexander Ludwig & Joachim Winter, 2002. "Aging and International Capital Flows," MEA discussion paper series 02010, Mannheim Research Institute for the Economics of Aging (MEA), University of Mannheim. [Downloadable!]
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  9. Luigi Guiso & Tullio Jappelli, 2000. "Household Portfolios in Italy," CSEF Working Papers 43, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy. [Downloadable!]
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  10. Tullio Jappelli & Franco Modigliani, 1998. "The Age-Saving Profile and the Life-Cycle Hypothesis," CSEF Working Papers 09, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy. [Downloadable!]
  11. David Miles & Allan Timmermann, 1999. "Risk sharing and transition costs in the reform of pension systems in Europe," Economic Policy, CEPR, CES, MSH, vol. 14(29), pages 251-286, October. [Downloadable!] (restricted)
  12. Michele Boldrin & Juan J. Dolado & Juan F. Jimeno & Franco Peracchi, 1999. "The future of pensions in Europe," Economic Policy, CEPR, CES, MSH, vol. 14(29), pages 287-320, October. [Downloadable!] (restricted)
  13. Börsch-Supan, Axel & Heiss, Florian & Winter, Joachim, . "Pension reform, capital markets, and the rate of return," IVS discussion paper series 589, Institut für Volkswirtschaft und Statistik (IVS), University of Mannheim. [Downloadable!]
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  14. Tito Boeri & Axel Börsch-Supan & Guido Tabellini, 2001. "Would you like to shrink the welfare state? A survey of European citizens," Economic Policy, CEPR, CES, MSH, vol. 16(32), pages 7-50, 04. [Downloadable!] (restricted)
  15. Albert Jaeger & Sheetal K. Chand, 1996. "Aging Populations and Public Pension Schemes," IMF Occasional Papers 147, International Monetary Fund. [Downloadable!]
  16. Bonin, Holger, 2001. "Will it Last? An Assessment of the 2001 German Pension Reform," IZA Discussion Papers 343, Institute for the Study of Labor (IZA). [Downloadable!]
  17. James M. Poterba, 2001. "Demographic Structure And Asset Returns," The Review of Economics and Statistics, MIT Press, vol. 83(4), pages 565-584, November. [Downloadable!] (restricted)
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