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Demographic Shift and Financial Markets in APEC: New Age Solutions to Age Old Challenges

Listed author(s):
  • Piggott John R.

    (University of New South Wales)

  • Sane Renuka

    (University of New South Wales)

The paper reviews the link between demographic shifts and financial products and markets, focusing especially on Asian based APEC economies. It argues that newly developed and emerging APEC economies will need to nurture private sector institutions, which, in partnership with government, can deliver the financial services that the elderly will need. We offer metrics that provide guidance as to whether the required governance and private business competence exist in these economies and suggest measures for improvement. We discuss financial innovation, especially in the arena of products and markets dealing with risks confronted by the elderly, which may provide opportunities for easing the burden of population aging. Finally, we ask what APEC as an organization might be able to achieve through co-operative international agreements.

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File URL: https://www.degruyter.com/view/j/apjri.2012.6.issue-1/2153-3792.1053/2153-3792.1053.xml?format=INT
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Article provided by De Gruyter in its journal Asia-Pacific Journal of Risk and Insurance.

Volume (Year): 6 (2012)
Issue (Month): 1 (February)
Pages: 1-28

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Handle: RePEc:bpj:apjrin:v:6:y:2012:i:1:n:3
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  1. Heller, Peter S., 1999. "Aging in Asia: Challenges for fiscal policy," Journal of Asian Economics, Elsevier, vol. 10(1), pages 37-63.
  2. David Laibson, 1997. "Golden Eggs and Hyperbolic Discounting," The Quarterly Journal of Economics, Oxford University Press, vol. 112(2), pages 443-478.
  3. Kotlikoff, Laurence J & Spivak, Avia, 1981. "The Family as an Incomplete Annuities Market," Journal of Political Economy, University of Chicago Press, vol. 89(2), pages 372-391, April.
  4. Peter S. Heller, 2006. "Is Asia Prepared for an Aging Population?," IMF Working Papers 06/272, International Monetary Fund.
  5. Mitchell, Olivia S. & Piggott, John & Kumru, Cagri, 2008. "Managing public investment funds: best practices and new questions," Journal of Pension Economics and Finance, Cambridge University Press, vol. 7(03), pages 321-356, November.
  6. Greg Brunner & Richard Hinz & Roberto Rocha, 2008. "Risk-based Supervision of Pension Funds : Emerging Practices and Challenges," World Bank Publications, The World Bank, number 6419, June.
  7. Olivia S. Mitchell & John Piggott & Cagri Kumru, 2008. "Managing Public Investment Funds: Best Practices and New Challenges," NBER Working Papers 14078, National Bureau of Economic Research, Inc.
  8. Mitchell, Olivia S. & Utkus, Stephen P. (ed.), 2004. "Pension Design and Structure: New Lessons from Behavioral Finance," OUP Catalogue, Oxford University Press, number 9780199273393.
  9. Roberto Rocha & Craig Thorburn, 2007. "Developing Annuities Markets : The Experience of Chile," World Bank Publications, The World Bank, number 7162, June.
  10. Olivia S Mitchell & John Piggott & Michael Sherris & Shaun Yow, 2006. "Financial Innovation for an Ageing World," RBA Annual Conference Volume,in: Christopher Kent & Anna Park & Daniel Rees (ed.), Demography and Financial Markets Reserve Bank of Australia.
  11. Sachi Purcal & John Piggott, 2008. "Explaining Low Annuity Demand: An Optimal Portfolio Application to Japan," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 75(2), pages 493-516.
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