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Demographics and interest rates in Asia

Author

Listed:
  • Arslanalp, Serkan
  • Lee, Jaewoo
  • Rawat, Umang

Abstract

Demographic developments have been regarded as one important cause of the long-term movement in global interest rates. This paper provides empirical evidence of the relationship between demographics and interest rates over a wide sample of advanced and emerging market economies. It also finds that capital account openness limits the direct sensitivity of a country's interest rates to its own demographics. The results suggest that future demographic developments will continue to apply downward pressure on the interest rates in Asia which foresees a rapid aging.

Suggested Citation

  • Arslanalp, Serkan & Lee, Jaewoo & Rawat, Umang, 2019. "Demographics and interest rates in Asia," Japan and the World Economy, Elsevier, vol. 50(C), pages 14-24.
    • Handle: RePEc:eee:japwor:v:50:y:2019:i:c:p:14-24
    DOI: 10.1016/j.japwor.2019.03.001
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    Cited by:

    1. Fukuda, Shin-ichi & Okumura, Koki, 2021. "The aging society, savings rates, and regional flow of funds in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 62(C).

    More about this item

    Keywords

    Demographics; Interest rates; Capital account openness;
    All these keywords.

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • F3 - International Economics - - International Finance
    • J1 - Labor and Demographic Economics - - Demographic Economics

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