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Financial markets, ageing and social welfare

This paper considers some of the economic impacts that demographic change may have in developed economies over the next fifty years. I focus on the role that financial markets might play in economies where the pressure on government-run unfunded pension systems is likely to rise. The role of unfunded schemes is considered in a world where financial markets are incomplete and important types of risk cannot easily be offset by trading. How demographic shifts might affect labour productivity, asset prices and aggregate output is investigated using a simulation model of an economy where population structure is changing.

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File URL: http://www.ifs.org.uk/fs/articles/fsmiles.pdf
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Article provided by Institute for Fiscal Studies in its journal Fiscal Studies.

Volume (Year): 18 (1997)
Issue (Month): 2 (May)
Pages: 161-187

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Handle: RePEc:ifs:fistud:v:18:y:1997:i:2:p:161-187
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  1. Richard Disney, 1996. "Can We Afford to Grow Older?," MIT Press Books, The MIT Press, edition 1, volume 1, number 026204157x, June.
  2. Zvi Bodie & John B. Shoven & David A. Wise, 1987. "Issues in Pension Economics," NBER Books, National Bureau of Economic Research, Inc, number bodi87-1, June.
  3. Glenn R. Hubbard & Jonathan Skinner & Stephen P. Zeldes, . "Precautionary Saving and Social Insurance," Rodney L. White Center for Financial Research Working Papers 3-95, Wharton School Rodney L. White Center for Financial Research.
  4. Martin Feldstein, 1996. "The Missing Piece in Policy Analysis: Social Security Reform," NBER Working Papers 5413, National Bureau of Economic Research, Inc.
  5. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467.
  6. Deborah Roseveare & Willi Leibfritz & Douglas Fore & Eckhard Wurzel, 1996. "Ageing Populations, Pension Systems and Government Budgets: Simulations for 20 OECD Countries," OECD Economics Department Working Papers 168, OECD Publishing.
  7. David Miles, 1997. "Demographics and savings: can we reconcile the evidence?," IFS Working Papers W97/06, Institute for Fiscal Studies.
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