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The Impact Of Global Aging On Asset Prices And Returns


  • Mihail Dumitru SACALA

    (Academy of Economic Studies, Bucharest)


Numerous studies have tried to model the connection between the structure of population and the financial markets, showing the possibility of a future meltdown in the financial markets, via lower savings and investments given the reaching of the baby-boom cohorts at the age of retirement. In general the research has focused on the case of more industrialized countries, where the aging phenomenon is more felt in the present. The case of Central and Eastern European countries was somehow left aside, although the issue of aging should be an important one, considering also the current state of developing CEE capital markets. Our empirical work, based on the Romanian experience, suggests also that the demographic dynamics have had a detectable impact on the domestic stock market.

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  • Mihail Dumitru SACALA, 2012. "The Impact Of Global Aging On Asset Prices And Returns," Romanian Statistical Review, Romanian Statistical Review, vol. 60(3), pages 31-50, April.
  • Handle: RePEc:rsr:journl:v:60:y:2012:i:3:p:31-50

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    References listed on IDEAS

    1. Laura Raisa MILOS & Carmen CORDUNEANU, 2011. "Pension funds – main institutional investor on the Romanian capital market?," Timisoara Journal of Economics, West University of Timisoara, Romania, Faculty of Economics and Business Administration, vol. 4(2(14)), pages 105-110.
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    Aging; stock markets; life-cycle theory;


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