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Ageing and Financial Markets – A Literature Survey

Author

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  • E Philip Davis
  • Dilruba Karim

Abstract

The ageing of the population, driven by declining fertility and rising longevity, is an ineluctable process with major economic and financial implications. This literature survey seeks to provide an overview of effects of ageing on financial markets, focusing inter alia on effects on household saving and wealth, pension provision, the demand for individual financial assets, consequent effects on financial structure, effects on asset prices and interest rates, consequences for housing, effects on banking and financial stability, and international capital flows. The survey covers both the theoretical and empirical literature. Important underlying aspects are the lifecycle pattern of consumption and saving, and the pattern of risk preferences for older people, which may impact on all these areas. There are important policy implications, and further empirical work is warranted.

Suggested Citation

  • E Philip Davis & Dilruba Karim, "undated". "Ageing and Financial Markets – A Literature Survey," National Institute of Economic and Social Research (NIESR) Discussion Papers 568, National Institute of Economic and Social Research.
    • Handle: RePEc:nsr:niesrd:568
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    More about this item

    Keywords

    Ageing; personal finance; securities markets; financial structure; housing; international capital flows;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • J10 - Labor and Demographic Economics - - Demographic Economics - - - General
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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