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Demographic Developments, Funded Pension Provision and Financial Stability

  • Stefan W. Schmitz

The following study analyzes the impact of demographic developments in Austria on the long-term average real interest rate, funded pension provision and the implications of demographic developments for the stability of the financial system. The key results of this study are twofold: (1) Households' net supply of savings and the demand for capital by the corporate sector both need to be integrated into the empirical and theoretical analysis of the impact of demographic developments on financial markets. (2) In addition, funded pension provision is exposed to demographic risks.

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File URL: http://econwpa.repec.org/eps/fin/papers/0510/0510023.pdf
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Paper provided by EconWPA in its series Finance with number 0510023.

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Length: 17 pages
Date of creation: 18 Oct 2005
Date of revision:
Handle: RePEc:wpa:wuwpfi:0510023
Note: Type of Document - pdf; pages: 17. Appears in OeNB Financial Stability Report 9
Contact details of provider: Web page: http://econwpa.repec.org

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  1. John Geanakoplos & Michael Magill & Martine Quinzii, 2002. "Demography and the Long-run Predictability of the Stock Market," Cowles Foundation Discussion Papers 1380, Cowles Foundation for Research in Economics, Yale University.
  2. Axel Börsch-Supan & Jens Köke & Joachim Winter, 2004. "Pension reform, savings behavior and capital market performance," MEA discussion paper series 04053, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
  3. Barry P. Bosworth & Ralph C. Bryant & Gary Burtless, 2004. "The Impact of Aging on Financial Markets and the Economy: A Survey," Working Papers, Center for Retirement Research at Boston College 2004-23, Center for Retirement Research.
  4. Werner Dirschmid & Ernst Glatzer, 2004. "Determinants of the Household Saving Rate in Austria," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 4, pages 25–38.
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