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Will bequests attenuate the predicted meltdown in stock prices when baby boomers retire?

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  1. L'impact de la démographie sur le prix des actifs
    by bertrandachou@orange.fr (Bertrand Achou) in BS Initiative on 2013-12-19 10:43:28

Citations

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Cited by:

  1. Anne Lavigne, 2006. "Gouvernance et investissement des fonds de pension privés aux Etats-Unis," Working Papers halshs-00081401, HAL.
  2. Axel Börsch‐Supan & Alexander Ludwig & Joachim Winter, 2006. "Ageing, Pension Reform and Capital Flows: A Multi‐Country Simulation Model," Economica, London School of Economics and Political Science, vol. 73(292), pages 625-658, November.
  3. Axel Börsch-Supan & Alexander Ludwig, 2010. "Old Europe Ages: Reforms and Reform Backlashes," NBER Chapters, in: Demography and the Economy, pages 169-204, National Bureau of Economic Research, Inc.
  4. repec:acf:journl:y:2018:id:739 is not listed on IDEAS
  5. John Geanakoplos & Michael Magill & Martine Quinzii, 2003. "Demography and the Long Run Behavior of the Stock Market," Levine's Working Paper Archive 506439000000000269, David K. Levine.
  6. Roel van Elk & Marc van der Steeg & Dinand Webbink, 2013. "The effects of a special program for multi-problem school dropouts on educational enrolment, employment and criminal behaviour; Evidence from a field experiment," CPB Discussion Paper 241.rdf, CPB Netherlands Bureau for Economic Policy Analysis.
  7. Raurich, Xavier & Seegmuller, Thomas, 2022. "Income Distribution By Age Group And Productive Bubbles," Macroeconomic Dynamics, Cambridge University Press, vol. 26(3), pages 769-799, April.
  8. Emerson, Patrick M. & Knabb, Shawn D., 2018. "Demographic Uncertainty and Generational Consumption Risk with Endogenous Human Capital," IZA Discussion Papers 11358, IZA Network @ LISER.
  9. Marko Köthenbürger & Panu Poutvaara, 2002. "Social Security Reform and Intergenerational Trade: Is there Scope for a Pareto-Improvement?," CESifo Working Paper Series 795, CESifo.
  10. Olivia S. Mitchell, 2018. "Enhancing risk management for an aging world," The Geneva Papers on Risk and Insurance Theory, Springer;International Association for the Study of Insurance Economics (The Geneva Association), vol. 43(2), pages 115-136, September.
  11. Philipp Harms & Philipp Meulen, 2012. "The demographics of expropriation risk," Journal of Population Economics, Springer;European Society for Population Economics, vol. 25(3), pages 809-832, July.
  12. Marko Köthenbürger & Panu Poutvaara, 2006. "Social Security Reform and Investment in Education: Is There Scope for a Pareto Improvement?," Economica, London School of Economics and Political Science, vol. 73(290), pages 299-319, May.
  13. Kyung‐Mook Lim & David N. Weil, 2003. "The Baby Boom and the Stock Market Boom," Scandinavian Journal of Economics, Wiley Blackwell, vol. 105(3), pages 359-378, September.
  14. Zsofia Barany & Nicolas Coeurdacier & Stéphane Guibaud, 2015. "Fertility, Longevity and International Capital Flows," Sciences Po Economics Publications (main) hal-01164462, HAL.
  15. Butler, Alexander W. & Yi, Hanyi, 2022. "Aging and public financing costs: Evidence from U.S. municipal bond markets," Journal of Public Economics, Elsevier, vol. 211(C).
  16. E Philip Davis, 2006. "How Will Ageing Affect the Structure of Financial Markets?," RBA Annual Conference Volume (Discontinued), in: Christopher Kent & Anna Park & Daniel Rees (ed.),Demography and Financial Markets, Reserve Bank of Australia.
  17. Zheng Liu & Mark M. Spiegel, 2011. "Boomer retirement: headwinds for U.S. equity markets?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue aug22.
  18. Auclert, Adrien & Malmberg, Hannes & Martenet, Frederic & Rognlie, Matthew, 2021. "Demographics, Wealth, and Global Imbalances in the Twenty-First Century," CEPR Discussion Papers 16470, Centre for Economic Policy Research.
  19. Alwyn Young, 2001. "Demographic Fluctuations, Generational Welfare and Intergenerational Transfers," NBER Working Papers 8530, National Bureau of Economic Research, Inc.
  20. Michael Berlemann & Marco Oestmann & Marcel Thum, 2014. "Demographic change and bank profitability: empirical evidence from German savings banks," Applied Economics, Taylor & Francis Journals, vol. 46(1), pages 79-94, January.
  21. Marianna Brunetti & Costanza Torricelli, 2010. "Demographics and asset returns: does the dynamics of population ageing matter?," Annals of Finance, Springer, vol. 6(2), pages 193-219, March.
  22. Michael Magill, 2004. "Demography and the Stock Market," Theory workshop papers 658612000000000080, UCLA Department of Economics.
  23. Elod Takats, 2010. "Ageing and asset prices," BIS Working Papers 318, Bank for International Settlements.
  24. Nicolas Coeurdacier & Stéphane Guibaud & Keyu Jin, 2015. "Credit Constraints and Growth in a Global Economy," American Economic Review, American Economic Association, vol. 105(9), pages 2838-2881, September.
  25. Marianna Brunetti & Costanza Torricelli, 2007. "The role of demographic variables in explaining financial returns in Italy," Heterogeneity and monetary policy 0701, Universita di Modena e Reggio Emilia, Dipartimento di Economia Politica.
  26. Robert F. Martin, 2005. "The baby boom: predictability in house prices and interest rates," International Finance Discussion Papers 847, Board of Governors of the Federal Reserve System (U.S.).
  27. Nicolas Coeurdacier & Stéphane Guibaud & Keyu Jin, 2012. "Credit Constraints and Growth in a Global Economy," SciencePo Working papers hal-03473915, HAL.
  28. Kedar-Levy, Haim, 2006. "Can baby-boomers' retirement increase stock prices?," The Quarterly Review of Economics and Finance, Elsevier, vol. 46(2), pages 284-299, May.
  29. Yuan Cheng & Xuehui Han, 2013. "Does large volatility help?—stochastic population forecasting technology in explaining real estate price process," Journal of Population Economics, Springer;European Society for Population Economics, vol. 26(1), pages 323-356, January.
  30. Andrew B. Abel, 2003. "The Effects of a Baby Boom on Stock Prices and Capital Accumulation in the Presence of Social Security," Econometrica, Econometric Society, vol. 71(2), pages 551-578, March.
  31. Fertig, Michael & Schmidt, Christoph M., 2003. "Gerontocracy in Motion? European Cross-Country Evidence on the Labor Market Consequences of Population Ageing," IZA Discussion Papers 956, IZA Network @ LISER.
  32. Héctor Pifarré i Arolas, 2017. "A cohort perspective of the effect of unemployment on fertility," Journal of Population Economics, Springer;European Society for Population Economics, vol. 30(4), pages 1211-1239, October.
  33. Spahn Heinz-Peter, 2007. "Vermögenspreise, Alterung und Ersparnis / Asset Prices, Aging and Saving: Gibt es einen demografisch bedingten „Asset Meltdown“? / Should We Expect an Asset Meltdown for Demographic Reasons?," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 227(1), pages 102-106, February.
  34. James M. Poterba, 2004. "The impact of population aging on financial markets," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, issue Aug, pages 163-216.
  35. Shihong Zeng & Xinwei Zhang & Xiaowei Wang & Guowang Zeng, 2019. "Population Aging, Household Savings and Asset Prices: A Study Based on Urban Commercial Housing Prices," Sustainability, MDPI, vol. 11(11), pages 1-21, June.
  36. John Janssen, 2002. "Long-term fiscal projections and their relationship with the intertemporal budget constraint: An application to New Zealand," Treasury Working Paper Series 02/05, New Zealand Treasury.
  37. Jamal, A. M. M. & Quayes, Shakil, 2004. "Demographic structure and stock prices," Economics Letters, Elsevier, vol. 84(2), pages 211-215, August.
  38. Schmidt, Torsten & Vosen, Simeon, 2013. "Demographic change and the labour share of income," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 26(1), pages 357-378.
  39. Mann, Katja & Davenport, Margaret, 2016. "Demography, Capital Flows and Asset Allocation over the Life-cycle," VfS Annual Conference 2016 (Augsburg): Demographic Change 145948, Verein für Socialpolitik / German Economic Association.
  40. Junning Cai, 2004. "Baby Boom, Asset Market Meltdown and Liquidity Trap," Macroeconomics 0401002, University Library of Munich, Germany.
  41. De Santis, Roberto A. & Lührmann, Melanie, 2006. "On the determinants of external imbalances and net international portfolio flows: a global perspective," Working Paper Series 651, European Central Bank.
  42. Bárány, Zsófia & Coeurdacier, Nicolas & Guibaud, Stéphane, 2016. "Fertility, Longevity, and Capital Flows," Economics Series 321, Institute for Advanced Studies.
  43. Axel Börsch-Supan & Alexander Ludwig & Joachim Winter, 2006. "Ageing, Pension Reform and Capital Flows: A Multi-Country Simulation Model," Economica, London School of Economics and Political Science, vol. 73(292), pages 625-658, November.
  44. Kedar-Levy, Haim, 2014. "The potential effect of US baby-boom retirees on stock returns," The North American Journal of Economics and Finance, Elsevier, vol. 30(C), pages 106-121.
  45. repec:spo:wpmain:info:hdl:2441/c87bgksc18ba9tn72tqcganvu is not listed on IDEAS
  46. Besjon Zenelaj, 2022. "Service Dominant Logic as A New Emerging Mindset In Marketing And Brand Management," European Journal of Economics and Business Studies Articles, Revistia Research and Publishing, vol. 8, ejes_v8_i.
  47. Alessandro Piergallini, 2020. "Demographic change and real house prices: a general equilibrium perspective," Journal of Economics, Springer, vol. 130(1), pages 85-102, June.
  48. Mr. Serkan Arslanalp & Mr. Jaewoo Lee & Umang Rawat, 2018. "Demographics and Interest Rates in Asia," IMF Working Papers 2018/172, International Monetary Fund.
  49. Alistair Macaulay & Chenchuan Shi, 2026. "Ambiguity Aversion, Portfolio Choice, and Life Expectancy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 67(2), pages 633-655, May.
  50. Araújo, Eurilton, 2013. "Robust monetary policy with the consumption-wealth channel," Journal of Economic Dynamics and Control, Elsevier, vol. 37(1), pages 296-311.
  51. Stephan Schulmeister, 2004. "Aktienkursdynamik und privater Konsum in den USA und in Deutschland," WIFO Studies, WIFO, number 25188.
  52. Roman N. Schulze & Thomas Post, 2010. "Individual Annuity Demand Under Aggregate Mortality Risk," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 77(2), pages 423-449, June.
  53. Ghossoub, Edgar A. & Reed, Robert R., 2014. "The cost of capital, asset prices, and the effects of monetary policy," Journal of Macroeconomics, Elsevier, vol. 42(C), pages 211-228.
  54. Torsten Schmidt & Simeon Vosen, 2010. "Demographic Change and the Labour Share of Income," Ruhr Economic Papers 0165, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
  55. Marten Hillebrand, 2008. "Pension Systems, Demographic Change, and the Stock Market," Lecture Notes in Economics and Mathematical Systems, Springer, number 978-3-540-77972-8, September.
  56. Author-Name: John Geanakoplos & Michael Magill & Martine Quinzii, 2004. "Demography and the Long-Run Predictability of the Stock Market," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 35(1), pages 241-326.
  57. William Shambora, 2006. "Will retiring boomers really cause a stock market meltdown?," Applied Financial Economics, Taylor & Francis Journals, vol. 16(17), pages 1239-1250.
  58. Attanasio, O. & Bonfatti, A. & Kitao, S. & Weber, G., 2016. "Global Demographic Trends," Handbook of the Economics of Population Aging, in: Piggott, John & Woodland, Alan (ed.), Handbook of the Economics of Population Aging, edition 1, volume 1, chapter 0, pages 179-235, Elsevier.
  59. Hillebrand, Bernhard & Löbbe, Klaus, 2008. "Die gesamtwirtschaftliche und sektorale Entwicklung bis 2020: Unter den Bedingungen einer aktiven Industriepolitik und einer auf Versorgungssicherheit, Preiswürdigkeit und Ressourcenschonung ausgerichteten Energiepolitik," Study / edition der Hans-Böckler-Stiftung, Hans-Böckler-Stiftung, Düsseldorf, volume 127, number 185, May.
  60. Nicolas Coeurdacier & Stéphane Guibaud & Keyu Jin, 2015. "Credit Constraints and Growth in a Global Economy," SciencePo Working papers hal-03392968, HAL.
  61. Attanasio, Orazio & Kitao, Sagiri & Violante, Giovanni L., 2007. "Global demographic trends and social security reform," Journal of Monetary Economics, Elsevier, vol. 54(1), pages 144-198, January.
  62. Lee, R., 2016. "Macroeconomics, Aging, and Growth," Handbook of the Economics of Population Aging, in: Piggott, John & Woodland, Alan (ed.), Handbook of the Economics of Population Aging, edition 1, volume 1, chapter 0, pages 59-118, Elsevier.
  63. Börsch-Supan, Axel & Ludwig, Alexander & Sommer, Mathias, 2005. "Aging and Asset Prices," Sonderforschungsbereich 504 Publications 07-29, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
  64. repec:spo:wpmain:info:hdl:2441/169d87l3e88rpoi5e1tgckfi6a is not listed on IDEAS
  65. Xu, Suoer & Zhang, Linlin & An, Yunbi, 2025. "Population age structure, industry return, and portfolio strategy: Capitalizing on the trend of population aging in China," Pacific-Basin Finance Journal, Elsevier, vol. 94(C).
  66. Olivia S Mitchell & John Piggott & Michael Sherris & Shaun Yow, 2006. "Financial Innovation for an Ageing World," RBA Annual Conference Volume (Discontinued), in: Christopher Kent & Anna Park & Daniel Rees (ed.),Demography and Financial Markets, Reserve Bank of Australia.
  67. Schönfelder, Bruno & Wild, Frank, 2013. "Volkswirtschaftliche Wirkungen der Alterungsrückstellungen in der Privaten Kranken- und Pflegeversicherung," WIP-Analysen August 2013, WIP – Wissenschaftliches Institut der PKV.
  68. Beate Henschel & Carsten Pohl & Marcel Thum, 2008. "Demographic Change and Regional Labour Markets: The Case of Eastern Germany," CESifo Working Paper Series 2315, CESifo.
  69. Christian Helmenstein & Alexia Prskawetz & Yuri Yegorov, 2002. "Wealth and cohort size: stock market boom or bust ahead?," MPIDR Working Papers WP-2002-051, Max Planck Institute for Demographic Research, Rostock, Germany.
  70. Jau-er Chen & Rajarshi Mitra, 2020. "Demographic Shifts and Asset Returns in Japan," Economics Bulletin, AccessEcon, vol. 40(2), pages 1570-1582.
  71. Xavier Raurich & Thomas Seegmuller, 2017. "Growth and Bubbles: The Interplay between Productive Investment and the Cost of Rearing Children," AMSE Working Papers 1726, Aix-Marseille School of Economics, France.
  72. Christophe Boucher, 2003. "Stock Market Valuation : the Role of the Macroeconomic Risk Premium," Finance 0305011, University Library of Munich, Germany.
  73. Carlo A. Favero & Arie E. Gozluklu & Haoxi Yang, 2016. "Demographics and the Behavior of Interest Rates," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 64(4), pages 732-776, November.
  74. Sun, Tianyu & Chand, Satish & Sharpe, Keiran, 2018. "Effect of Aging on Housing Prices: A Perspective from an Overlapping Generation Model," MPRA Paper 89347, University Library of Munich, Germany.
  75. Favero, Carlo A. & Gozluklu, Arie E. & Tamoni, Andrea, 2011. "Demographic Trends, the Dividend-Price Ratio, and the Predictability of Long-Run Stock Market Returns," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 46(5), pages 1493-1520, October.
  76. Montén, Anna & Thum, Marcel, 2010. "Ageing municipalities, gerontocracy and fiscal competition," European Journal of Political Economy, Elsevier, vol. 26(2), pages 235-247, June.
  77. Börsch-Supan, Axel, 2004. "Global Aging: Issues, Answers, More Questions," MEA discussion paper series 04055, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
  78. Axel Börsch-Supan, 2004. "Global Aging: Issues, Answers, More Questions," Working Papers wp084, University of Michigan, Michigan Retirement Research Center.
  79. Andrew Ang & Angela Maddaloni, 2005. "Do Demographic Changes Affect Risk Premiums? Evidence from International Data," The Journal of Business, University of Chicago Press, vol. 78(1), pages 341-380, January.
  80. James Sprigg & Mark Ehlen, 2007. "Comparative dynamics in an overlapping-generations model: the effects of quasi-rational discrete choice on finding and maintaining Nash equilibrium," Computational Economics, Springer;Society for Computational Economics, vol. 29(1), pages 69-96, February.
  81. Börsch-Supan, Axel, 2004. "Global aging : issues, answers, more questions," Papers 07-28, Sonderforschungsbreich 504.
  82. Michael Fertig & Christoph M. Schmidt, 2004. "Gerontocracy in Motion? – European Cross-Country Evidence on the Labor Market Consequences of Population Ageing," RWI Discussion Papers 0008, Rheinisch-Westfälisches Institut für Wirtschaftsforschung.
  83. Robin Brooks, 2002. "Asset-Market Effects of the Baby Boom and Social-Security Reform," American Economic Review, American Economic Association, vol. 92(2), pages 402-406, May.
  84. Axel Börsch-Supan, 2006. "Demographic Change, Saving and Asset Prices: Theory and Evidence," RBA Annual Conference Volume (Discontinued), in: Christopher Kent & Anna Park & Daniel Rees (ed.),Demography and Financial Markets, Reserve Bank of Australia.
  85. Hettihewa, Samanthala & Saha, Shrabani & Zhang, Hanxiong, 2018. "Does an aging population influence stock markets? Evidence from New Zealand," Economic Modelling, Elsevier, vol. 75(C), pages 142-158.
  86. K.B. Oh & Xuebin Chen & Jianmei Wang & Geoffrey R. Durden & Nicole El-Haber, 2011. "China’s Changing Demographics and their Influence on Financial Markets," Chapters, in: Lilai Xu (ed.), China’s Economy in the Post-WTO Environment, chapter 3, Edward Elgar Publishing.
  87. Zsofia Barany & Nicolas Coeurdacier & Stéphane Guibaud, 2015. "Fertility, Longevity and International Capital Flows," SciencePo Working papers hal-01164462, HAL.
  88. 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.
  89. Sanchez-Marcos, Virginia & Sanchez-Martin, Alfonso R., 2006. "Can social security be welfare improving when there is demographic uncertainty?," Journal of Economic Dynamics and Control, Elsevier, vol. 30(9-10), pages 1615-1646.
  90. Börsch-Supan, Axel, 2004. "GLOBAL AGING - Issues, Answers, More Questions," Sonderforschungsbereich 504 Publications 07-28, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
  91. Garry Young, 2002. "The implications of an ageing population for the UK economy," Bank of England working papers 159, Bank of England.
  92. Quayes, Shakil, 2010. "Does budget deficit lower equity prices in USA?," Economics Letters, Elsevier, vol. 107(2), pages 155-157, May.
  93. Hans Fehr & Sabine Jokisch, 2006. "Demographischer Wandel und internationale Finanzmärkte," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 7(4), pages 501-517, November.
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  95. Marianna Brunetti, 2007. "Population Ageing, Household Portfolios and Financial Asset Returns: a Survey of the Literature," Politica economica, Società editrice il Mulino, issue 2, pages 171-208.
  96. De Santis, Roberto A. & Lührmann, Melanie, 2009. "On the determinants of net international portfolio flows: A global perspective," Journal of International Money and Finance, Elsevier, vol. 28(5), pages 880-901, September.
  97. Christine Lai, 2008. "How Retired Households and Households Approaching Retirement Handle Their Equity Investments in the United States," Journal of Family and Economic Issues, Springer, vol. 29(4), pages 601-622, December.
  98. Na Young Park, 2017. "Where Will the ‘Silver Money’ Go?," European Financial Management, European Financial Management Association, vol. 23(3), pages 459-474, June.
  99. Nesterova, Kristina (Нестерова, Кристина), 2018. "The Construction of a Global General Equilibrium Model for the Russian Economy Based on International Experience [Построение Глобальной Модели Общего Равновесия Для Российской Экономики На Основе Международного Опыта]," Working Papers 021807, Russian Presidential Academy of National Economy and Public Administration.
  100. Šević, Aleksandar & Brawn, Derek, 2015. "Do demographic changes matter? A cross-country perspective," Journal of Multinational Financial Management, Elsevier, vol. 30(C), pages 36-61.
  101. Hippolyte d’ALBIS & Dalal MOOSA, 2015. "Generational Economics and the National Transfer Accounts," JODE - Journal of Demographic Economics, Cambridge University Press, vol. 81(4), pages 409-441, December.
  102. An Zhiyong & Hou Yilin, 2019. "Population Policy, Demographic Change, and Firm Returns: Evidence from China," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 19(1), pages 1-11, January.
  103. Marianna Brunetti, 2007. "Population Ageing, Household Portfolios and Financial Asset Returns: a Survey of the Literature," Politica economica, Società editrice il Mulino, issue 2, pages 171-208.
  104. repec:spo:wpmain:info:hdl:2441/5402sfihji9vea8rb66cd9nphe is not listed on IDEAS
  105. Emerson Patrick M. & Knabb Shawn D., 2020. "Education Spending, Fertility Shocks and Generational Consumption Risk," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 20(2), pages 1-26, June.
  106. Akın, Ş. Nuray & Leukhina, Oksana, 2015. "Risk-sharing within families: Evidence from the Health and Retirement Study," Journal of Economic Dynamics and Control, Elsevier, vol. 52(C), pages 270-284.
  107. Robin Brooks, 2006. "Demographic Change and Asset Prices," RBA Annual Conference Volume (Discontinued), in: Christopher Kent & Anna Park & Daniel Rees (ed.),Demography and Financial Markets, Reserve Bank of Australia.
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