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All major industrial countries will experience significant population aging over the next several decades. In both academic circles and the business press it is widely believed that population aging will have important effects on financial markets because of its expected impact on saving rates and the demand for investment funds. This paper reviews the literature on the macroeconomic and asset market effects of population aging, focusing on four related issues: (a) The impact of population age structure on aggregate household saving; (b) The effect of population aging on investment demand; (c) Evidence on the influence of population age structure on financial market asset prices and returns; and (d) Effects of globalization on our interpretation of the impact of demographic change.
This OECD 2005 report, prepared at the request of Deputies of the G10, reviews economic consequences of ageing populations for financial markets and recommends that governments help facilitate development of financial instruments to support retirement savings and pensions.
The book gives an overview of the implications of population ageing on economic development and financial systems. It describes several challenges which the ageing process poses for central banks, giving special consideration to the situation in Europe. The first two chapters discuss the relationship between ageing and saving and between ageing and international capital flows. Other chapters consider the possible implications for financial markets. The final part raises issues which are of particular relevance for central banks, namely ageing and financial stability and how ageing will affect monetary policy.
Population aging will affect the performance of pension funds and financial markets in the former transition economies and require determined policy actions to complete financial market development and to promote financial literacy through education.
The Economics of Aging presents results from an ongoing National Bureau of Economic Research project. Contributors consider the housing mobility and living arrangements of the elderly, their labor force participation and retirement, the economics of their health care, and their financial status. The goal of the research is to further our understanding both of the factors that determine the well-being of the elderly and of the consequences that follow from an increasingly older population with longer individual life spans. Each paper is accompanied by critical commentary.
Korea is aging at a rapid pace, causing concern about the resulting socio-economic impacts. This study analyzes the expected changes in the financial markets and macroeconomic changes resulting from aging and seeks possible policy measures to mitigate the negative impacts of these changes. The estimated changes will be useful information for all market players to prepare for the future socio-economic changes.The policy implications based on the analyses are as follows: First, explore new roles for monetary policies. Second, use labor market approaches and financial market approaches together to respond to aging. Third, employ strategies using the income account to maintain current account balance.
Many countries will be confronted with ageing populations in the coming decades. This will crucially affect the economic outlook for the economy. Population changes directly affect the size of the labour force and consequently potential employment and output growth. Because the timing and magnitude of demographic changes varies significantly across regions, international capital flows will play an important role for the allocation of investment. This book offers a comprehensive treatment of ageing related issues based on a five region overlapping generations model and provides a quantitative assessment until 2050.
The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.
Bachelor Thesis from the year 2012 in the subject Economics - Finance, grade: 1,3, University of Freiburg, language: English, abstract: Most developed countries will be going through a strong demographic transition over the coming decades. The large Baby Boomer cohort is approaching retirement and whereas it is often believed that they brought an economic dividend when they were working, it is assumed they will prove to be a drain on economic growth as they retire. Equally, financial markets are worried that the Baby Boomers will put the financial assets they accumulated over their life-cycle simultaneously on the market, thereby causing asset prices to tumble. However, looking at data about the life-cycle saving behaviour of households casts doubts that there is strong asset deccumulation even in the very old age. This work contributes on this issue by providing empirical evidence on individual stock market participation over the life-cycle in Germany between 2000 and 2011. The results give only weak support for strong asset deccumulation during retirement. In combination with the institutional design of the German pension system and other findings, demographic ageing is unlikely to lead to an asset price meltdown.