Demographic transition and asset prices: Evidence from developing countries

Abstract

This paper examines the effects of demography on asset prices in developing countries, which has remained largely an unexplored area. Using panel data estimators for 25 countries, we find evidence of significant positive impact of working age population on real housing and stock prices, buttressing the intuition of the life cycle theory. Contrary to the evidence for advanced countries, we do not find support for negative housing wealth effect of ageing due to factors such as lack of state‐funded health and old age safety nets, reliance on family for social insurance, and strong bequeath motives rooted in the social configuration. Results also suggest that as developing countries attain a peak workforce participation rate over the next two decades, real stock and housing prices would cumulatively increase 4–7 percentage points, with concomitant implications for domestic savings, consumption, aggregate demand and, thus, for the conduct of macroeconomic policies in developing countries.

On the Association Between Demographic Structural Change and the Effectiveness of Nurse Staffing Policy for Inpatient Care: Evidence from Taiwan

“…These results indicate that, on average, a reduction of 0.321, 0.626, and 0.288 standard deviations in the 14-day readmission rate over a 12-month period for medical centers, regional hospitals, and district hospitals, respectively, can be anticipated with a corresponding reduction of one standard deviation in the PNR. The average shares of the population across seven age-specific groups during our observed period ranged from 11.6% (aged 15-24) to 16.1% (aged [35][36][37][38][39][40][41][42][43][44]. The means of linear and quadratic transformations of age distribution were −4.521 and −17.714, respectively.…”

“… 31 , 32 Hence, comprehending the potential impact of demographic structural changes on the effectiveness of hospitals’ nurse staffing policy emerges as a crucial concern within the realms of healthcare services. Previous studies on the influence of demographic structural changes on policy effectiveness have primarily included empirical studies within diverse economic markets, encompassing the monetary market, 33 , 34 securities market, 35 exchange market 36 real estate market, 37 and various commodity markets. 37 Nevertheless, research examining the nexus between demographic changes and the effectiveness of healthcare policies is scarce within the literature on healthcare services.…”

Reassessing theories of capital structure: Empirical insights from companies listed in Vietnam

“…rely on debt issuance to finance approximately 20% of their financial deficits. Conversely, Frank and Goyal (2003) highlighted the significance of equity issuance as an integral part of external financing in the US context, while Singh (1994) emphasized the heightened significance of equity funding compared to debt funding in emerging markets. Moreover, Nguyen et al.…”