The Impact of Population Aging on Financial Market Structures and Policy Implications

Yoon, Deok Ryong; Rhee, Dong-Eun

doi:10.2139/ssrn.3023830

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2022

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“…An important channel through which aging expands the financial market is the investment in pension funds, which could be increased with the rising doubt about the pension systems. Yoon and Rhee [16] support Alda's findings, demonstrating that the Japanese financial market has been more positively affected by population aging than those of Germany and the US.…”

Section: Literature Review Andmentioning

confidence: 57%

Complexity between Aging and the Structure of Financial Market: Empirical Evidence from Microdata

Wang

Luo

et al. 2022

Complexity

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By empirically testing the scale and structure hypotheses of aging’s impacts on the financial market using Tobit, FRM, and Heckman selection models, this paper proves that the number and proportion of elderly family members change the structure of families’ financial assets, though without significant effects on their overall size. Specifically, aging increases the share of cash and deposits in families’ total financial assets and decreases both the quantity and percentage of investment in risky assets. One more family member aged sixty and over, the risky assets decline by 5, 500RMB and its share decreases by 8.8 percent. A Heckman two-step model verifies the robustness of our results. The heterogeneity analysis reveals that aging plays different roles in different types of financial assets.

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Section: Literature Review Andmentioning

confidence: 57%