Ageing and Financial Markets – A Literature Survey

E Philip Davis () and Dilruba Karim ()

No 568, National Institute of Economic and Social Research (NIESR) Discussion Papers from National Institute of Economic and Social Research

Abstract: The ageing of the population, driven by declining fertility and rising longevity, is an ineluctable process with major economic and financial implications. This literature survey seeks to provide an overview of effects of ageing on financial markets, focusing inter alia on effects on household saving and wealth, pension provision, the demand for individual financial assets, consequent effects on financial structure, effects on asset prices and interest rates, consequences for housing, effects on banking and financial stability, and international capital flows. The survey covers both the theoretical and empirical literature. Important underlying aspects are the lifecycle pattern of consumption and saving, and the pattern of risk preferences for older people, which may impact on all these areas. There are important policy implications, and further empirical work is warranted.

Keywords: Ageing; personal finance; securities markets; financial structure; housing; international capital flows (search for similar items in EconPapers)
JEL-codes: D14 J10 O16 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-age and nep-fdg
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Persistent link: https://EconPapers.repec.org/RePEc:nsr:niesrd:568

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