The Impact of Changing Demographics and Pensions on The Demand for Housing and Financial Assets

David Miles, Ales Cerny and ,

No 5143, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: Using a calibrated OLG model with several sources of uncertainty we find that the impact of ageing and of reform of social security upon the demand for housing and the level of owner occupation is substantial. The overall structure of household asset holdings ? in particular the split between real and financial assets ? is sensitive to demographics and to the generosity of state run, pay-as-you-go pensions. The interaction between social security reform and housing market conditions is significant and suggests that any changes in pension rules will have substantial knock on effects on the housing market.

Keywords: Pension reform; Portfolio allocation; Housing; Olg model (search for similar items in EconPapers)
JEL-codes: C61 G11 H31 H55 (search for similar items in EconPapers)
Date: 2005-07
New Economics Papers: this item is included in nep-fin, nep-fmk, nep-pbe and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Journal Article: The impact of changing demographics and pensions on the demand for housing and financial assets* (2010)
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