This chapter analyzes the structure of demand for retirement products in Sweden using both aggregate and individual data. We show that all occupational groups except white collar workers are more likely to choose a 5-year withdrawal rather than a life annuity, as are women and those with less...

This paper investigates the effects of each age group in the population on housing prices, the returns on different classes of bonds and the excess returns on equity across countries and over time. Previous empirical research focusing on a single country found a negative effect of the ratio of...

Using a large sample of countries and 60 years of data, the authors found a strong and intuitive link between demographic transitions and both GDP growth and capital market returns. Unlike previous researchers, who used ad hoc and restrictive demographic variables, the authors imposed a smooth...

This paper describes the operation of both the compulsory pension annuity and voluntary annuity markets in the UK. The paper reports on the movement of UK annuity price quotes in the voluntary market from 1957-2009, and in the pension annuity market from 1994 to 2009, and examines whether...

This paper analyses whether the severe demographic change in Germany causes its high current account surpluses. An ageing population both increases the supply and lowers demand of capital in an economy. Due to a longer life span individuals save more. Fewer workers reduce the optimal capital...

Wirkt sich der demographische Wandel auf die internationalen Kapitalbewegungen aus? Für die Analyse dieser Frage wird zunächst untersucht, welchen Einfluss die Verschiebung der Bevölkerungsaltersstruktur auf die gesamtwirtschaftliche Ersparnis und Investition hat. Anhand eines Modells der...