Impact of Population Aging on Financial Markets in Developed Countries
探讨人口年龄结构如何影响金融资产价格，回顾美国20世纪的经验证据，并预测未来老龄化对金融产品需求的影响。
The impact of population aging on asset prices is a topic that has attracted tremendous interest, both in academic research and even more so in the popular press. It is not too hard to understand why. Poterba addresses three issues related to the links between demography and financial markets. First, he outlines a very simple model in which there can be an important linkage between the age structure of the population and the level of financial asset prices. Then he describes the empirical evidence that is available on this relationship, focusing primarily on the U.S. experience in the 20th century. Finally, he explores how the changing age structure of the population will affect the demand for different types of financial products.