Where Will the ‘Silver Money’ Go?
利用跨国数据，研究发现人口老龄化会显著扩大保险业规模，原因在于老年人需要保障退休后收入、对冲年龄相关风险，且风险厌恶增加对保险和养老金等安全资产的需求，这一效应在金融自由化国家尤为明显。
Abstract Using international country‐level data, this paper shows that demographic ageing is likely to significantly expand the insurance industry. This expansion is driven by the increased need to secure earnings for post‐retirement consumption, the desire to hedge against risks associated with increasing age, and the older generations risk aversion increasing the demand for safer assets such as insurance and pension products. Moreover, such an expansion of the insurance industry is particularly apparent in financially liberalised countries. This is because risk and asset management associated with insurance and pension products could be facilitated and more effective in liberalised financial markets.