人口转型与金融资产

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2025-08-11 DOI:10.1016/j.ememar.2025.101340

Karan Rai, Bhavesh Garg

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引用次数: 0

摘要

本研究考察了年龄结构变化对风险资产和无风险资产的影响。考虑到新兴市场经济体（EMEs）的人口转型滞后，但年龄结构的变化将比发达经济体（ae）更快，我们考虑了新兴市场经济体和新兴市场经济体两个面板。与以往关于人口转型的文献不同，我们解决了横断面依赖性和斜率异质性的问题。我们的主要发现表明，主要工作年龄人口对ae和eme的风险和无风险资产都有显著影响。然而，老年抚养比往往对无风险资产产生不同的影响。

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Demographic transition and financial assets

This study examines the impact of changing age structures on risky and risk-free assets. Considering that demographic transition is lagged in emerging market economies (EMEs) but the change in age structures will be more rapid than in advanced economies (AEs), we consider two panels of AEs and EMEs. Unlike previous literature on the demographic transition, we address the issue of cross-sectional dependence and slope heterogeneity. Our key findings suggest that the prime working-age population significantly influences both risky and risk-free assets in AEs and EMEs alike. However, the old-age dependency ratio tends to have a different impact on risk-free assets.

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.