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Impact of Population Aging on the Dynamics of Stock Markets. The Case of Five CEE Countries

Author

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  • Corduneanu Carmen

    (West University of Timisoara Timisoara, Romania)

  • Miloş Laura Raisa

    (Faculty of Economics University “Eftimie Murgu” of Resita Resita, Romania)

Abstract

Numerous studies have tried to model the connection between aging and the financial markets, showing the possibility of a future meltdown in the financial markets, via lower savings and investments given the reaching of the baby-boom cohorts at the age of retirement. In general the research has focused on the case of more industrialized countries, were the aging phenomenon is more felt in the present. The case of Central and Eastern European countries was somehow left aside, although the issue of aging should be an important one, considering also the current state of development of the CEE capital markets. Our empirical work, based on the case of five CEE countries, suggests also that the demographic dynamics have had a detectable impact on the domestic stock market.

Suggested Citation

  • Corduneanu Carmen & Miloş Laura Raisa, 2012. "Impact of Population Aging on the Dynamics of Stock Markets. The Case of Five CEE Countries," Scientific Annals of Economics and Business, Sciendo, vol. 59(1), pages 107-114, July.
    • Handle: RePEc:vrs:aicuec:v:59:y:2012:i:1:p:107-114:n:7
    DOI: 10.2478/v10316-012-0007-8
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    References listed on IDEAS

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    1. James M. Poterba, 2004. "The impact of population aging on financial markets," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, issue Aug, pages 163-216.
    2. Robert Holzmann, 2009. "Aging Population, Pension Funds, and Financial Markets : Regional Perspectives and Global Challenges for Central, Eastern, and Southern Europe," World Bank Publications - Books, The World Bank Group, number 2606.
    3. Mukesh Chawla & Gordon Betcherman & Arup Banerji, 2007. "From Red to Gray : The "Third Transition" of Aging Populations in Eastern Europe and the Former Soviet Union," World Bank Publications - Books, The World Bank Group, number 6741.
    4. Robin Brooks, 2006. "Demographic Change and Asset Prices," RBA Annual Conference Volume (Discontinued), in: Christopher Kent & Anna Park & Daniel Rees (ed.),Demography and Financial Markets, Reserve Bank of Australia.
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