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학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
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논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2012.8
- 수록면
- 307 - 328 (22page)
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초록· 키워드
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This paper examines the relationship between the demographic structure and asset prices in Korea based on the standard life-cycle model. To this end, this paper employs a non-parametric model which has an advantage of no functional form for the relationship a priori. We find that the estimated relation between the real interest rate and population density function is consistent with the implication from lifecycle models, whereas the relation between the normalized stock price and population density function is not. The projection based on the projected population estimates indicates that the real interest rate is going to rise until the 2020 due to the increase trend of old consumers and their dissaving behavior after the retirement.
목차
1. INTRODUCTION
2. ECONOMETRIC METHODOLOGY
3. DATA AND THE SELECTION OF K
4. EMPIRICAL RESULTS
5. CONCLUSION
REFERENCES
참고문헌 (27)
참고문헌 신청
1. [학술지(정기간행물)] - Abel, A. B. / 2001 / Will Bequests Attenuate the Predicted Mmeltdown in Sstock Prices When Baby Boomers Retire? / Review of Economics and Statistics 83 : 589 ~ 595
2. [학술지(정기간행물)] - Abel, A. B. / 2003 / The Effects of a Baby Boom on Sstock Prices and Capital Accumulation in the Presence of Social Security / Econometrica 71 : 551 ~ 578
3. [학술지(정기간행물)] - Andrews, D. K. / 1991 / Asymptotic Normality of Series Estimators for Nonparametric and Semiparametric Regression Models / Econometrica 59 : 307 ~ 345
4. [학술지(정기간행물)] - Ang, A. / 2005 / Do Demographic Changes Aaffect Risk Premiums? Evidence from International Data / Journal of Business 78 : 341 ~ 379
5. [학술지(정기간행물)] - Bakshi G. / 1994 / Baby Boom, Population Aging, and Capital Markets / Journal of Business 67 (2) : 165 ~ 202
2. [학술지(정기간행물)] - Abel, A. B. / 2003 / The Effects of a Baby Boom on Sstock Prices and Capital Accumulation in the Presence of Social Security / Econometrica 71 : 551 ~ 578
3. [학술지(정기간행물)] - Andrews, D. K. / 1991 / Asymptotic Normality of Series Estimators for Nonparametric and Semiparametric Regression Models / Econometrica 59 : 307 ~ 345
4. [학술지(정기간행물)] - Ang, A. / 2005 / Do Demographic Changes Aaffect Risk Premiums? Evidence from International Data / Journal of Business 78 : 341 ~ 379
5. [학술지(정기간행물)] - Bakshi G. / 1994 / Baby Boom, Population Aging, and Capital Markets / Journal of Business 67 (2) : 165 ~ 202
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UCI(KEPA) : I410-ECN-0101-2013-320-003298424