The impact of pension reforms and demography on stock markets

Winter, Joachim

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URN: urn:nbn:de:bsz:180-madoc-3105
Document Type: Working paper
Year of publication: 2002
The title of a journal, publication series: None
Publication language: English
Institution: School of Law and Economics > Sonstige - Fakultät für Rechtswissenschaft und Volkswirtschaftslehre
MADOC publication series: Veröffentlichungen des MEA (Mannheim Research Institute For the Economics of Aging) > MEA Discussion Papers
Subject: 330 Economics
Subject headings (SWD): Rentenreform , Bevölkerungsentwicklung , Aktienmarkt
Abstract: Population aging is just beginning to hit the industrialized countries in full force, and it will have a tremendous impact on capital markets. Capital market effects of population aging are particularly strong in continental European economies such as Germany, with their large pay-as-you-go public pension systems. The younger generations in these countries are becoming aware of the need to provide for more retirement income through own private saving, and these effects will be accentuated by fundamental pension reforms that aim at more pre-funding. Population aging therefore changes households' savings behavior and portfolio composition, and much more assets will be invested in the stock market. Capital markets will grow in size, and active institutional investors such as pension funds are likely to become more important in continental European countries.
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