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Financial Markets, Ageing and Social Welfare

DAVID MILES
Fiscal Studies
Vol. 18, No. 2 (MAY 1997), pp. 161-187
Published by: Wiley
Stable URL: http://www.jstor.org/stable/24437918
Page Count: 27
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Financial Markets, Ageing and Social Welfare
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Abstract

This paper considers some of the economic impacts that demographic change may have in developed economies over the next fifty years. I focus on the role that financial markets might play in economies where the pressure on government-run unfunded pension systems is likely to rise. The role of unfunded schemes is considered in a world where financial markets are incomplete and important types of risk cannot easily be offset by trading. How demographic shifts might affect labour productivity, asset prices and aggregate output is investigated using a simulation model of an economy where population structure is changing.

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