Ageing to drive down asset prices
Ageing populations will depress asset prices, Bank for International Settlements (BIS) research, published Wednesday, posits.
A small model is used to show that economic and demographic factors drive asset, and in particular house, prices. These factors are estimated in a panel regression framework encompassing BIS real house price data from 22 advanced economies between 1970 and 2009. The estimates show that demographic factors affect real house prices significantly. Combining the results with
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