The impact of global aging on capital markets and housing

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review

3 Scopus citations


Aging has complex effects on the markets for real capital - capital used in the production of goods and services, and housing capital. If elderly people save less than younger people, an aging society saves less. This should increase interest rates since supply of funds gets tight. At the same time, the younger generation becomes ever smaller, so there is also less demand for new investment. The equilibrium effect is thus uncertain.

Original languageEnglish
Title of host publicationDemographic Change in Germany
Subtitle of host publicationThe Economic and Fiscal Consequences
PublisherSpringer Berlin Heidelberg
Number of pages24
ISBN (Print)9783540681359
StatePublished - 2008
Externally publishedYes


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