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Demographic structure and financial markets in Korea

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  • Demographic structure and financial markets in Korea
  • Park, Cheolbeom; Kim, Dong Heon
  • The Association of Korean Economic Studies


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Title Demographic structure and financial markets in Korea
Similar Titles
Material Type Articles
Author(English)

Park, Cheolbeom; Kim, Dong Heon

Publisher

[Seoul]:The Association of Korean Economic Studies

Date 2012-08
Journal Title; Vol./Issue Korea and the World Economy:vol. 13(no. 2)
Pages 22
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Social Development < Population
Holding AKES

Abstract

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.