Aging and personal finance: a long-term behavior model of the Spanish population
Journal Title: Revista CEA - Year 2019, Vol 5, Issue 10
Abstract
The aging of a population determines the characteristics of its economic environment and, according to the life-cycle hypothesis, it may affect the level of aggregate saving. Generally, the modeling of financial asset behavior considers factors of economic events and neglects the demographic approach. However, several empirical studies have found a high correlation between age distribution and stock prices. Based on those ideas, this empirical work aims at capturing the connection between the role that personal finance plays in individuals’ lifecycles and their demographic context. By means of an Error Correction Model (ECM), a cointegration analysis was conducted to visualize the stable, long-term relationship between the consumption of financial products and changes in the age structure of the population.
Authors and Affiliations
Monserrat Díaz-Fernández, María del Mar Llorente-Marrón, María Paz Méndez-Rodríguez
Keywords
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- EP ID EP615788
- DOI 10.22430/24223182.1442
- Views 159
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