Population Aging, Household Savings and Asset Prices: A Study Based on Urban Commercial Housing Prices
| Autor: | Xiaowei Wang, Xinwei Zhang, Guowang Zeng, Shihong Zeng |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2019 |
| Předmět: |
Population ageing
asset prices Geography Planning and Development Population TJ807-830 Management Monitoring Policy and Law Overlapping generations model TD194-195 Renewable energy sources household savings Empirical research 0502 economics and business Economics GE1-350 Asset (economics) 050207 economics education health care economics and organizations population structures education.field_of_study 050208 finance Environmental effects of industries and plants Renewable Energy Sustainability and the Environment commodity housing prices 05 social sciences Regression analysis Census Environmental sciences Dependency ratio Demographic economics |
| Zdroj: | Sustainability, Vol 11, Iss 11, p 3194 (2019) Sustainability Volume 11 Issue 11 |
| ISSN: | 2071-1050 |
| Popis: | Currently, China&rsquo s aging population, high savings rate and high housing asset prices coexist, which has become a hot issue in academic research. First, considering the life-cycle hypothesis and overlapping generations model, asset prices are negatively correlated with the population dependency ratio and positively correlated with household savings. Second, based on census data from prefecture-level cities, a pooled regression model and two-stage least squares (2SLS) are used in this empirical research. The child dependency ratio was found to have a significant negative impact on housing prices, while the elderly dependency ratio had a positive impact on housing prices. The positive relationship between household savings and housing prices is highly significant. Finally, the interaction analysis shows that the impact of population aging on housing prices differs under different levels of household savings thus, population aging affects housing prices through household savings, and the mediator dilutes and weakens this impact. The elderly generation&rsquo s release of savings could gradually inhibit housing prices. Population aging causes long-run downside risks but not a market meltdown. |
| Databáze: | OpenAIRE |
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