BESS at MNB May 27, 2010: Előd Takáts „Aging and asset prices"

Speaker:Előd Takáts (Bank for International Settlements)

Venue: MNB-Visitor Centre

Time: 13:30 pm, Thursday, May 27,2010

The paper investigates how global aging will affect asset prices. The analysis uses a panel regression framework encompassing BIS real estate and UN demographic data from 22 advanced economies over 40 years. The results suggest that demographic factors affect real estate prices. The estimates along with UN population forecasts imply that real estate prices will face on average around 150 basis point lower returns in advanced economies in the next 40 years than under neutral demographics. The results might be used to think about the impact of aging on asset prices in general.

(Paper is available upon request)

Vissza a tetejére

The primary objective of the MNB shall be to achieve and maintain price stability. (...) Without prejudice to its primary objective, the MNB shall support the maintenance of the stability of the system of financial intermediation, the enhancement of its resilience, its sustainable contribution to economic growth; furthermore, the MNB shall support the government’s economic policy and its policy related to environmental sustainability, using instruments at its disposal.