The book gives an overview of the implications of population ageing on economic development and financial systems. It describes several challenges which the ageing process poses for central banks, giving special consideration to the situation in Europe. The first two chapters discuss the relationship between ageing and saving and between ageing and international capital flows. Other chapters consider the possible implications for financial markets. The final part raises issues which are of particular relevance for central banks, namely ageing and financial stability and how ageing will affect monetary policy.Specifically, I examine the role of the life annuity, a financial contract in which the purchaser exchanges a certain sum of ... at the Wharton School, the National Bureau of Economic Research, the Wharton-SMU Research Center at Singapore anbsp;...
|Title||:||Ageing, Financial Markets and Monetary Policy|
|Author||:||Alan Auerbach, Heinz Herrmann|
|Publisher||:||Springer Science & Business Media - 2013-11-11|