Asset Meltdown – Fact or Fiction?
Journal of Real Estate Portfolio Management, Vol. 17 (1), 27-38
Date Written: 2011
This paper analyzes the relation between demographic structure and real asset returns on treasury bills, bonds and stocks for the G7-countries (United States, Canada, Japan, Italy, France, the United Kingdom and Germany). A macroeconomic multifactor model is used to examine a variety of different demographic factors from 1951 to 2002. There was no robust relationship found between shocks in demographic variables and asset returns in the framework of these models, which suggests that Asset Meltdown is rather fiction than fact.
JEL Classification: G12 (Asset Pricing), G15 (International Financial Markets), J14 (Economics of the Elderly)
Suggested Citation: Suggested Citation