RBA Annual Conference – 2006 How Will Ageing Affect the Structure of Financial Markets?

Table 6: Demographic Effects on Financial Structure – Size Variables
EMEs Advanced economies
SIZE LOANS M3 EQUITIES BONDS SIZE LOANS M3 EQUITIES BONDS
GDPPC 0.11
(2.7)		 0.021
(6.1)		 0.012
(5.2)		 0.041
(5.1)		 −0.023
(3.1)		   0.1
(5.2)		 0.018
(8.8)		 0.006
(3.2)		 −0.014
(2.3)		 −0.00001
(0.1)
INFLATION 0.025
(2.6)		 0.0028
(2.4)		 0.00025
(0.3)		 −0.0023
(0.9)		 −0.0055
(3.0)		   −0.036
(3.8)		 0.05
(0.4)		 −0.072
(1.0)		 −1.7
(3.2)		 −1.1
(4.1)
URBAN 0.07
(2.9)		 0.00074
(0.7)		 0.0021
(3.0)		 0.0053
(1.6)		 0.0092
(2.1)		   0.036
(2.6)		 −0.0075
(3.6)		 −0.0015
(1.7)		 −0.0059
(1.1)		 −0.009
(2.1)
OPEN −0.004
(0.9)		 0.0067
(9.4)		 0.0053
(11.5)		 0.0095
(7.7)		 0.0024
(2.8)		   0.0065
(0.9)		 0.0025
(1.9)		 −0.0011
(0.9)		 0.011
(3.0)		 −0.005
(2.5)
20–39 −0.08
(1.9)		 0.019
(6.9)		 0.0093
(5.1)		 0.0018
(0.3)		 −0.017
(2.2)		   −0.17
(4.2)		 0.002
(0.5)		 −0.012
(4.3)		 −0.0012
(1.0)		 −0.0027
(0.2)
40–64 −0.17
(2.8)		 −0.0068
(1.8)		 0.01
(4.1)		 0.015
(1.8)		 −0.004
(0.4)		   −0.077
(1.1)		 0.045
(8.5)		 0.024
(7.1)		 0.14
(8.6)		 0.041
(2.1)
65+ 0.61
(3.8)		 0.041
(4.9)		 0.037
(6.6)		 0.023
(0.9)		 0.13
(4.4)		   0.092
(2.8)		 0.049
(8.0)		 0.034
(6.8)		 −0.018
(1.1)		 0.069
(6.8)
R2 0.93 0.68 0.83 0.79 0.91   0.92 0.83 0.91 0.66 0.95
Countries 15 48 48 43 15   20 22 16 22 20
Observations 160 1,560 1,562 714 167   227 900 590 524 244
Note: See Table 4