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

Table 7: Estimates of Demographic Effects on Financial Structure – Ratio Variables
All countries All countries with financial
development variables
LOAN/EQUITY LOAN/SECURITY DEBT/EQUITY LOAN/EQUITY LOAN/SECURITY DEBT/EQUITY
GDPPC 0.0033
(2.3)
−0.0008
(0.3)
−0.4
(1.6)
  0.0069
(3.7)
0.011
(0.4)
−0.47
(1.4)
INFLATION 0.0054
(4.7)
0.086
(5.3)
0.25
(1.4)
  0.0043
(3.9)
0.062
(4.8)
0.13
(0.7)
URBAN −0.0052
(5.0)
−0.031
(1.5)
−0.21
(0.9)
  −0.0041
(3.5)
−0.052
(2.1)
−0.46
(1.6)
OPEN −0.0018
(3.4)
−0.028
(4.5)
−0.38
(5.4)
  −0.0029
(5.1)
−0.033
(5.2)
−0.42
(5.6)
20–39 −0.0046
(2.1)
0.018
(0.4)
1.0
(2.2)
  −0.0067
(2.8)
0.012
(0.3)
1.23
(2.7)
40–64 −0.016
(6.0)
0.032
(0.7)
1.6
(3.3)
  −0.017
(5.6)
−0.028
(0.6)
1.61
(2.7)
65+ −0.011
(2.6)
−0.055
(1.0)
−0.61
(1.0)
  −0.0077
(1.7)
−0.056
(1.0)
−0.45
(0.7)
PFAGDP (−1)     −0.172
(4.5)
−0.27
(0.6)
2.25
(0.4)
BANKGDP (−1)     −0.178
(7.7)
0.99
(3.5)
5.6
(1.7)
R2 0.71 0.61 0.41   0.73 0.63 0.41
Countries 67 36 36   63 35 35
Observations 1,219 395 395   1,059 365 365
Notes: See Table 4; also, LOAN/EQUITY – ratio of loans to stock market capitalisation; LOAN/SECURITY – ratio of loans to bonds plus equities; DEBT/EQUITY – ratio of loans plus bonds to equity; all ratios expressed in per cent