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

Table 8: Demographic Effects on Financial Structure – Ratio Variables
EMEs Advanced economies
LOAN/EQUITY LOAN/SECURITY DEBT/EQUITY LOAN/EQUITY LOAN/SECURITY DEBT/EQUITY
GDPPC −0.00021
(0.4)
−0.025
(0.2)
−0.35
(0.3)
  −0.0007
(0.5)
−0.009
(0.7)
−0.39
(2.5)
INFLATION 0.0054
(4.3)
0.071
(2.9)
0.27
(1.0)
  0.44
(3.2)
0.027
(4.5)
20.0
(2.7)
URBAN −0.0073
(4.5)
−0.137
(2.2)
0.13
(0.2)
  0.0003
(0.2)
0.012
(1.4)
−0.095
(0.8)
OPEN −0.0015
(2.3)
−0.028
(2.4)
−0.54
(4.1)
  −0.003
(3.2)
−0.018
(4.1)
−0.14
(2.7)
20–39 −0.0071
(2.0)
0.17
(1.6)
2.6
(2.1)
  −0.0004
(0.1)
0.016
(0.6)
0.027
(0.1)
40–64 0.0011
(0.2)
0.43
(2.8)
4.2
(2.4)
  −0.029
(7.0)
−0.029
(0.7)
0.1
(0.2)
65+ −0.05
(4.0)
−1.1
(2.6)
−7.3
(1.6)
  −0.0007
(0.2)
−0.011
(0.5)
−0.22
(0.9)
R2 0.69 0.57 0.33   0.78 0.83 0.77
Countries 44 15 15   22 20 22
Observations 696 160 160   515 227 227
Note: See Tables 4 and 6