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

Table 9: Estimates of Demographic Effects on Financial Structure – Flow Variables
Private saving/GDP External balance/GDP
All countries EME countries Advanced countries All countries EME countries Advanced countries
(1) (2) (1) (2)
GDPPC 0.0006
(0.8)		 0.00075
(0.8)		 0.0068
(3.8)		 −0.00023
(0.5)		   0.3
(9.5)		 0.24
(4.9)		 0.14
(1.7)		 0.24
(7.5)
GROWTHPC 0.0008
(2.8)		 0.0006
(2.0)		 0.00031
(0.8)		 0.0026
(6.9)		   −0.059
(2.9)		 −0.056
(2.4)		 −0.09
(3.6)		 0.09
(2.1)
INFLATION 0.00043
(1.5)		 0.0001
(0.3)		 0.00046
(1.3)		 0.063
(3.1)		   0.028
(1.0)		 0.03
(1.1)		 0.023
(0.7)		 −0.074
(3.8)
URBAN −0.00095
(2.4)		 −0.00067
(1.3)		 −0.0015
(2.6)		 0.0005
(1.1)		   0.021
(1.1)		 −0.0026
(0.1)		 0.039
(1.5)		 −0.014
(0.5)
OPEN 0.001
(4.4)		 0.0019
(6.2)		 0.00072
(2.3)		 0.0015
(4.9)		   0.019
(1.4)		 0.013
(0.7)		 −0.011
(0.7)		 0.15
(7.2)
20–39 0.0045
(5.5)		 0.0023
(2.2)		 0.0052
(3.5)		 0.00064
(0.8)		   0.0033
(0.1)		 0.045
(0.8)		 −0.0047
(0.1)		 −0.048
(0.7)
40–64 0.0067
(4.9)		 0.0048
(2.6)		 0.0094
(3.7)		 0.0019
(1.6)		   0.021
(3.5)		 0.029
(3.4)		 0.37
(3.8)		 0.056
(0.6)
65+ −0.011
(5.3)		 −0.0079
(3.3)		 −0.022
(4.4)		 −0.0046
(3.5)		   −0.59
(5.8)		 −0.35
(2.8)		 −0.63
(3.2)		 −0.41
(4.3)
PFAGDP (−1)   0.021
(0.9)		   −0.22
(0.2)		  
BANKGDP (−1)   −0.031
(2.5)		   −1.65
(2.1)		  
R2 0.6 0.62 0.53 0.76   0.57 0.6 0.56 0.55
Countries 59 53 35 22   71 68 48 22
Observations 1398 1,103 830 560   2,600 1,950 1,663 928
Notes: See Table 4; also, GROWTHPC – annual growth rate of GDP per capita