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Discussion Paper Details

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Full Details

Title: The Impact of Changing Demographics and Pensions on The Demand for Housing and Financial Assets

Author(s): Ales Cerny, David Miles and Lubomir Schmidt

Publication Date: July 2005

Keyword(s): housing, OLG model, pension reform and portfolio allocation

Programme Area(s): Financial Economics and Public Economics

Abstract: Using a calibrated OLG model with several sources of uncertainty we find that the impact of ageing and of reform of social security upon the demand for housing and the level of owner occupation is substantial. The overall structure of household asset holdings ? in particular the split between real and financial assets ? is sensitive to demographics and to the generosity of state run, pay-as-you-go pensions. The interaction between social security reform and housing market conditions is significant and suggests that any changes in pension rules will have substantial knock on effects on the housing market.

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Bibliographic Reference

Cerny, A, Miles, D and Schmidt, L. 2005. 'The Impact of Changing Demographics and Pensions on The Demand for Housing and Financial Assets'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=5143