RBA Annual 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