Chinese Aging Problem and Its Effect on Financial Asset and Macroeconomic Fluctuations

Abstract

Abstract:

Based on the dynamic stochastic general equilibrium model with mean age heterogeneous families and innovative heterogeneous enterprises, this paper draws the following conclusions. As Chinese aging problem becomes more significant, the ratio of the liquid saving assets held by families to the total financial assets will rise, and the capital saving assets to the total financial assets will decline generally. The of financial asset restructuring resulting from the aging problem in China may cause the decrease of labor forces, consumptions and outputs, and in some cases even cause the decline of innovation investment in enterprises, or may further lead to the change of the model of economic growth represented by a higher investment rate. The policy implications are (1) Mere reliance on the la-bor expansion, larger investment and technical imitation is unsustainable for economic growth; (2) The impetus of economic stability should concentrate on technical innovation; (3) Stimulating the technological innovation in enterprises is an important direction in the reform of market mechanism; (4) Actions should be taken to guide the capital to flow into technical innovation enterprises, and mean-while, it is vital to avoid economic shock caused by the dramatically increasing investment scales of technical innovation.

Key words: aging problem, financial asset structure, macroeconomic fluctuation

Miao Wenlong, Zhou Chao. Chinese Aging Problem and Its Effect on Financial Asset and Macroeconomic Fluctuations[J]. , 2020, 32(1): 56-67.

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