Demographic transitions and the relative price of investment goods: Evidence from saving-investment channels

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<title>Demographic transitions and the relative price of investment goods: Evidence from saving-investment channels</title>
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<namePart>Li, Yingcan</namePart>
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<dateIssued encoding="marc">2026</dateIssued>
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<abstract displayLabel="Summary">The study investigates how demographic transitions characterized by population ageing and low fertility affect the relative price of investment goods (RPIG). Using a three-period Overlapping Generations model and a two-sector production framework, it identifies saving and investment as key transmission channels. Empirical analysis based on panel data from 155 countries (19702024) confirms that ageing and declining fertility exert downward pressure on RPIG by increasing household savings and reducing corporate investment. Robustness checks and mediation tests validate these mechanisms, while heterogeneity analysis reveals stronger effects in developing and high-TFP economies. The findings provide theoretical and empirical evidence for understanding long-term asset pricing and inform policy strategies to stabilize investment goods prices during demographic shifts.</abstract>
<note type="statement of responsibility">Yingcan Li</note>
<note>Internacional</note>
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<topic>Perspectivas económicas</topic>
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<topic>Análisis económico</topic>
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<topic>Demografía</topic>
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<topic>Economía internacional</topic>
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<topic>Inversiones</topic>
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<url displayLabel="electronic resource" usage="primary display">https://doi.org/10.1016/j.jeoa.2026.100658</url>
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<title>The Journal of the economics of ageing</title>
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<publisher>Oxford : Elsevier ScienceDirect, 2021-</publisher>
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<identifier type="local">MAP20210010194</identifier>
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<text>03/07/2026 Volumen 35 - 2026 </text>
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