Complexity between Aging and the Structure of Financial Market: Empirical Evidence from Microdata

By empirically testing the scale and structure hypotheses of aging’s impacts on financial market using Tobit, FRM, Heckman selection models, this paper proves that number proportion elderly family members change families’ assets, though without significant effects their overall size. Specifically, aging increases share cash deposits in total assets decreases both quantity percentage investment risky assets. One more member aged sixty over, decline by 5, 500RMB its 8.8 percent. A two-step model verifies robustness our results. The heterogeneity analysis reveals plays different roles types