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74284-01 - Vorlesung: Financial Demography (3 KP)
| Semester | Frühjahrsemester 2025 |
| Angebotsmuster | Jedes Frühjahrsem. |
| Dozierende | Manuel Buchmann (manuel.buchmann@unibas.ch, BeurteilerIn) |
| Inhalt | With the retirement of the baby boomer generation, Switzerland and a major part of the developed world - notably also China – are currently at the cusp of an unprecedented demographic transition. Such a societal change on a global scale will undoubtedly affect financial markets. Different age groups differ in their saving and investment behavior. In particular, people aged 50-64 are the biggest savers. After retirement, on average more is consumed than saved. The retirement of the baby boomers will therefore change the balance of capital markets: from a net-saving society to a possibly dissaving society. However, this topic, despite its potentially far-reaching consequences for financial markets and the economy as a whole, is rarely addressed in the public debate, insufficiently researched, and rarely brought up in academic teaching. This course aims at addressing this issue by 1) describing the link between demographic change and various parts of the economy, 2) presenting the results of recent research in the field of “Financial Demography”, and 3) discussing potential implications, risks, and opportunities of the demographic transition for financial markets. It thus provides a direct link between economic theory and practical, real world applications. Students are invited to actively participate in the course via group discussions and are asked to write and present a short seminar paper in the second half of the course. The course will cover topics such as: • A primer on demographic developments around the world • Modigliani’s Life Cycle Theory of Savings • The effects of a shift in the ratio of factors of production (labor shortages, the “saving glut”, resulting changes in factor prices) • Effects of demography on the natural rate of interest, stock markets, real estate markets, inflation • Sustainability of retirement systems • International capital mobility |
| Lernziele | After successfully completing this course, students will understand the megatrend “demographic change” and its potential effects on different markets, such as: labor markets, asset markets, and real estate markets as well as macroeconomic indicators like economic growth, inflation, real interest rates, and retirement systems. |
| Literatur | There is no mandatory text book for this class. Relevant articles and papers will be shared ahead of each lecture. Recommended reading: Goodhart, C. A. E., & Pradhan, M. (2020). The great demographic reversal: Ageing societies, waning inequality, and an inflation revival. London: Palgrave Macmillan. Buchmann, M., Budliger, H., Dahinden, M., Francioni, R., Groth, H., Lenz, C., & Zimmermann, H. (2023). Financial Demography: How Population Aging Affects Financial Markets. Handbook of Aging, Health and Public Policy: Perspectives from Asia, 1-22. |
| Teilnahmevoraussetzungen | A fundamental understanding of economics and financial markets is expected. No prior knowledge on demographics is required. |
| Anmeldung zur Lehrveranstaltung | Registration: Please enroll in the Online Services (services.unibas.ch); Eucor-Students and mobility students of other Swiss Universities or the FHNW first have to register at the University of Basel BEFORE the start of the course and receive their login data by post (e-mail address of the University of Basel). Processing time up to a week! Detailed information can be found here: https://www.unibas.ch/de/Studium/Mobilitaet.html After successful registration you can enroll for the course in the Online Services (services.unibas.ch). Applies to everyone: Enrolment = Registration for the course and the exam! |
| Unterrichtssprache | Englisch |
| Einsatz digitaler Medien | kein spezifischer Einsatz |
| Intervall | Wochentag | Zeit | Raum |
|---|---|---|---|
| wöchentlich | Montag | 16.15-18.00 | Kollegienhaus, Hörsaal 116 |
Einzeltermine
| Datum | Zeit | Raum |
|---|---|---|
| Montag 17.02.2025 | 16.15-18.00 Uhr | Kollegienhaus, Hörsaal 116 |
| Montag 24.02.2025 | 16.15-18.00 Uhr | Kollegienhaus, Hörsaal 116 |
| Montag 03.03.2025 | 16.15-18.00 Uhr | Kollegienhaus, Hörsaal 116 |
| Montag 10.03.2025 | 16.15-18.00 Uhr | Fasnachstferien |
| Montag 17.03.2025 | 16.15-18.00 Uhr | Kollegienhaus, Hörsaal 116 |
| Montag 24.03.2025 | 16.15-18.00 Uhr | Kollegienhaus, Hörsaal 116 |
| Montag 31.03.2025 | 16.15-18.00 Uhr | Kollegienhaus, Hörsaal 116 |
| Montag 07.04.2025 | 16.15-18.00 Uhr | Kollegienhaus, Hörsaal 116 |
| Montag 14.04.2025 | 16.15-18.00 Uhr | Kollegienhaus, Hörsaal 116 |
| Montag 21.04.2025 | 16.15-18.00 Uhr | Ostern |
| Montag 28.04.2025 | 16.15-18.00 Uhr | Kollegienhaus, Hörsaal 116 |
| Montag 05.05.2025 | 16.15-18.00 Uhr | Kollegienhaus, Hörsaal 116 |
| Montag 12.05.2025 | 16.15-18.00 Uhr | Kollegienhaus, Hörsaal 116 |
| Montag 19.05.2025 | 16.15-18.00 Uhr | Kollegienhaus, Hörsaal 116 |
| Montag 26.05.2025 | 16.15-18.00 Uhr | Kollegienhaus, Hörsaal 116 |
| Module |
Modul Economics (ECON) II (Bachelorstudium: Wirtschaftswissenschaften (Studienbeginn vor 01.08.2021)) Modul: Aufbau Economics (Bachelorstudium: Wirtschaftswissenschaften) Modul: Wahlbereich in Wirtschaftswissenschaften (Bachelor Studienfach: Wirtschaftswissenschaften) Wahlbereich Bachelor Wirtschaftswissenschaften: Empfehlungen (Bachelor Studienfach: Wirtschaftswissenschaften (Studienbeginn vor 01.08.2021)) |
| Prüfung | Leistungsnachweis |
| Hinweise zur Prüfung | Short seminar paper (50%) and presentation (50%). |
| An-/Abmeldung zur Prüfung | Anm.: Belegen Lehrveranstaltung; Abm.: stornieren |
| Wiederholungsprüfung | keine Wiederholungsprüfung |
| Skala | 1-6 0,1 |
| Belegen bei Nichtbestehen | beliebig wiederholbar |
| Zuständige Fakultät | Wirtschaftswissenschaftliche Fakultät / WWZ, studiendekanat-wwz@unibas.ch |
| Anbietende Organisationseinheit | Wirtschaftswissenschaftliche Fakultät / WWZ |