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74284-01 - Lecture: Financial Demography (3 CP)
| Semester | spring semester 2025 |
| Course frequency | Every spring sem. |
| Lecturers | Manuel Buchmann (manuel.buchmann@unibas.ch, Assessor) |
| Content | 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 |
| Learning objectives | 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. |
| Bibliography | 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. |
| Admission requirements | A fundamental understanding of economics and financial markets is expected. No prior knowledge on demographics is required. |
| Course application | 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! |
| Language of instruction | English |
| Use of digital media | No specific media used |
| Interval | Weekday | Time | Room |
|---|---|---|---|
| wöchentlich | Monday | 16.15-18.00 | Kollegienhaus, Hörsaal 116 |
Dates
| Date | Time | Room |
|---|---|---|
| Monday 17.02.2025 | 16.15-18.00 | Kollegienhaus, Hörsaal 116 |
| Monday 24.02.2025 | 16.15-18.00 | Kollegienhaus, Hörsaal 116 |
| Monday 03.03.2025 | 16.15-18.00 | Kollegienhaus, Hörsaal 116 |
| Monday 10.03.2025 | 16.15-18.00 | Fasnachstferien |
| Monday 17.03.2025 | 16.15-18.00 | Kollegienhaus, Hörsaal 116 |
| Monday 24.03.2025 | 16.15-18.00 | Kollegienhaus, Hörsaal 116 |
| Monday 31.03.2025 | 16.15-18.00 | Kollegienhaus, Hörsaal 116 |
| Monday 07.04.2025 | 16.15-18.00 | Kollegienhaus, Hörsaal 116 |
| Monday 14.04.2025 | 16.15-18.00 | Kollegienhaus, Hörsaal 116 |
| Monday 21.04.2025 | 16.15-18.00 | Ostern |
| Monday 28.04.2025 | 16.15-18.00 | Kollegienhaus, Hörsaal 116 |
| Monday 05.05.2025 | 16.15-18.00 | Kollegienhaus, Hörsaal 116 |
| Monday 12.05.2025 | 16.15-18.00 | Kollegienhaus, Hörsaal 116 |
| Monday 19.05.2025 | 16.15-18.00 | Kollegienhaus, Hörsaal 116 |
| Monday 26.05.2025 | 16.15-18.00 | Kollegienhaus, Hörsaal 116 |
| Modules |
Electives Bachelor Business and Economics: Recommendations (Bachelor's degree subject: Business and Economics (Start of studies before 01.08.2021)) Modul: Aufbau Economics (Bachelor's Studies: Business and Economics) Modul: Wahlbereich in Wirtschaftswissenschaften (Bachelor's degree subject: Business and Economics) Module: Economics II (Bachelor's Studies: Business and Economics (Start of studies before 01.08.2021)) |
| Assessment format | record of achievement |
| Assessment details | Short seminar paper (50%) and presentation (50%). |
| Assessment registration/deregistration | Reg.: course registration, dereg: cancel course registration |
| Repeat examination | no repeat examination |
| Scale | 1-6 0,1 |
| Repeated registration | as often as necessary |
| Responsible faculty | Faculty of Business and Economics , studiendekanat-wwz@unibas.ch |
| Offered by | Faculty of Business and Economics |