Do sociodemographic factors influence the maturity structure of sovereign debt?

Abstract

[EN] Increases in life expectancy, medical and technological advances, and falling birth rates have produced widespread population aging in most developed countries. In the context of the EU, the population aged over 65 years, representing only 10% of the total in 1950, will represent over 30% in 2050 according to the United Nations. This phenomenon not only has implications in the social field but also affects economic growth and many economic and financial decisions that relate to the investment horizon (Lee and Shin, 2019; Kamiguchi and Tamai, 2019; Lyons, Grable and Joo, 2018). According to Papademos (2007), population aging may have important political and economic implications on economic growth, monetary policy, the structure of financial markets, public finances, and international capital flows.