Summing up So far, I have suggested that the brute force of compositional change in population might be in the background of asset market bubbles and their subsequent bust, especially those which caused the global macroeconomic crisis of 2008 and after. To close this section, I would like to draw two observations from this exercise.
First, I am not suggesting this demographic factor is the cause of the crisis, but pointing out that this favorable demographic background (increasing inverse dependency ratio) might have been fertile ground for the excessive optimism that led many economic agents to take a highly leveraged position to multiply their returns.