This comparatively larger proportion of retired people in the total population will also influence the structure of tourist demand. In addition, the growth in tourism continues to be closely tied to the relationship between working hours and leisure.
And when the music stops, the process can be reversed as falls in asset values, leverage and liquidity feed on each other. (For Shin, the villain is mark-to-market accounting, although I would not want its virtues in reducing forbearance to be overlooked.)