Also, not every country experiencing this sort of demographic change has a malign property bubble and a financial crisis. Therefore, we should not think of this strong positive correlation between demographic factors and malign bubbles as a strict causal relationship. Rather we should regard the demographic conditions of population dividend as “fertile ground” for malign property bubbles.
3  See, for example, Takáts, Elod (2012): “Aging and house prices”, Journal of Housing Economics, vol 21, no 2, June, pp 131–41, and Nishimura, Kiyohiko G. (2011): “Population ageing, macroeconomic crisis, and policy challenges”, Panel discussion at the 75th Anniversary Conference of Keynes’ General Theory, University of Cambridge, 19–21 June 2011.