4  BIS central bankers’ speeches  show that, of 23 countries that experienced booms in both real estate and credit before the crisis, 21 experienced either a financial crisis or a significant drop in GDP growth, while of the seven countries that experienced a boom in real estate only, just two had a systemic financial crisis.15 The evidence regarding the impact on the real economy is similarly stark.
Therefore, even if the proportion of elderly people increases, they may spend less than before or work longer to earn income, both of which will contribute to pushing interest rates down by reducing spending or by increasing savings. How about the impact on investment?