See Iwata (2001). 3  See Poterba (2001). The different effects of demographic change on rates of return on assets and asset prices may be due to the change in labor-saving technology to offset the decrease in the labor force, while the expected growth rate is affected by demographic change, resulting in an increase in asset prices.
4  BIS Review 1/2005  the expected growth rate of the population. It seems likely that elderly people have a shorter time horizon and a greater mortality risk than younger ones, and thus a higher discount rate on future rent revenue.