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Research Paper: Population Aging, Implications for Asset Values, and Impact for Pension Plans: An International Study – Phase 2

This joint research project with the Society of Actuaries, the University of Waterloo, and the University of Kent is the final report of the phase 2 research on population aging, implications for asset values, and impact for pension plans. It presents a literature review regarding the demographic impact on the returns of various asset classes, and a model specification to analyze the impact of demographics on house prices.

The Research Committee (now the Research Executive Committee) published phase 1 research on population aging in 2016, namely an introduction to a literature review on the use of overlapping generations models in modelling demographic change and a research paper on the overlapping generations model environment. An Excel file was also published. 

The phase 2 final report has been published in English, in addition to an executive summary in both languages.


See above

Research Executive Committee
Contact with Questions Doug Andrews, adjunct professor, department of statistics and actuarial science at the University of Waterloo, at
Announcement Number
February 14, 2018