affarudin, Muhammad Raees Shaik S
(2024)
The Aging-Inequality Nexus: The Domestic Savings Channel And
Threshold Effects In Asia-Pacific Countries.
PhD thesis, Perpustakaan Hamzah Sendut.
Abstract
Income inequality has generally exhibited an increasing trend, albeit at varying rates among Asia-Pacific countries, during a concurrent boom in the elderly
population. As such, the connection between the rising prevalence of the aging
population and the slow progress in alleviating income inequality remains unclear.
Moreover, there is a lack of empirical analysis focusing on domestic savings as a potential transmission mechanism within the aging-inequality nexus. To address these questions, this study sets forth three primary objectives. First, the study
investigates whether a long-term relationship exists between aging and income inequality using the Augmented Autoregressive Distributed Lag (A-ARDL) bounds test. The key findings confirm that aging coexists with income inequality in
advanced aging economies. Empirical evidence indicates that population aging
exacerbates income inequality in Australia, New Zealand, Japan, and China.
Conversely, the aging process in Hong Kong appears to moderate inequality. The
second objective explores the role of domestic savings as a transmission mechanism in the relationship between aging and income inequality, while also considering the effects of social globalization. The results reveal that aging significantly influences savings behaviors in aged and super-aged countries. Australia, New Zealand, Japan,
and China display a negative relationship between aging and savings, whereas Hong
Kong shows a positive correlation between the older dependency ratio and domestic saving.
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