Ageing population is deflationary – HKMA paper

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An ageing population is deflationary, while an increase in the youth population is inflationary, an economist at the Hong Kong Monetary Authority finds in new research.

In the paper, Gaofeng Han uses demographic variables, such as youth and elderly dependency ratios, and price data from Hong Kong, Singapore and China to analyse the impact on inflation.

“The larger the youth dependency ratio, the more inflationary pressure there is. Contrarily, the larger the elderly dependency ratio, the more

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