The impact of demographic shifts on financial markets

Size: px
Start display at page:

Download "The impact of demographic shifts on financial markets"

Transcription

1 The impact of demographic shifts on financial markets Dr. Susan Lund, Director of Research McKinsey Global Institute June 11, 20

2 How will coming demographic shifts affect financial markets? 1 Global shift in wealth Emerging markets are growing rapidly and save more, and their share of global financial wealth is increasing. But they have different investment preferences, institutions, and needs for funding 2 3 Higher cost of capital Growth in emerging markets is driving global investment demand to historic levels. Given aging in advanced economies, we project it will exceed growth in global saving, putting upward pressure on real interest rates. Fewer investors in public equities Emerging market investors today have very low allocation to equities and other risk assets. Aging in advanced economies is causing a shift out of equities. We project a gap between corporate needs for equity and investor demand. 1

3 Current GDP Contribution to global GDP 1 % Developed economies Emerging market megacities Emerging market middleweight cities Emerging market small cities and rural areas GDP, 20 0% = $62.7 trillion USD RER Small Midsized Large Mega Includes all 2,600+ cities from MGI Cityscope database. 2 Real exchange rate (RER) for 20 is the market exchange rate. RER for 2025 was predicted from differences in the per capita GDP growth rates of countries relative to the US SOURCE: McKinsey Global Institute Cityscope 2.0 2

4 More than half of global growth by 2025 will be in emerging market cities Contribution to global GDP growth 1 % Developed economies Emerging market megacities Emerging market middleweight cities Emerging market small cities and rural areas GDP, 20 0% = $62.7 trillion USD RER GDP growth, % = $50.2 trillion USD RER Small 13 Midsized Large Mega Small Mega Midsized 9 Large 1 Includes all 2,600+ cities from MGI Cityscope database. 2 Real exchange rate (RER) for 20 is the market exchange rate. RER for 2025 was predicted from differences in the per capita GDP growth rates of countries relative to the US SOURCE: McKinsey Global Institute Cityscope 2.0 3

5 By 2020, emerging markets share of financial assets is projected to double Total financial assets, 20 20F %; $ trillion Other emerging China Other developed Japan Western Europe United States F 3 Emerging markets financial assets $ trillion Measured in 20 exchange rates. 2 Rapid growth in emerging markets but low growth through 2015 in mature economies. 3 Emerging markets currencies appreciate vis-à-vis the US dollar. SOURCE: McKinsey Global Institute

6 In 2008, China overtook the United States as the world s largest saver Gross national savings $ billion, nominal values China and United States 3,500 3,000 3,207 China 20 China 3,207 US 1,755 2,500 Japan 1,287 2,000 1,500 1,755 US Germany 757 India 566 France 9 1, Russia 390 Brazil 361 Italy 39 Korea 333 SOURCE: CEIC; Haver Analytics; McKinsey Global Growth Model; International Monetary Fund; World Development Indicators of the World Bank; United Nations System of National Accounts; MGI 5

7 In developed countries, aging populations are saving less Japan net household saving rate Percent of disposable personal income Elderly dependency ratio Ratio of total population SOURCE: United Nations (Population Division); Bank of Japan; McKinsey Global Institute 6

8 Emerging markets also have large investment needs: investment rates in China and India have reached very high levels Investment rate by country and year, % of GDP, nominal values Change in rate Percentage points China India Other emerging Countries with an average GDP per capita between 200 and 2008 below world average of $7,200, excluding China and India SOURCE: McKinsey Global Growth Model 7

9 Capital stock per capita in China and India remains very low compared with that of developed countries Capital stock vs. GDP per capita by country and year, $ thousand, sample of selected countries, constant 2005 prices and exchange rates Capital stock per capita Italy Japan Germany US UK Italy Japan S. Korea Germany China Urban China India US 60 South Korea UK 0 Urban China 20 China India 0 0 5,000,000 15,000 20,000 25,000 30,000 35,000 0,000 5,000 1 Stock of net fixed assets at the end of the year, assuming 5 percent depreciation rate for all the assets. SOURCE: McKinsey Insights China; McKinsey Global Economic Growth Database; McKinsey Global Institute GDP per capita 8

10 All considered scenarios lead to a gap between global saving and investment demand, which would put upward pressure on interest rates Demand for investment Supply of saving Scenarios 1 Consensus global growth 2 Slower longterm growth in China and India 3 Weak global recovery Global 2030 saving vs. demand for investment % of global GDP saving shortfall $ trillion NOTE: Some figures do not sum due to rounding. SOURCE: Economist Intelligence Unit; Global Insight; McKinsey Global Economic Growth Database; Oxford Economics; World Development Indicators of the World Bank; MGI Capital Supply & Demand Model; McKinsey Global Institute 9

11 Emerging market investors today low allocations to equities and other risk assets Asset allocation by investor, 20 %; $ trillion Other Cash and deposits 0% = Fixed income Traditional investors Emerging investors Equities Compound annual growth rate, 2000 % US households and pensions Western Europe households and pensions Sovereign wealth funds Developed Asian households 1 MENA households Latin American households Chinese households Emerging Asian households Emerging market central banks Includes Singapore, Hong Kong, Korea, and Taiwan. Excludes Japan, where households allocate % of their portfolio to equities. SOURCE: National sources; McKinsey Global Institute

12 As investors age, historically reduce their equity holdings US household asset allocation by age cohort 1 % of total assets Other Cash and deposits Fixed income Equities 0% Less than 35 years old years old 65 or more years old 1 Excludes retirement assets. SOURCE: European Central Bank; UK Office of National Statistics; German Federal Statistical Office; Banca d Italia; US Survey of Consumer Finances; US Census Bureau; US Federal Reserve Flow of Funds; McKinsey Global Institute 11

13 Investor demand for equities may not satisfy corporate needs Incremental demand for equities by domestic investors vs. increase in corporate equity needs, 20 20F $ trillion; 20 exchange rates Incremental demand for equities Increase in corporate equity needs United States Western Europe Other developed 2 China Incremental demand for equities Increase in corporate equity needs Other emerging France, Germany, Italy, Spain, and the United Kingdom. 2 Australia, Canada, Japan, and South Korea. 3 Brazil, India, Indonesia, Mexico, Russia, South Africa, and Turkey. SOURCE: McKinsey Global Institute

14 Policymakers can dampen the impact of these trends 1 2 Promote deeper financial markets in emerging markets Use behavioral economics to boost household saving rates in developed economies 3 Rethink tax incentives for debt Revise asset shifts in target-date funds and pensions, given longer life spans 13

15 Thank you Our research can be downloaded at 1

Global Investing 2013 Morningstar. All Rights Reserved. 3/1/2013

Global Investing 2013 Morningstar. All Rights Reserved. 3/1/2013 Global Investing 2013 Morningstar. All Rights Reserved. 3/1/2013 World Stock Market Capitalization Year-end 2012 18.5% 9.6% United States International: Other Europe United Kingdom Japan Other Pacific

More information

Total credit to the non-financial sector (core debt), % of GDP Table F1.1

Total credit to the non-financial sector (core debt), % of GDP Table F1.1 Total credit to the non-financial sector (core debt), % of GDP Table F1.1 2010 2011 2012 2013 2014 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Argentina 53.0 50.7 53.6 58.5 60.9 60.9 59.1 59.9 62.1 73.8 Australia 200.3

More information

Global financial assets of private households

Global financial assets of private households Economic Research Global financial assets of private households Munich, September 216 Weakest growth in financial assets since 211 Financial assets and liabilities of private households worldwide in EUR

More information

Banks in Switzerland, 2014 edition Results from the Swiss National Bank s data collection

Banks in Switzerland, 2014 edition Results from the Swiss National Bank s data collection Press release Communications P.O. Box, CH-8022 Zurich Telephone +4 44 63 3 communications@snb.ch Zurich, 8 June 205 Banks in Switzerland, 204 edition Results from the Swiss National Bank s data collection

More information

Updates on Moving towards Strong, Sustainable and Balanced Growth

Updates on Moving towards Strong, Sustainable and Balanced Growth Updates on Moving towards Strong, Sustainable and Balanced Growth Figure : World Economic Growth (Per cent) Pre-crisis average growth rate (99-) - 7 8 9 * 7* Source: IMF April WEO. *Forecasts. Figure :

More information

Debt and (not much) deleveraging

Debt and (not much) deleveraging WORKING DRAFT Last Modified 5/19/2015 9:06 AM Malay Peninsula Standard Time Printed 3/12/2015 1:48 PM Eastern Standard Time Debt and (not much) deleveraging Key messages 1 2 Global debt has grown by $49

More information

Debt and (not much) deleveraging

Debt and (not much) deleveraging Debt and (not much) deleveraging Peterson Institute for International Economics Susan Lund, McKinsey Global Institute Global debt has increased by $57 trillion since the crisis began with $25 trillion

More information

FACT SHEET Global Direct Selling

FACT SHEET Global Direct Selling Global 2011 Global Retail Sales: USD $153,727 million Global Sales Force The 91.5 million Direct Sellers who represent companies around the world are: 3 2 16% 9% 2% 3% 2% 3% 2% 3% Care 42% 2% 56% 3% 2

More information

Perspectives for the world economy, Asia and China

Perspectives for the world economy, Asia and China Perspectives for the world economy, Asia and China Press briefing Dr. Michael Heise, Allianz SE Economic Research & Corporate Development Beijing, April 17, 213 1 1 The state of the economy 2 The European

More information

Charting Russia s Economy, 1H 2017

Charting Russia s Economy, 1H 2017 Charting Russia s Economy, 1H 2017 Designed to help executives interpret economic numbers and incorporate them into company s planning. Publication Date: January 3 rd, 2017 Next Issue: To be published

More information

Macroeconomics in the Global Economy. Course Overview

Macroeconomics in the Global Economy. Course Overview Course Overview v Scope and objectives of the course v Readings, assignments and web site v Exam, grades, class norms Global Trends Sovereign default? Additional defaults in Europe? Growth 2011 2012 World

More information

2016 Edelman Trust Barometer The State of Trust

2016 Edelman Trust Barometer The State of Trust 2016 Edelman Trust Barometer The State of Trust Methodology General Online Population 5 years in 25+ markets Ages 18+ 1,150 respondents per country Online Survey in 28 Countries 16 years of data 33,000+

More information

Recent Developments in Turkish Banking Sector

Recent Developments in Turkish Banking Sector Recent Developments in Turkish Banking Sector İstanbul January, 2013 General View In the second half of 2012, a new bank joined to the sector, BRSA will likely give new banking licences, Total assets reached

More information

Foreign Direct Investment in the United States. Organization for International Investment

Foreign Direct Investment in the United States. Organization for International Investment Foreign Direct Investment in the United States Organization for International Investment March 18, 2009 Key Findings FOREIGN DIRECT INVESTMENT IN THE UNITED STATES Foreign Direct Investment in the United

More information

Balancing Adequacy and Sustainability in an Aging World

Balancing Adequacy and Sustainability in an Aging World Balancing Adequacy and Sustainability in an Aging World Richard Jackson Senior Associate Center for Strategic & International Studies 6 th Global Pension & Savings Conference April 2-3, 2014 The World

More information

GLOBAL DATA CENTER INVESTMENT 2013

GLOBAL DATA CENTER INVESTMENT 2013 2013 CENSUS REPORT: Global Data Center Investment 2013 GLOBAL DATA CENTER INVESTMENT 2013 2013 - Healthy Growth in Data Center Investment Globally Globally, the data center industry has continued to maintain

More information

International Statistical Release

International Statistical Release International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Investment Fund Assets and Flows Trends in the

More information

Charting Philippines Economy

Charting Philippines Economy Charting Philippines Economy Designed to help executives catch up with the economy and incorporate macro impacts into company s planning. Annual subscription includes 2 semiannual issues published in June

More information

Global Growth Outlook:

Global Growth Outlook: AUG 2015 Global Growth Outlook White Paper Global Growth Outlook: 2015 2034 Irina Tytell, PhD Senior Research Analyst, Asset Allocation Research Lisa Emsbo-Mattingly Director, Asset Allocation Research

More information

Globalization: Who Wins, Who Loses?

Globalization: Who Wins, Who Loses? Globalization: Who Wins, Who Loses? Economists focus on free trade in goods, services, labor, and capital, and the institutional rules that make this possible between (rather than just internal to) countries.

More information

U.S. Direct Investment Abroad: Trends and Current Issues

U.S. Direct Investment Abroad: Trends and Current Issues Order Code RS21118 Updated January 2, 2008 U.S. Direct Investment Abroad: Trends and Current Issues Summary James K. Jackson Specialist in International Trade and Finance Foreign Affairs, Defense, and

More information

MGE#12 The Balance of Payments

MGE#12 The Balance of Payments MGE#12 The Balance of Payments The Current Account, the Capital Account and the Balance of Payments Introduction to the Foreign Exchange Market Savings, Investment and the Current Account 1 From last session

More information

Global Trends in Aluminum and Aluminum FRP Industry

Global Trends in Aluminum and Aluminum FRP Industry Global Trends in Aluminum and Aluminum FRP Industry Korea Nonferrous Metal Association Seminar Sachin Satpute Vice President, Sales & Marketing Novelis Korea Limited November 17, 2010 Agenda Introduction

More information

Statistical Annex. The international banking market. Introduction to the BIS locational and consolidated international banking statistics...

Statistical Annex. The international banking market. Introduction to the BIS locational and consolidated international banking statistics... Statistical Annex The international banking market Introduction to the BIS locational and consolidated international banking statistics... page A4 1 BIS reporting banks: Summary of international positions...

More information

Long-term trends in the global capital markets

Long-term trends in the global capital markets Long-term trends in the global capital markets Several current trends will continue to influence the world s financial markets long after the present bout of turbulence ends. Diana Farrell, Christian S.

More information

Swedish portfolio holdings Foreign equity securities and debt securities

Swedish portfolio holdings Foreign equity securities and debt securities Monetary policy department Swedish portfolio holdings 2005 Foreign equity securities and debt securities October 2006 FOR INFORMATION about this publication, please contact Camilla Hagman Falkler, tel

More information

Statistical Annex. The international banking market. Introduction to the BIS locational and consolidated international banking statistics...

Statistical Annex. The international banking market. Introduction to the BIS locational and consolidated international banking statistics... Statistical Annex The international banking market Introduction to the BIS locational and consolidated international banking statistics... page A4 1 BIS reporting banks: Summary of international positions...

More information

The next decade in global wealth among millionaire households

The next decade in global wealth among millionaire households The next decade in global wealth among millionaire households Highlights from a study conducted by the Deloitte Center for Financial Services www.deloitte.com/us/cfs May 2011 Contents Foreword Background

More information

International Statistical Release

International Statistical Release International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org) Worldwide Investment Fund Assets and Flows Trends in the

More information

Comparative tables. CPSS Red Book statistical update 427

Comparative tables. CPSS Red Book statistical update 427 CPSS Red Book statistical update 427 January 2013 Table 1 Basic statistical data GDP (USD billions) 1 Population (millions, yearly average) Australia 952 1,050 999 1,246 1,500 21.1 21.4 21.8 22.1 22.4

More information

HAS BRAZIL REALLY TAKEN OFF? BRAZIL LONG-RUN ECONOMIC GROWTH AND CONVERGENCE

HAS BRAZIL REALLY TAKEN OFF? BRAZIL LONG-RUN ECONOMIC GROWTH AND CONVERGENCE HAS BRAZIL REALLY TAKEN OFF? BRAZIL LONG-RUN ECONOMIC GROWTH AND CONVERGENCE COUNTRY PROFILE: A COUNTRY IN TRANSFORMATION POLICY RECOMENDATIONS COUNTRY PROFILE Brazilian Equivalent Population in The World

More information

2012 Global Investor Sentiment Survey Findings

2012 Global Investor Sentiment Survey Findings The global economy is complex and ever evolving, which can be a source of optimism and anxiety for investors. The Franklin Templeton 2012 has revealed that in the near term, respondents remain cautious,

More information

International Statistical Release

International Statistical Release International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Investment Fund Assets and Flows Trends in the

More information

STATISTICAL ANNEX NOTE ON QUARTERLY PROJECTIONS

STATISTICAL ANNEX NOTE ON QUARTERLY PROJECTIONS OECD Economic Outlook, Volume 2016 Issue 2 OECD 2016 STATISTICAL ANNEX This annex contains data on key economic series which provide a background to the recent economic developments in the OECD area described

More information

2015 Global Survey of Accounting Assumptions for Defined Benefit Plans. Executive Summary

2015 Global Survey of Accounting Assumptions for Defined Benefit Plans. Executive Summary 2015 Global Survey of Accounting Assumptions for Defined Benefit Plans Executive Summary Executive Summary In broad terms, accounting standards aim to enable employers to approximate the cost of an employee

More information

PRESS RELEASE. Frankfurt, May 2007

PRESS RELEASE. Frankfurt, May 2007 PRESS RELEASE Frankfurt, May 2007 DWS Analysis of international mutual fund markets in year 2006 1 : Worldwide fund assets reach record volume of euro 15.8 trillion Positive market environment and ongoing

More information

International Statistical Release

International Statistical Release International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Investment Fund Assets and Flows Trends in the

More information

Quarterly Market Review. Third Quarter 2016

Quarterly Market Review. Third Quarter 2016 Q3 Quarterly Market Review Third Quarter 2016 Market Summary Index Returns US Stock Market International Developed Stocks Emerging Markets Stocks Global Real Estate US Bond Market Global Bond Market ex

More information

Global Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015

Global Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015 May 2015 A study into global investment trends and saver intentions in 2015 Global highlights Schroders at a glance Schroders at a glance At Schroders, asset management is our only business and our goals

More information

UNU/WIDER Conference on Inequality Measurement, Trends, Impacts and Policies. Global Wealth Distribution: Recent Evidence

UNU/WIDER Conference on Inequality Measurement, Trends, Impacts and Policies. Global Wealth Distribution: Recent Evidence UNU/WIDER Conference on Inequality Measurement, Trends, Impacts and Policies Global Wealth Distribution: Recent Evidence James Davies, Rodrigo Lluberas, and Anthony F. Shorrocks Helsinki, September 6 2014

More information

New Retirement Preparedness Indicator highlights financial and economic factors influencing retirement readiness in Singapore

New Retirement Preparedness Indicator highlights financial and economic factors influencing retirement readiness in Singapore For Immediate Release 14 November 2012 New Retirement Preparedness Indicator highlights financial and economic factors influencing retirement readiness in Singapore Research reveals Singapore has favourable

More information

Swedish portfolio holdings. Foreign equity securities and debt securities

Swedish portfolio holdings. Foreign equity securities and debt securities Swedish portfolio holdings Foreign equity securities and debt securities 2009 Swedish portfolio holdings Foreign equity securities and debt securities 2009 Statistics Sweden 2010 Swedish portfolio holdings

More information

DOMINION GLOBALIZATION WORKSHOP

DOMINION GLOBALIZATION WORKSHOP DOMINION GLOBALIZATION WORKSHOP Financial Sector Dennis Encarnation Harvard University For more information, please contact me at www.encarnation.com SERVICES Financial Services & Capital Markets Topics:

More information

Why Invest in International Now?

Why Invest in International Now? July 2015 As of the end of June 2015 over 62% of the weight of the world stock market capitalization consisted of non-u.s. companies. The largest companies in many industries are in fact internationally

More information

WORLD INVESTMENT REPORT Executive Training Seminar Florence, 23 October 2013

WORLD INVESTMENT REPORT Executive Training Seminar Florence, 23 October 2013 WORLD INVESTMENT REPORT 2013 Executive Training Seminar Florence, 23 October 2013 1 Contents FDI trends Recent policy developments Global value chains and FDI 2 FDI recovery road proves bumpy, with 18%

More information

Real Estate for Rookies. An Introduction to the Concept of Real Estate Investment Trusts (REITs) Shibly Latiff, CFA

Real Estate for Rookies. An Introduction to the Concept of Real Estate Investment Trusts (REITs) Shibly Latiff, CFA Real Estate for Rookies An Introduction to the Concept of Real Estate Investment Trusts (REITs) Shibly Latiff, CFA Summary Types of real estate investments Fundamentals of REITs Global REIT performance

More information

Stock Market Briefing: S&P 500 Revenues & the Economy

Stock Market Briefing: S&P 500 Revenues & the Economy Stock Market Briefing: S&P Revenues & the Economy March, 217 Dr. Edward Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-49736 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog.

More information

GLOBAL MARKET SENTIMENT SURVEY December 2012

GLOBAL MARKET SENTIMENT SURVEY December 2012 GLOBAL MARKET SENTIMENT SURVEY 2013 December 2012 TABLE OF CONTENTS EXECUTIVE SUMMARY FULL RESULTS INVESTMENT PROFESSIONALS INCREASINGLY OPTIMISTIC ON GLOBAL ECONOMIC GROWTH THE FUTURE LOOKS BRIGHTER FOR

More information

MEASURING NATIONAL INCOME. Unit 5 Theory and measurement in the macroeconomy

MEASURING NATIONAL INCOME. Unit 5 Theory and measurement in the macroeconomy MEASURING NATIONAL INCOME Unit 5 Theory and measurement in the macroeconomy We need information on how much spending, income and output is being created in an economy over a period of time. National income

More information

The Growing Importance of International Trade

The Growing Importance of International Trade THE U.S. DOLLAR AND THE TRADE DEFICIT Elliott Parker, Ph.D. Professor of Economics University of Nevada, Reno http://www.coba.unr.edu/faculty/parker IBSC October 2, 2008 1 The Growing Importance of International

More information

Sustaining Convergence: Policy Challenges for the New Member States. Christoph B. Rosenberg International Monetary Fund September 2006

Sustaining Convergence: Policy Challenges for the New Member States. Christoph B. Rosenberg International Monetary Fund September 2006 Sustaining Convergence: Policy Challenges for the New Member States Christoph B. Rosenberg International Monetary Fund September 26 Source: IMF. *ME&A Middle East & Africa, ** WH Western Hemisphere 9-94

More information

Financial supplement 2013. Zurich Insurance Group Annual Report 2013

Financial supplement 2013. Zurich Insurance Group Annual Report 2013 Financial supplement 2013 Zurich Insurance Group Annual Report 2013 2 Contents Results for the Year ended December 31, 2013 Financial supplement (unaudited) Financial highlights (unaudited) Business operating

More information

Global Electronic Payments Market Study and Forecast. May 2006

Global Electronic Payments Market Study and Forecast. May 2006 Global Electronic Payments Market Study and Forecast May 2006 Study Objectives Size the global electronic payments market Transaction volume, by type, by country 79 countries, majority of world GDP Forecast

More information

International Statistical Release

International Statistical Release International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Investment Fund Assets and Flows Trends in the

More information

Anthony Serhan, CFA Managing Director, Research Strategy

Anthony Serhan, CFA Managing Director, Research Strategy Anthony Serhan, CFA Managing Director, Research Strategy Morningstar Fund Flows Morningstar Fund Flows Analysis: Worldwide Funds 2014 a strong year for fund flows USD Billions 1,500 1,000 Unclassified

More information

International Statistical Release

International Statistical Release International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org) Worldwide Investment Fund Assets and Flows Trends in the

More information

A Brief Research Note on. Temasek Holdings. And Singapore: Mr. Madoff Goes to Singapore

A Brief Research Note on. Temasek Holdings. And Singapore: Mr. Madoff Goes to Singapore A Brief Research Note on Holdings And Singapore: Mr. Madoff Goes to Singapore Christopher Balding HSBC Business School Peking University Graduate School cbalding@phbs.pku.edu.cn Short Abstract: Holdings

More information

How does a venture capitalist appraise investment opportunities?

How does a venture capitalist appraise investment opportunities? 1 How does a venture capitalist appraise investment opportunities? Michael Queen - Finance Director, 3i Group plc A presentation to: 23 Pensions Convention 2 June 23 A How presentation does a venture to:

More information

Global Pension Assets Study 2016. 2016 Willis Towers Watson. All rights reserved.

Global Pension Assets Study 2016. 2016 Willis Towers Watson. All rights reserved. Global Pension Assets Study 2016 2016 Willis Towers Watson. All rights reserved. Global Pension Assets Study 2016 Executive Summary 2 Global Pension Assets Study 2016 Survey Coverage P19 P7 The study covers

More information

Digital TV Research. Research-v3873/ Publisher Sample

Digital TV Research.  Research-v3873/ Publisher Sample Digital TV Research http://www.marketresearch.com/digital-tv- Research-v3873/ Publisher Sample Phone: 800.298.5699 (US) or +1.240.747.3093 or +1.240.747.3093 (Int'l) Hours: Monday - Thursday: 5:30am -

More information

The spillover effects of unconventional monetary policy measures in major developed countries on developing countries

The spillover effects of unconventional monetary policy measures in major developed countries on developing countries The spillover effects of unconventional monetary policy measures in major developed countries on developing countries Tatiana Fic National Institute of Economic and Social Research Objective The objective

More information

What is economic growth? Rise of national income (Y) Measured by growth rate of GDP/GNP

What is economic growth? Rise of national income (Y) Measured by growth rate of GDP/GNP Basic Concepts 1 What is economic growth? Rise of national income (Y) Measured by growth rate of GDP/GNP g ( Y Y ) / Y Y / Y t t t 1 t 1 t t 1 What is economic development? Besides growth, it also includes

More information

Morningstar Global Equity Index Family

Morningstar Global Equity Index Family Morningstar Global Equity Index Family 2010 2011 2012 2013 The Morningstar Global Equity Index Family The globalization of equity markets and growth of cross-border investments have fueled the need for

More information

The Management Education Landscape and Collaborations

The Management Education Landscape and Collaborations The Management Education Landscape and Collaborations Eileen Peacock, SVP & Chief Officer Asia Robert Reid, EVP & Chief Accreditation Officer AACSB International October 2012 Topics Management education

More information

Global Economic Briefing: GDP Country Charts

Global Economic Briefing: GDP Country Charts Global Economic Briefing: GDP Country Charts February 1, 17 Dr. Edward Yardeni 1-97-7 eyardeni@ Debbie Johnson --1 djohnson@ Please visit our sites at www. blog. thinking outside the box Table Of Contents

More information

The Future of China s Economy. Presentation for the Oxford Martin School November 2015 Bert Hofman, World Bank

The Future of China s Economy. Presentation for the Oxford Martin School November 2015 Bert Hofman, World Bank The Future of China s Economy Presentation for the Oxford Martin School November 2015 Bert Hofman, World Bank CHINA RISING China s (and Asia s) re-emergence (Share of World GDP 1-2050 AD) 100% 90% 80%

More information

Episcopal Diocese of Washington D.C.

Episcopal Diocese of Washington D.C. Episcopal Diocese of Washington D.C. Diocesan Investment Fund Overview For institutional use only. Not for distribution to retail investors. To take a stand for all investors, treat them fairly, and give

More information

World Energy Outlook Series

World Energy Outlook Series WORLD ENERGY OUTLOOK 22 and Global Electricity Investment Challenges World Energy Outlook Series World Energy Outlook 1998 World Energy Outlook 1999 Insights: Looking at Energy Subsidies: Getting the Prices

More information

Global Macroeconomics Balance of Payments

Global Macroeconomics Balance of Payments Global Macroeconomics Balance of Payments Action items Problem set #5 due 12/10 Exam 3 Tuesday, December 15, 11:00-12:15 (KMC 4-90) Tuesday, December 22, 10:00-11:15 (KMC 4-90) CFE Open now until 12/14

More information

Data on selected insurance markets

Data on selected insurance markets Data on selected insurance markets Economic Research Munich, March 205 Germany CAGR* 2004 204: 2.6% CAGR* 2004 204:.% Macroeconomics & wealth, 204 Asset classes as % of gross financial assets, 204 82.7mn

More information

National Income, Saving, & the Balance of Payments

National Income, Saving, & the Balance of Payments National Income, Saving, & the Balance of Payments CHAPTER 12 1 Questions to be Answered What Information is Provided by Items in: National Income and Product Accounts Balance of Payments Accounts 2 National

More information

EMERGING OUTBOUND MARKETS LOOKING AHEAD IN UNCERTAIN TIMES OCTOBER 2011

EMERGING OUTBOUND MARKETS LOOKING AHEAD IN UNCERTAIN TIMES OCTOBER 2011 EMERGING OUTBOUND MARKETS LOOKING AHEAD IN UNCERTAIN TIMES OCTOBER 2011 ECONOMIC UPDATE TOURISM PERFORMANCE CATEGORY DEVELOPMENTS ECONOMIC UPDATE TOURISM PERFORMANCE CATEGORY DEVELOPMENTS % y-o-y growth

More information

Sweden s aviation sector its impact on the Swedish economy in A study conducted with the cooperation of IATA

Sweden s aviation sector its impact on the Swedish economy in A study conducted with the cooperation of IATA Sweden s aviation sector its impact on the Swedish economy in 29 A study conducted with the cooperation of IATA 24/1/211 The Swedish aviation sector - In 29, airlines registered in Sweden carried to from

More information

In terms of gross domestic product per capita, Canada ranks 23rd in the world

In terms of gross domestic product per capita, Canada ranks 23rd in the world The World Bank International Comparison Program for purchasing power: Overall ranking of countries, 2011 Released at 8:30 a.m. Eastern time in The Daily, Friday, May 9, 2014 On April 30, 2014, the World

More information

www.pwc.co.uk/economics Global wage projections to 2030 September 2013

www.pwc.co.uk/economics Global wage projections to 2030 September 2013 www.pwc.co.uk/economics Global wage projections to 2030 Summary: Wage gap between emerging and advanced economies will shrink significantly by 2030 By 2030, our projections in this report suggest that

More information

HSBC REPORT: PEOPLE SAVING MORE THAN EVER FOR RETIREMENT

HSBC REPORT: PEOPLE SAVING MORE THAN EVER FOR RETIREMENT News Release 13 July 2016 HSBC REPORT: PEOPLE SAVING MORE THAN EVER FOR RETIREMENT *** Working age people now saving 10 years longer for retirement *** *** 62% of retirees use cash savings to help fund

More information

State of the World Economy

State of the World Economy Currency Outlook and the State of the World Economy Robert Mundell Columbia University Keynote Speech at XXXV World Congress of the International Association of Financial Executives (IAFEI) October 11,

More information

CAPITAL ATTRACTION: THE RISE OF AUSTRALIA AS AN INVESTMENT DESTINATION

CAPITAL ATTRACTION: THE RISE OF AUSTRALIA AS AN INVESTMENT DESTINATION CAPITAL ATTRACTION: THE RISE OF AUSTRALIA AS AN INVESTMENT DESTINATION 8 th September Stephen McNabb - Head of Research, Australia Prepared for: UNSW Real Estate Symposium 2015 TODAY S PRESENTATION Observations

More information

The questionnaire was drafted by the Thomson Reuters Foundation in collaboration with StarMine, UnLtd and Deutsche Bank.

The questionnaire was drafted by the Thomson Reuters Foundation in collaboration with StarMine, UnLtd and Deutsche Bank. / METHODOLOGY SCOPE The Thomson Reuters Foundation, the corporate charity of Thomson Reuters, the world s largest news and information provider, has conducted a survey in 45 of the world s biggest economies

More information

Emerging Markets: Reshaping the Investment Landscape

Emerging Markets: Reshaping the Investment Landscape Emerging Markets: The case for increased asset allocation to emerging markets Excel Investment Counsel Inc. June 2015 Emerging markets are reshaping the investment landscape Demographics are shifting.

More information

The Global Economic Outlook - IDB. Ilan Goldfajn Chief Economist and Partner, Itaú Unibanco

The Global Economic Outlook - IDB. Ilan Goldfajn Chief Economist and Partner, Itaú Unibanco The Global Economic Outlook - IDB Ilan Goldfajn Chief Economist and Partner, Itaú Unibanco October 2013 U.S. Labor Market Improves, Despite the Fiscal Drag Payroll Job Creation thousands Fiscal Drag Annualized,

More information

BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND

BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND PRESS RELEASE CENTRAL BANK SURVEY OF FOREIGN EXCHANGE AND DERIVATIVES MARKET ACTIVITY IN APRIL 1998: PRELIMINARY GLOBAL DATA The BIS

More information

Min. Guido Mantega. November 2009

Min. Guido Mantega. November 2009 New Cycle of Brazilian Economic Growth Financial i Times Min. Guido Mantega November 2009 Reasons to begin a new growth cycle Brazil faced the crisis with a strong economy; Emerged from it stronger than

More information

Session 14. Exchange Rate Determination

Session 14. Exchange Rate Determination Session 14. Exchange Rate Determination v Exchange Rates in the Long Run v Absolute PPP: a long-run theory of real exchange rates v Relative PPP: predicting exchange rates using inflation rates v Productivity,

More information

Evaluating the Australian Outlook through a Global Lens

Evaluating the Australian Outlook through a Global Lens Evaluating the Australian Outlook through a Global Lens Chris Siniakov Managing Director, Fixed Income International Bond Yields 4.00% 2-Year Government Yields as at 15 January 2015 3.00% 2.00% 1.00% 0.00%

More information

KONE S CAPITAL MARKETS DAY 2011 Continuous development and renewal at KONE. Matti Alahuhta President and CEO

KONE S CAPITAL MARKETS DAY 2011 Continuous development and renewal at KONE. Matti Alahuhta President and CEO KONE S CAPITAL MARKETS DAY 2011 Continuous development and renewal at KONE Matti Alahuhta President and CEO Agenda KONE s performance Market development Drivers for growth and strategy implementation GiantKONE

More information

A Bird s Eye View of Global Real Estate Markets: 2012 Update

A Bird s Eye View of Global Real Estate Markets: 2012 Update A Bird s Eye View of Global Real Estate Markets: 2012 Update FEBRUARY 2012 US Research Paul Fiorilla Vice President paul.fiorilla@prudential.com Manidipa Kapas, CFA Director manidipa.kapas@prudential.com

More information

Reporting practices for domestic and total debt securities

Reporting practices for domestic and total debt securities Last updated: 4 September 2015 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook on

More information

THE SIGNIFICANCE OF REAL ESTATE IN ASIAN PENSION FUNDS

THE SIGNIFICANCE OF REAL ESTATE IN ASIAN PENSION FUNDS APREA RESEARCH REPORT THE SIGNIFICANCE OF REAL ESTATE IN ASIAN PENSION FUNDS Executive Summary Asia Pacific Real Estate Association (APREA) is pleased to present this summary of an important report that

More information

Internationalisation of services. Changes in industrial organisation

Internationalisation of services. Changes in industrial organisation Internationalisation of services Changes in industrial organisation Regulation Which Regulation? GATS TRIPS TRIMs Technical Barriers to Trade Information Technology Agreement Basic Telecommunications Agreement

More information

McKinsey Global Institute. November QE and ultra-low interest rates: Distributional effects and risks. Discussion paper

McKinsey Global Institute. November QE and ultra-low interest rates: Distributional effects and risks. Discussion paper McKinsey Global Institute November 2013 QE and ultra-low interest rates: Distributional effects and risks Discussion paper The McKinsey Global Institute The McKinsey Global Institute (MGI), the business

More information

The Global Chemical Industry: US, China and Global Status and Opportunities, 2015

The Global Chemical Industry: US, China and Global Status and Opportunities, 2015 The Global Chemical Industry: US, China and Global Status and Opportunities, 2015 August 28, 2005 American Chemical Society Martha Gilchrist Moore Moore Economics mmoore@mooreeconomics.com Opportunities

More information

Banks and financial intermediation in Asia: what has changed?

Banks and financial intermediation in Asia: what has changed? Banks and financial intermediation in Asia: what has changed? Madhusudan Mohanty Bank for International Settlements A presentation at the OECD-ADBI 8 th Round Table on Capital Market Reform in Asia, 11

More information

OVERVIEW OF MARKET MAKING AND LIQUIDITY ISSUES IN ASIAN ETFs Marco Montanari Head of Passive Asset Management, Asia Pacific

OVERVIEW OF MARKET MAKING AND LIQUIDITY ISSUES IN ASIAN ETFs Marco Montanari Head of Passive Asset Management, Asia Pacific OVERVIEW OF MARKET MAKING AND LIQUIDITY ISSUES IN ASIAN ETFs Head of Passive Asset Management, Asia Pacific Marco.Montanari@db.com Client logo positioning Evaluating the Uptake of ETFs Across Asia 7/11/2013

More information

Foreign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund

Foreign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund Income INTECH Global Income Managed Volatility Fund Australia 0.0066 0.0375 Austria 0.0045 0.0014 Belgium 0.0461 0.0138 Bermuda 0.0000 0.0059 Canada 0.0919 0.0275 Cayman Islands 0.0000 0.0044 China 0.0000

More information

Siemens in Asia. Media Roundtable, Ho Chi Minh City, November 20 th, 2014 Dr. Roland Busch Member of the Managing Board of Siemens AG

Siemens in Asia. Media Roundtable, Ho Chi Minh City, November 20 th, 2014 Dr. Roland Busch Member of the Managing Board of Siemens AG Siemens in Asia Media Roundtable, Ho Chi Minh City, November 20 th, 2014 Member of the Managing Board of Siemens AG siemens.com Asia, Australia remains the most important growth region despite a slowdown

More information

The accumulation of foreign exchange reserves

The accumulation of foreign exchange reserves The accumulation of foreign exchange reserves Ettore Dorrucci Deputy Head, International Policy Analysis and Emerging Economies Division European Central Bank Meeting of the Foreign Exchange Contact Group

More information

Addressing the global insurance protection gap. Luxembourg, 27 May 2015

Addressing the global insurance protection gap. Luxembourg, 27 May 2015 Addressing the global insurance protection gap Luxembourg, 27 May 2015 The Geneva Association 7 th International Conference 27 May 2015 RESEARCH ON KEY STRATEGIC OPPORTUNITIES AND CHALLENGES FOR INSURERS

More information

Foreign currency mismatches and leverage in emerging market companies

Foreign currency mismatches and leverage in emerging market companies Foreign currency mismatches and leverage in emerging market companies Michael Chui Bank for International Settlements UNCTAD 26 January 2016, Geneva michael.chui@bis.org These slides were prepared on the

More information

Consumption Growth: Investing in Today s Emerging Markets

Consumption Growth: Investing in Today s Emerging Markets Consumption Growth: Investing in Today s Emerging Markets June 215 MIRAE ASSET GLOBAL INVESTMENTS About Mirae Asset Global Investments Mirae Asset Global Investments manages investment strategies for clients

More information