The effect of the aging baby-boom-cohort on asset values is extensively studied. While that effect varies by country, there are likely to be commonalities. Thus, research on a relatively small advanced open economy like New Zealand can provide insight into the general effect. In this study monthly data from 1991 to 2017 is used to examine how aging population in New Zealand affects its stock market considering key demographic and non-demographic macroeconomic variables and a new focus on fast-and-slow-moving institutional change. The results suggest that the net effect of an aging population on stock markets is insignificant. However, real GDP and foreign portfolio investment (FPI) show a positive relationship with the stock market. The findings reveal that FPI can mitigate possible negative effects from aging in an open economy. Moreover, the policy implications of the study suggest that international-factor mobility, skilled-migration policies, and technology-based productivity growth can boost stock markets.
Chinese gold seekers were the largest non-British group on the goldfields of Australasia and constituted the largest nationality on some diggings. In considering the movement of Chinese miners to and throughout the goldfields colonies of the southwest Pacific, this articles argues there existed a more complex pattern of migration than that suggested by the sojourner model of arrival, brief stay and departure. It examines the links between migration patterns and economic activity, and argues that economic history perspectives complement the insights offered by recent social and cultural history in the field.