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Youthful or Aged: Age Dependency and Inflation in ASEAN Countries

Economics Development Analysis Journal · Vol. 13 No. 1 (2024) · hlm. 42–54

DOI
10.15294/edaj.v13i1.75931
ISSN
2252-6560
Terbit
2024-02-17
Penerbit
Economics Development Department, Universitas Negeri Semarang, Indonesia
Bahasa
eng

Abstrak

There has been a growing interest to understand inflation through demographic lens using a critical key indicator known as the dependency ratio. However, studies investigating this nexus in terms of ASEAN nations are limited, despite ASEAN undergoing a demographic transition. Therefore, this paper aims to investigate the impact of age-population ratio on the inflation rate across 8 ASEAN countries during 2000-2020. This research uses Feasible Generalized Least Squares (FGLS) estimation, as it is robust to groupwise heteroskedasticity, serial and cross-sectional correlations. The result reveals that population aging is deflationary. However, the elderly dependence successfully explains the price dynamic after controlled by monetary and macro variables. It means that aging matters for inflation along with the macro variables dynamic. In addition, the analysis also sheds light on the impacts of the young dependency, which does not significantly impact the inflation rate when macro variables are taken into account. This research also underlines the importance of considering demographic dynamics in the future monetary policy decisions.

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  • Padjadjaran University
  • Australian National University
  • Parahyangan Catholic University
  • State University of Semarang
  • University of Singaperbangsa Karawang
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Adhitya WardhanaAfiliasi tidak diketahui3
Sutyastie Soemitro RemiAfiliasi tidak diketahui3
Vera Intanie DewiParahyangan Catholic University2
Nury EffendiPadjadjaran University2
Donny HardiawanAfiliasi tidak diketahui2
Muhammad Faishal Akbar DwiputraAfiliasi tidak diketahui2
Maman SetiawanAfiliasi tidak diketahui2
Eva ErvaniPadjadjaran University1
Isnan KurniawanAfiliasi tidak diketahui1
Zahro Nadiatul HaqiAfiliasi tidak diketahui1
Siti Maulida RukmawatiAfiliasi tidak diketahui1
BudionoAfiliasi tidak diketahui1
Anhar Fauzan PriyonoAfiliasi tidak diketahui1
Sandi Asep RamdaniAfiliasi tidak diketahui1
Fikar AdiaksaAfiliasi tidak diketahui1
Kodrat WibowoAfiliasi tidak diketahui1
Yudha Hadian NurAfiliasi tidak diketahui1
Walid WalidState University of Semarang1
Herlina RoselineAfiliasi tidak diketahui1
Muhammad Bayu Permana RosiyanAfiliasi tidak diketahui1
Ade Marsinta ArsaniAfiliasi tidak diketahui1
Haposan Indra Wesly PasaribuAfiliasi tidak diketahui1
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Fauzul AdzimAfiliasi tidak diketahui1
Dhea Rizky AmeliaAfiliasi tidak diketahui1
Fadlan FadlanAfiliasi tidak diketahui1
Abdul HadiUniversity of Singaperbangsa Karawang1
Putri Novita SinambelaAfiliasi tidak diketahui1
Novi BriliyantiAfiliasi tidak diketahui1
Vita Erika PratiwiAfiliasi tidak diketahui1
Sendy Aristiana SupriatnaAfiliasi tidak diketahui1
Ahmad Tito NugrohoAfiliasi tidak diketahui1
Alfiah HasanahAfiliasi tidak diketahui1
Siti HudaepahAfiliasi tidak diketahui1
Muhammad SayuthiAfiliasi tidak diketahui1

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Sumber metadata: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/sju/index.php/edaj/oai, pertama di-harvest 5 Nov 2026, terakhir terlihat 5 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en-US">Youthful or Aged: Age Dependency and Inflation in ASEAN Countries</dc:title>
	<dc:creator>Santoso, Teguh</dc:creator>
	<dc:creator>Kharisma, Bayu</dc:creator>
	<dc:creator>Arfita, Aurelia Puteri</dc:creator>
	<dc:creator>Sapulette, Militcyano Samuel</dc:creator>
	<dc:creator>Pratama, Bayu Rizky</dc:creator>
	<dc:description xml:lang="en-US">There has been a growing interest to understand inflation through demographic lens using a critical key indicator known as the dependency ratio. However, studies investigating this nexus in terms of ASEAN nations are limited, despite ASEAN undergoing a demographic transition. Therefore, this paper aims to investigate the impact of age-population ratio on the inflation rate across 8 ASEAN countries during 2000-2020. This research uses Feasible Generalized Least Squares (FGLS) estimation, as it is robust to groupwise heteroskedasticity, serial and cross-sectional correlations. The result reveals that population aging is deflationary. However, the elderly dependence successfully explains the price dynamic after controlled by monetary and macro variables. It means that aging matters for inflation along with the macro variables dynamic. In addition, the analysis also sheds light on the impacts of the young dependency, which does not significantly impact the inflation rate when macro variables are taken into account. This research also underlines the importance of considering demographic dynamics in the future monetary policy decisions.</dc:description>
	<dc:publisher xml:lang="en-US">Economics Development Department, Universitas Negeri Semarang, Indonesia</dc:publisher>
	<dc:date>2024-02-17</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unnes.ac.id/sju/edaj/article/view/75931</dc:identifier>
	<dc:identifier>10.15294/edaj.v13i1.75931</dc:identifier>
	<dc:source xml:lang="en-US">Economics Development Analysis Journal; Vol 13 No 1 (2024): Economics Development Analysis Journal; 42-54</dc:source>
	<dc:source>2252-6560</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/sju/edaj/article/view/75931/26495</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2024 Economics Development Analysis Journal</dc:rights>
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