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Youthful or Aged: Age Dependency and Inflation in ASEAN Countries

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

DOI
10.15294/edaj.v13i1.75931
ISSN
2252-6560
Published
2024-02-17
Publisher
Economics Development Department, Universitas Negeri Semarang, Indonesia
Language
eng

Abstract

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.

Collaboration network of the authors

40 authors · 90 co-authorship links · 5 across different organisations · showing the 40 most connected

Hover or tap a name to highlight its co-authors. Double-click to open the author's page.

  • Padjadjaran University
  • Australian National University
  • Parahyangan Catholic University
  • State University of Semarang
  • University of Singaperbangsa Karawang
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
Adhitya WardhanaAffiliation unknown3
Sutyastie Soemitro RemiAffiliation unknown3
Vera Intanie DewiParahyangan Catholic University2
Nury EffendiPadjadjaran University2
Donny HardiawanAffiliation unknown2
Muhammad Faishal Akbar DwiputraAffiliation unknown2
Maman SetiawanAffiliation unknown2
Eva ErvaniPadjadjaran University1
Isnan KurniawanAffiliation unknown1
Zahro Nadiatul HaqiAffiliation unknown1
Siti Maulida RukmawatiAffiliation unknown1
BudionoAffiliation unknown1
Anhar Fauzan PriyonoAffiliation unknown1
Sandi Asep RamdaniAffiliation unknown1
Fikar AdiaksaAffiliation unknown1
Kodrat WibowoAffiliation unknown1
Yudha Hadian NurAffiliation unknown1
Walid WalidState University of Semarang1
Herlina RoselineAffiliation unknown1
Muhammad Bayu Permana RosiyanAffiliation unknown1
Ade Marsinta ArsaniAffiliation unknown1
Haposan Indra Wesly PasaribuAffiliation unknown1
Sucihatiningsih DWPAffiliation unknown1
Fauzul AdzimAffiliation unknown1
Dhea Rizky AmeliaAffiliation unknown1
Fadlan FadlanAffiliation unknown1
Abdul HadiUniversity of Singaperbangsa Karawang1
Putri Novita SinambelaAffiliation unknown1
Novi BriliyantiAffiliation unknown1
Vita Erika PratiwiAffiliation unknown1
Sendy Aristiana SupriatnaAffiliation unknown1
Ahmad Tito NugrohoAffiliation unknown1
Alfiah HasanahAffiliation unknown1
Siti HudaepahAffiliation unknown1
Muhammad SayuthiAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/sju/index.php/edaj/oai, first harvested 5 Nov 2026, last seen 5 Nov 2026.
Original metadata (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>
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	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
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	<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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