7Aloya, Marcel and Gente, Karine, 2008, "The role of demography in the long -run Yen/USD real exchange rate appreciation," Journal of Macroeconomics, Accepted 3 October 2008.
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9Andersson, Andreas and Osterholm, Par, 2006, "Population Age Structure and Real Exchange Rate in the OECD," International Economic Journal, Vol 20, No 1, pp. 1 ~ 18.
10Arnott, Robert D. and Casscells, Anne, 2003, "Demographics and Capital Market Returns," Financial Analysts Journal, Vol. 59, No. 2, pp, 20 - 29.