Introduction  2

1. Demographic Developments  3

1.1. Linking Demographics to the Financial System  4

2. Literature on Demographics and Banking  5

3. Data Description  6

3.1. Household Surveys  6

3.2. Bank‑level and Country-level Panels  7

3.3. Cross‑border Allocation Dataset  8

4. Household Level Findings  8

4.1. Stylized Facts  8

4.2. A Simple Scenario  11

4.3. From Household Level Behavior to Bank Impact  12

5. Bank Level Analysis and Findings  13

5.1. Country‑Level Panel: Aging and Bank Balance Sheets  13

Baseline results  13

Robustness Check  14

Forward‑looking Application  15

5.2. Cross‑Border Channels: Aging and Global Asset Allocation  16

Results  17

6. Conclusion and Discussion  18

Annex I. Data  19

Annex I.1 Household Surveys  19

Annex I.2 Bank-level Dataset Construction  19

Annex II. Supplementary Analysis for Country-Level Analysis  21

Annex II.1 Supplementary Robustness Check  21

Annex II.2 Bank-Based Economies versus Market-Based Economies  23

References  25