Replication Data for: Does Demographic Capital Do Anything? Capital Deepening and the J-Curve

Replication package for 'Does Demographic Capital Do Anything?' by Brian Peters (2026). Tests whether demographic capital inflows translate into real capital deepening (higher capital-labor ratios) or are absorbed by asset price inflation. Uses PWT capital stock data (rnna). Key finding: demographic capital inflows predict capital deepening with a J-curve pattern — initial asset price effects followed by real investment.布莱恩·彼得斯（Brian Peters）2026年发表论文《人口资本有何作用？》（Does Demographic Capital Do Anything?）的配套复现包。该复现包用于复现原论文的核心检验：验证人口资本（Demographic Capital）流入是否会转化为实际资本深化（即更高的资本劳动比），抑或是被资产价格通胀所吸收。本数据集采用宾夕法尼亚世界表（Penn World Table，PWT）的资本存量数据（rnna）。核心研究结论显示：人口资本流入会以J曲线模式驱动资本深化——即先产生资产价格效应，随后带动实际投资。