Replication package for the paper titled: Demographic change, consumption and equity returns. An international approach

This replication package contains all data series and R scripts used in the paper 'Demographic change, consumption and equity returns. An international approach'. The package is organized in two main folders:

- Data: Datasets used as inputs for the empirical analysis.
- Codes: R scripts implementing the full empirical methodology and producing the results.

The code implements the econometric procedures used in the paper, including estimation routines, GMM-based inference, and model evaluation tests.

本复现套件包含论文《人口结构变化、消费与股票收益：一项跨国研究》（英文原标题：Demographic change, consumption and equity returns. An international approach）所用的全部数据序列与R脚本。本套件分为两个核心文件夹：
- 数据（Data）：作为实证分析输入的数据集。
- 代码（Codes）：实现完整实证方法论并生成研究结果的R脚本。
本代码实现了论文中所用的计量经济学流程，包括估计程序、基于广义矩估计（Generalized Method of Moments, GMM）的推断以及模型评估检验。