Inasmuch as there can be any answers to any questions, the answer is simple: both. The astral is the subjective aspect of reality, as opposed to the physical. But, it does exist whether you believe in it or not, and it affects you in either case, so it is an objective dimension, as far as that goes.
By creating subjective resonance in the astral, the objective world is influenced, just as your own subjective view of reality can alter your objective experience. Similarly, the objective reality influences the subjective reality. Objective phenomenon create subjective resonance in the astral.
As far as demons, ghosts, etc., are concerned, theories abound. In one school of thought, Demons are the 'lower' elements of the psyche, and are therefore subjective - which explains why so many different people can evoke the same entity, and all of them get an entity with a different attitude.
On the other hand, the thoughtform itself, if that is what they are, is a composite entity of many subjective influences, and has become an objective entity in that right. Some believe they exist independently of human psyche, others believe they exist only so long as the human psyche exists.
Any ego structure believes itself to exist independently, however, by it's nature. So, every entity i've ever asked that question to insists that they exist independently.
Personally, I see myself as an extension of an all pervading consciousness, within which all consciousness exists in a persisting illusion of independence. So, in my opinion, it is all in the psyche, and that psyche is mine, but also yours, and everyone else's.
These are questions we've been asking ourselves since the dawn of magick. Just asking them develops the mystical insight, in my opinion. Contemplate your own experience, experiment with both views. They will both yield different results.
peace
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The world is complicated - that which makes it up is elegantly simplistic, but infinitely versatile.
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