Artículo
Ageing, government budgets, retirement, and growth
Fecha de publicación:
01/2012
Editorial:
Elsevier
Revista:
European Economic Review
ISSN:
0014-2921
Idioma:
Inglés
Tipo de recurso:
Artículo publicado
Clasificación temática:
Resumen
We analyze the short and long-run effects of demographic ageing - increased longevity and reduced fertility - on per-capita growth. The OLG model captures direct effects, working through adjustments in the savings rate, labor supply, and capital deepening, and indirect effects, working through changes of taxes, government spending components and the retirement age in politico-economic equilibrium. Growth is driven by capital accumulation and productivity increases fueled by public investment. The closed-form solutions of the model predict taxation and the retirement age in OECD economies to increase in response to demographic ageing and per-capita growth to accelerate. If the retirement age was held constant, the growth rate in politico-economic equilibrium would essentially remain unchanged, due to a surge of social-security transfers and crowding out of public investment.
Palabras clave:
AGEING
,
GOVERNMENT BUDGETS
,
GROWTH
,
RETIREMENT
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Colecciones
Articulos(SEDE CENTRAL)
Articulos de SEDE CENTRAL
Articulos de SEDE CENTRAL
Citación
Gonzalez Eiras, Martín; Niepelt, Dirk; Ageing, government budgets, retirement, and growth; Elsevier; European Economic Review; 56; 1; 1-2012; 97-115
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