Educación para los jóvenes y pensiones para los mayores: ¿Existe alguna relación? Evidencia para España
AbstractWe argue that the public financing of education can be understood as an investment in the human capital of young generations, whose profitability is obtained via pension payments. Similarly, we should understand the social security contributions as the repayment of school transfers received in early life. In a world in which credit markets to finance investments in human capital are missing, the intergenerational transfer flows described before can restore an efficient allocation of resources. For that to be true we should observe an equality between the market rate of interest and the two rates of return implicit in the flow of taxes and transfers supporting public education and public pensions. We test these predictions for Spain. The results are surprisingly good. (Copyright: Fundación Empresa Pública)
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Bibliographic InfoArticle provided by Fundación SEPI in its journal Investigaciones Economicas.
Volume (Year): 26 (2002)
Issue (Month): 1 (January)
Contact details of provider:
Postal: Investigaciones Economicas Fundación SEPI Quintana, 2 (planta 3) 28008 Madrid Spain
Web page: http://www.fundacionsepi.es/
Find related papers by JEL classification:
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
- H52 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Education
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- Gary S. Becker & Kevin M. Murphy, .
"The Family and the State,"
University of Chicago - Population Research Center
87-15, Chicago - Population Research Center.
- Michele Boldrin & Ana Montes, 2004.
"The intergenerational state: education and pensions,"
336, Federal Reserve Bank of Minneapolis.
- Michele Boldrin & Ana Montes, 2005. "The Intergenerational State Education and Pensions," Review of Economic Studies, Oxford University Press, vol. 72(3), pages 651-664.
- Boldrin, Michele & Montes, Ana, 2002. "The Intergenerational State: Education and Pensions," CEPR Discussion Papers 3275, C.E.P.R. Discussion Papers.
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