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A Dynamic General Equilibrium Analysis of Migration and Capital Formation: The Case of Canada

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  • Stuart J. Wilson

    (University of Regina)

Abstract

A dynamic general equilibrium model is constructed to examine the impact of mass immigration on capital accumulation in life-cycle economies. The model is calibrated to match Canadian demographic characteristics over 1861-1913. This was a period when Canada experienced a dramatic shift in migration patterns, with increasing immigration flows, and a surge in domestic savings and capital inflows. Model results suggest that up to three-quarters of the increase in the capital formation rate and the foreign capital inflow rate, and all of the increase in the domestic savings rate, in the Canadian economy over 1899-1911, can be attributed to the dramatic inflow of migrants over this period. (Copyright: Elsevier)

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File URL: http://dx.doi.org/10.1016/S1094-2025(03)00006-1
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Bibliographic Info

Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.

Volume (Year): 6 (2003)
Issue (Month): 2 (April)
Pages: 455-481

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Handle: RePEc:red:issued:v:6:y:2003:i:2:p:455-481

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Related research

Keywords: migration; capital formation; saving; life cycle;

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References

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  1. Green, Alan G. & Sparks, Gordon R., 1999. "Population Growth and the Dynamics of Canadian Development: A Multivariate Time Series Approach," Explorations in Economic History, Elsevier, vol. 36(1), pages 56-71, January.
  2. Kjetil Storesletten, . "Sustaining Fiscal Policy Through Immigration," Homapage Papers _005, Stockholm University, Institute for International Economic Studies.
  3. David Card, 1996. "Immigrant Inflows, Native Outflows, and the Local Labor Market Impacts of Higher Immigration," Working Papers 747, Princeton University, Department of Economics, Industrial Relations Section..
  4. Dora L. Costa, 1998. "The Evolution of Retirement," NBER Chapters, in: The Evolution of Retirement: An American Economic History, 1880-1990, pages 6-31 National Bureau of Economic Research, Inc.
  5. McLean Ian W., 1994. "Saving in Settler Economies: Australian and North American Comparisons," Explorations in Economic History, Elsevier, vol. 31(4), pages 432-452, October.
  6. George J. Borjas, 1994. "The Economics of Immigration," Journal of Economic Literature, American Economic Association, vol. 32(4), pages 1667-1717, December.
  7. Taylor, A.M., 1991. "Capital Flows to the New World as an Intergenerational Transfer," Harvard Institute of Economic Research Working Papers 1579, Harvard - Institute of Economic Research.
  8. Huggett, Mark, 1996. "Wealth distribution in life-cycle economies," Journal of Monetary Economics, Elsevier, vol. 38(3), pages 469-494, December.
  9. Hurd, Michael D, 1989. "Mortality Risk and Bequests," Econometrica, Econometric Society, vol. 57(4), pages 779-813, July.
  10. Rachel M. Friedberg & Jennifer Hunt, 1995. "The Impact of Immigrants on Host Country Wages, Employment and Growth," Journal of Economic Perspectives, American Economic Association, vol. 9(2), pages 23-44, Spring.
  11. Edward J. Chambers & Donald F. Gordon, 1966. "Primary Products and Economic Growth: An Empirical Measurement," Journal of Political Economy, University of Chicago Press, vol. 74, pages 315.
  12. Ríos-Rull José-Víctor, 2001. "Population Changes and Capital Accumulation: The Aging of the Baby Boom," The B.E. Journal of Macroeconomics, De Gruyter, vol. 1(1), pages 1-48, May.
  13. Alan J. Auerbach & Laurence J. Kotlikoff & Robert P. Hagemann & Giuseppe Nicoletti, 1989. "The Economic Dynamics of an Ageing Population: The Case of Four OECD Countries," OECD Economics Department Working Papers 62, OECD Publishing.
  14. Jose-Victor Rios-Rull, 1997. "Computation of equilibria in heterogeneous agent models," Staff Report 231, Federal Reserve Bank of Minneapolis.
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Cited by:
  1. Douglas Gollin & Eric Van Dusen & Harvey Blackburn, 2008. "Animal genetic resource trade flows: Economic assessment," Department of Economics Working Papers 2008-20, Department of Economics, Williams College.
  2. Selcuk Eren & Hugo Benitez-Silva & Eva Carceles-Poveda, 2011. "Effects of Legal and Unauthorized Immigration on the US Social Security System," Economics Working Paper Archive wp_689, Levy Economics Institute.
  3. Hugo Benítez-Silva & Eva Cárceles-Poveda & Selçuk Eren, 2011. "Effects of Legal and Unauthorized Immigration on the U.S. Social Security System," Working Papers wp250, University of Michigan, Michigan Retirement Research Center.
  4. Lange, Fabian & Gollin, Douglas, 2007. "Equipping Immigrants: Migration Flows and Capital Movements," IZA Discussion Papers 2745, Institute for the Study of Labor (IZA).
  5. Chu, Kam Hon, 2010. "Bank mergers, branch networks and economic growth: Theory and evidence from Canada, 1889-1926," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 265-283, March.
  6. Douglas Gollin & Fabian Lange, 2013. "Equipping immigrants: migration flows and capital movements in small open economies," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 149(4), pages 749-777, December.
  7. Cat Moody, 2006. "Migration and Economic Growth: a 21st Century Perspective," Treasury Working Paper Series 06/02, New Zealand Treasury.

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