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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. Kjetil Storesletten, 2000. "Sustaining Fiscal Policy through Immigration," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 108(2), pages 300-323, April.
  2. Hurd, Michael D, 1989. "Mortality Risk and Bequests," Econometrica, Econometric Society, Econometric Society, vol. 57(4), pages 779-813, July.
  3. Costa, Dora L., 1998. "The Evolution of Retirement," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226116082, 01-2013.
  4. George J. Borjas, 1994. "The Economics of Immigration," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 32(4), pages 1667-1717, December.
  5. Rachel M. Friedberg & J. Hunt, 1995. "The Impact of Immigrants on Host Country Wages, Employment and Growth," Working Papers, Brown University, Department of Economics 95-5, Brown University, Department of Economics.
  6. Ríos-Rull José-Víctor, 2001. "Population Changes and Capital Accumulation: The Aging of the Baby Boom," The B.E. Journal of Macroeconomics, De Gruyter, De Gruyter, vol. 1(1), pages 1-48, May.
  7. Card, David, 2001. "Immigrant Inflows, Native Outflows, and the Local Labor Market Impacts of Higher Immigration," Journal of Labor Economics, University of Chicago Press, University of Chicago Press, vol. 19(1), pages 22-64, January.
  8. Taylor, Alan M & Williamson, Jeffrey G, 1994. "Capital Flows to the New World as an Intergenerational Transfer," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 102(2), pages 348-71, April.
  9. Ian W. McLean, 1991. "Saving in Settler Economies: Australian and North American Comparisons," School of Economics Working Papers, University of Adelaide, School of Economics 1991-07, University of Adelaide, School of Economics.
  10. Jose-Victor Rios-Rull, 1997. "Computation of equilibria in heterogeneous agent models," Staff Report, Federal Reserve Bank of Minneapolis 231, Federal Reserve Bank of Minneapolis.
  11. Alan G. Green & Gordon R. Sparks, 1996. "Population growth and the dynamics of Canadian development: a multivariate time series approach," Economic History Working Papers, London School of Economics and Political Science, Department of Economic History 22414, London School of Economics and Political Science, Department of Economic History.
  12. 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.
  13. Huggett, Mark, 1996. "Wealth distribution in life-cycle economies," Journal of Monetary Economics, Elsevier, Elsevier, vol. 38(3), pages 469-494, December.
  14. Edward J. Chambers & Donald F. Gordon, 1966. "Primary Products and Economic Growth: An Empirical Measurement," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 74, pages 315.
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Cited by:
  1. Hugo Benítez-Silva & Eva Cárceles-Poveda & Selçuk Eren, 2011. "Effects of Legal and Unauthorized Immigration on the U.S. Social Security System," Working Papers, University of Michigan, Michigan Retirement Research Center wp250, University of Michigan, Michigan Retirement Research Center.
  2. Lange, Fabian & Gollin, Douglas, 2007. "Equipping Immigrants: Migration Flows and Capital Movements," IZA Discussion Papers 2745, Institute for the Study of Labor (IZA).
  3. Douglas Gollin & Eric Van Dusen & Harvey Blackburn, 2008. "Animal genetic resource trade flows: Economic assessment," Center for Development Economics, Department of Economics, Williams College 2008-02, Department of Economics, Williams College.
  4. Chu, Kam Hon, 2010. "Bank mergers, branch networks and economic growth: Theory and evidence from Canada, 1889-1926," Journal of Macroeconomics, Elsevier, Elsevier, vol. 32(1), pages 265-283, March.
  5. Cat Moody, 2006. "Migration and Economic Growth: a 21st Century Perspective," Treasury Working Paper Series 06/02, New Zealand Treasury.
  6. 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, Levy Economics Institute wp_689, Levy Economics Institute.
  7. Douglas Gollin & Fabian Lange, 2013. "Equipping immigrants: migration flows and capital movements in small open economies," Review of World Economics (Weltwirtschaftliches Archiv), Springer, Springer, vol. 149(4), pages 749-777, December.
  8. Boldrin, Michele & Montes, Ana, 2013. "Modeling an Immigration Shock," MPRA Paper 56765, University Library of Munich, Germany, revised 20 Jun 2014.

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