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Development of financial capital markets and the role of children as economic assets

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  • Anu Rammohan

    (Department of Economics, University of Sydney, Australia)

Abstract

This paper examines the link between development of financial capital markets, old-security and fertility, when child labour is prevalent. The model demonstrates that when returns from financial capital markets increase, fertility levels and investment in children's schooling are reduced, but child labour levels increase. However, the return to child labour is also an important determinant of fertility decisions. In particular if there is a child labour market, fertility decisions are determined mainly by the child wage rate and child rearing costs. Finally, the model shows that the development of financial capital markets implies a reduction in the borrowing rates and leads to an increase in schooling investments and a reduction in child labour. © 2001 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/jid.760
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Article provided by John Wiley & Sons, Ltd. in its journal Journal of International Development.

Volume (Year): 13 (2001)
Issue (Month): 1 ()
Pages: 45-58

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Handle: RePEc:wly:jintdv:v:13:y:2001:i:1:p:45-58

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Web page: http://www3.interscience.wiley.com/journal/5102/home

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  1. Jensen, Eric R, 1990. "An Econometric Analysis of the Old-Age Security Motive for Childbearing," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 31(4), pages 953-68, November.
  2. Kaushik Basu, 2003. "Analytical Development Economics: The Less Developed Economy Revisited," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262523442, December.
  3. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
  4. Gupta, Manash Ranjan, 2000. "Wage Determination of a Child Worker: A Theoretical Analysis," Review of Development Economics, Wiley Blackwell, vol. 4(2), pages 219-28, June.
  5. Appelbaum, Elie & Katz, Eliakim, 1991. "The Demand for Children in the Absence of Capital and Risk Markets: A Portfolio Approach," Oxford Economic Papers, Oxford University Press, vol. 43(2), pages 292-304, April.
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