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Optimal Investment, Education, And Consumption Under Demographic Changes For A Small-Open Economy

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  • HOAN XUAN PHAM

    ()
    (Insurance Commission, Ministry of Finance, Vietnam, 24 Tran Hung Dao, Hanoi, Vietnam)

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    Abstract

    It is shown, using a vintage model of education which is developed in this paper, that given the assumptions of the model, the optimal path of investment in education is to keep the level of investment per student constant and the optimal path of investment in physical capital is to keep the capital-labor ratio constant over time. The pressure to reduce current consumption caused by population ageing is partly mitigated by the fact that a younger population, in the current time, is relatively more efficient in producing utility than an older one, in the future.

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    Bibliographic Info

    Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal The Singapore Economic Review.

    Volume (Year): 54 (2009)
    Issue (Month): 01 ()
    Pages: 41-59

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    Handle: RePEc:wsi:serxxx:v:54:y:2009:i:01:p:41-59

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    Related research

    Keywords: Optimal investment; physical capital; human capital; fertility; life expectancy;

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    Cited by:
    1. Renuga Nagarajan & Aurora A.C. Teixeira & Sandra T. Silva, 2013. "The impact of population ageing on economic growth: an in-depth bibliometric analysis," FEP Working Papers 505, Universidade do Porto, Faculdade de Economia do Porto.

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