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Public debt, child allowances and pension benefits with endogenous fertility

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  • Yasuoka, Masaya
  • Miyake, Atsushi

Abstract

The public debt stock in some economically developed countries continues to increase because of a lack of tax revenues and the concomitant burdens of social security. Many of those countries suffer from lower birth rates and consequently, have fewer children. Child allowances might be an effective way to increase fertility, leading to higher future tax revenues through an increase in the number of younger people. In this paper, the authors examine whether or not child allowances reduce the public debt stock as a share of GDP in an economy with a pension system. As long as a non-negative debt policy is adopted in the long run, child allowances financed by bonds always increase the public debt stock as a share of GDP. --

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File URL: http://dx.doi.org/10.5018/economics-ejournal.ja.2013-11
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File URL: http://econstor.eu/bitstream/10419/71408/1/739276638.pdf
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Bibliographic Info

Article provided by Kiel Institute for the World Economy in its journal Economics: The Open-Access, Open-Assessment E-Journal.

Volume (Year): 7 (2013)
Issue (Month): 11 ()
Pages: 1-25

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Handle: RePEc:zbw:ifweej:201311

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Keywords: public debt; endogenous fertility; child allowances; pension;

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  1. Grossman, G.M. & Yanagawa, N., 1992. "Asset Bubbles and Endogenous Growth," Papers 160, Princeton, Woodrow Wilson School - Public and International Affairs.
  2. Bas Groezen & Lex Meijdam, 2008. "Growing old and staying young: population policy in an ageing closed economy," Journal of Population Economics, Springer, vol. 21(3), pages 573-588, July.
  3. Zhang, Jie & Zhang, Junsen, 2007. "Optimal social security in a dynastic model with investment externalities and endogenous fertility," Journal of Economic Dynamics and Control, Elsevier, vol. 31(11), pages 3545-3567, November.
  4. Tetsuo Ono, 2003. "Social security policy with public debt in an aging economy," Journal of Population Economics, Springer, vol. 16(2), pages 363-387, 05.
  5. van Groezen, Bas & Leers, Theo & Meijdam, Lex, 2003. "Social security and endogenous fertility: pensions and child allowances as siamese twins," Journal of Public Economics, Elsevier, vol. 87(2), pages 233-251, February.
  6. Fanti, Luciano & Gori, Luca, 2009. "Population and neoclassical economic growth: A new child policy perspective," Economics Letters, Elsevier, vol. 104(1), pages 27-30, July.
  7. Meijdam, Lex & van de Ven, Martijn & Verbon, Harrie A. A., 1996. "The dynamics of government debt," European Journal of Political Economy, Elsevier, vol. 12(1), pages 67-90, April.
  8. Futagami, Koichi & Iwaisako, Tatsuro & Ohdoi, Ryoji, 2008. "Debt Policy Rule, Productive Government Spending, And Multiple Growth Paths," Macroeconomic Dynamics, Cambridge University Press, vol. 12(04), pages 445-462, September.
  9. Yakita, Akira, 2008. "Sustainability of public debt, public capital formation, and endogenous growth in an overlapping generations setting," Journal of Public Economics, Elsevier, vol. 92(3-4), pages 897-914, April.
  10. Jie Zhang, 1997. "Fertility, Growth, and Public Investments in Children," Canadian Journal of Economics, Canadian Economics Association, vol. 30(4), pages 835-43, November.
  11. Berthold U. Wigger, 2007. "A Noteon Public Debt, Tax-Exempt Bonds, and Ponzi Games," IMF Working Papers 07/162, International Monetary Fund.
  12. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467.
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