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Non-Neutrallity of Debt with Endogenous Fertility

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Author Info

  • David E. Wildasin

Abstract

This paper examines the impact of government borrowing on the real equilibrium of an economy with intergenerational or dynastic utility maximizers and endogenous fertility. In general, incremental government borrowing reduces fertility. In addition, borrowing may increase per head consumption and lower the aggregate capital stock. At the same time, it may raise the capital/labor ratio and the wage/rental ratio, lower utility per head for the current generation, and raise utility per head of future generations. Identical results obtain for unfunded social security programs.

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Bibliographic Info

Paper provided by University of Bonn, Germany in its series Discussion Paper Serie A with number 241.

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Date of creation: Apr 1989
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Handle: RePEc:bon:bonsfa:241

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Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
Fax: +49 228 73 6884
Web page: http://www.bgse.uni-bonn.de

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Cited by:
  1. Kolmar, Martin, 1999. "Optimale Ansiedlung sozialpolitischer Entscheidungskompetenzen in der Europäischen Union," Beiträge zur Finanzwissenschaft, Mohr Siebeck, Tübingen, edition 1, volume 7, number urn:isbn:9783161471254.
  2. David Wildasin, 2008. "Public Finance in an Era of Global Demographic Change: Fertility Busts, Migration Booms, and Public Policy," Working Papers 2008-02, University of Kentucky, Institute for Federalism and Intergovernmental Relations.
  3. Gary S. Becker & Robert J. Barro, 1988. "A Reformulation of the Economic Theory of Fertility," NBER Working Papers 1793, National Bureau of Economic Research, Inc.
  4. Fanti, Luciano & Spataro, Luca, 2013. "On the relationship between fertility and public national debt," Economic Modelling, Elsevier, vol. 33(C), pages 843-849.
  5. Koichi Miyazaki, 2013. "Pay-as-you-go social security and endogenous fertility in a neoclassical growth model," Journal of Population Economics, Springer, vol. 26(3), pages 1233-1250, July.
  6. Zhang, Jie, 2006. "Second-best public debt with human capital externalities," Journal of Economic Dynamics and Control, Elsevier, vol. 30(2), pages 347-360, February.
  7. Jellal, Mohamed & wolff, François charles, 2002. "Insecure old-age security," MPRA Paper 38644, University Library of Munich, Germany.
  8. Zhao, Kai, 2011. "War Debt and the Baby Boom," MPRA Paper 36330, University Library of Munich, Germany.
  9. B. Douglas Bernheim, 1988. "Ricardian Equivalence: An Evaluation of Theory and Evidence," NBER Working Papers 2330, National Bureau of Economic Research, Inc.
  10. Kolmar, Martin, 2001. " Optimal Intergenerational Redistribution in a Two-Country Model with Endogenous Fertility," Public Choice, Springer, vol. 106(1-2), pages 23-51, January.
  11. Zhang, Junxi, 1995. "Does unfunded social security also depress output growth?," Economics Letters, Elsevier, vol. 49(3), pages 307-312, September.

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