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Education and the poverty trap

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  • BARHAM, Vicky

    (Queen’s University)

  • BOADWAY, Robin

    (Queen’s University)

  • MARCHAND, Maurice

    (CORE, Université catholique de Louvain, B-1348 Louvain-la-Neuve, Belgium and Université de Li!ège)

  • PESTIEAU, Pierre

    (CORE, Université catholique de Louvain, B-1348 Louvain-la-Neuve, Belgium and Université de Li!ège)

Abstract

An overlapping generations model is constructed in which individual wealth is related to educational attainment, and in which liquidity constraints my induce children to invest in a sub-optimal level of education given their ability. Borrowing for educational attainment is obtained from within the family. Abilities differ among children and may be related to parental ability. Stationary state equilibria are found to exist in which children of poorer families are caught in a poverty trap because of an inability of finance their education. The role of redistributive policy is studied in this context.

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Bibliographic Info

Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 1992010.

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Date of creation: 01 Jan 1992
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Handle: RePEc:cor:louvco:1992010

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  1. B. Douglas Bernheim & Kyle Bagwell, 1989. "Is Everything Neutral?," NBER Working Papers 2086, National Bureau of Economic Research, Inc.
  2. Gary S. Becker & Kevin M. Murphy, . "The Family and the State," University of Chicago - Population Research Center 87-15, Chicago - Population Research Center.
  3. Gary S. Becker & Nigel Tomes, 1976. "Child Endowments, and the Quantity and Quality of Children," NBER Working Papers 0123, National Bureau of Economic Research, Inc.
  4. Glomm, Gerhard & Ravikumar, B, 1992. "Public versus Private Investment in Human Capital Endogenous Growth and Income Inequality," Journal of Political Economy, University of Chicago Press, vol. 100(4), pages 818-34, August.
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