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A closer look at the relationship between life expectancy and economic growth

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  • AZOMAHOU, Théophile T.
  • BOUCEKKINE, Raouf
  • DIENE, Bity

Abstract

We first provide a nonparametric inference of the relationship between life expectancy and economic growth on an historical data for 18 countries over the period 1820-2005. The obtained shape shows up convexity for low enough values of life expectancy and concavity for large enough values. We then study this relationship on a benchmark model combining “perpetual youth” and learning-by-investing. In such a benchmark, the generated relationship between life expectancy and economic growth is shown to be strictly increasing and concave. We finally examine a model departing from “perpetual youth” by assuming age-dependent survival probabilities. We show that life-cycle behavior combined with age-dependent survival laws can reproduce our empirical finding.

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File URL: http://dx.doi.org/10.1111/j.1742-7363.2009.00105.x
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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 RP with number -2115.

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Handle: RePEc:cor:louvrp:-2115

Note: In : International Journal of Economic Theory, 5, 201-244, 2009
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  1. Raouf BOUCEKKINE & David DE LA CROIX & Omar LICANDRO, 2004. "Modelling vintage structures with DDEs: principles and applications," Economics Working Papers ECO2004/06, European University Institute.
  2. Raouf Boucekkine & David de la Croix & Omar Licandro, . "vintage human capital, demographic trends and endogenous growth," Working Papers 2000-02, FEDEA.
  3. BOUCEKKINE, Raouf & PEETERS, Dominique & de la CROIX, David, . "Early literacy achievements, population density and the transition to modern growth," CORE Discussion Papers RP -1911, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  4. Cruz A. Echevarría, 2004. "Life Expectancy, Schooling Time, Retirement, and Growth," Economic Inquiry, Western Economic Association International, vol. 42(4), pages 602-617, October.
  5. Raouf Boucekkine & David de la Croix & Omar Licandro, 2003. "Early Mortality Declines at the Dawn of Modern Growth," Scandinavian Journal of Economics, Wiley Blackwell, vol. 105(3), pages 401-418, 09.
  6. Brander, James A & Dowrick, Steve, 1994. "The Role of Fertility and Population in Economic Growth: Empirical Results from Aggregate Cross-National Data," Journal of Population Economics, Springer, vol. 7(1), pages 1-25.
  7. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  8. Deaton,Angus & Muellbauer,John, 1980. "Economics and Consumer Behavior," Cambridge Books, Cambridge University Press, number 9780521296762, Fall.
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  10. Bhargava, Alok & Jamison, Dean T. & Lau, Lawrence J. & Murray, Christopher J. L., 2001. "Modeling the effects of health on economic growth," Journal of Health Economics, Elsevier, vol. 20(3), pages 423-440, May.
  11. Kelley, Allen C. & Schmidt, Robert M., 1995. "Aggregate Population and Economic Growth Correlations: The Role of the Components of Demographic Change," Working Papers 95-37, Duke University, Department of Economics.
  12. Hamid Faruqee, 2003. "Debt, Deficits, and Age-specific Mortality," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(2), pages 300-312, April.
  13. Chakraborty, Shankha, 2004. "Endogenous lifetime and economic growth," Journal of Economic Theory, Elsevier, vol. 116(1), pages 119-137, May.
  14. Rosa Aísa & Fernando Pueyo, 2004. "Endogenous longevity, health and economic growth: a slow growth for a longer life?," Economics Bulletin, AccessEcon, vol. 9(3), pages 1-10.
  15. Kalemli-Ozcan, Sebnem & Ryder, Harl E. & Weil, David N., 2000. "Mortality decline, human capital investment, and economic growth," Journal of Development Economics, Elsevier, vol. 62(1), pages 1-23, June.
  16. Jappelli, Tullio & Pagano, Marco, 1988. "Consumption and Capital Market Imperfection: An International Comparison," CEPR Discussion Papers 244, C.E.P.R. Discussion Papers.
  17. Hamid Faruqee & Douglas Laxton & Steven Symansky, 1997. "Government Debt, Life-Cycle Income, and Liquidity Constraints: Beyond Approximate Ricardian Equivalence," IMF Staff Papers, Palgrave Macmillan, vol. 44(3), pages 374-382, September.
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Cited by:
  1. d'Albis, Hippolyte & Augeraud-Véron, Emmanuelle, 2012. "Frequency of trade and the determinacy of equilibrium in economies of overlapping generations," MPRA Paper 45426, University Library of Munich, Germany.
  2. Growiec, Jakub, 2010. "Human Capital, Aggregation, And Growth," Macroeconomic Dynamics, Cambridge University Press, vol. 14(02), pages 189-211, April.
  3. Ponthiere, Gregory, 2011. "Existence and stability of overconsumption equilibria," Economic Modelling, Elsevier, vol. 28(1), pages 74-90.
  4. Luciano Fanti & Mimmo Iannelli & Piero Manfredi, 2013. "Neoclassical growth with endogenous age distribution. Poverty vs low-fertility traps as steady states of demographic transitions," Journal of Population Economics, Springer, vol. 26(4), pages 1457-1484, October.
  5. d'Albis, Hippolyte & Augeraud-Véron, Emmanuelle, 2009. "Continuous-Time Overlapping Generations Models," TSE Working Papers 09-047, Toulouse School of Economics (TSE).
  6. Kuhn, Michael & Prettner, Klaus, 2013. "Growth and Welfare Effects of Health Care in Knowledge Based Economies," Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79970, Verein für Socialpolitik / German Economic Association.
  7. Goenka, A. & Jafarey, S. & Pouliot, W., 2012. "Pollution, mortality and optimal environmental policy," Working Papers 12/07, Department of Economics, City University London.
  8. Jakub Growiec & Christian Groth, 2012. "On aggregating human capital across heterogeneous cohorts," National Bank of Poland Working Papers 134, National Bank of Poland, Economic Institute.

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