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

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  • Raouf, BOUCEKKINE

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Department of Economics)

  • Bity, DIENE
  • Théophile, AZOMAHOU

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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Bibliographic Info

Paper provided by Université catholique de Louvain, Département des Sciences Economiques in its series Discussion Papers (ECON - Département des Sciences Economiques) with number 2007043.

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Length: 41
Date of creation: 01 Dec 2007
Date of revision:
Handle: RePEc:ctl:louvec:2007043

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Keywords: Life expectancy; economic growth; perpetual youth; age-dependent mortality; nonparametric estimation;

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References

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  1. BOUCEKKINE, Raouf & de la CROIX, David & LICANDRO, Omar, 2002. "Early mortality declines at the dawn of modern growth," CORE Discussion Papers 2002030, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Jappelli, Tullio & Pagano, Marco, 1989. "Consumption and Capital Market Imperfections: An International Comparison," American Economic Review, American Economic Association, vol. 79(5), pages 1088-1105, December.
  3. Raouf Boucekkine & David de la Croix & Dominique Peeters, 2007. "Early Literacy Achievements, Population Density, and the Transition to Modern Growth," Journal of the European Economic Association, MIT Press, vol. 5(1), pages 183-226, 03.
  4. 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.
  5. Deaton,Angus & Muellbauer,John, 1980. "Economics and Consumer Behavior," Cambridge Books, Cambridge University Press, number 9780521296762, October.
  6. 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.
  7. James A. Brander & Steve Dowrick, 1993. "The Role of Fertility and Population in Economic Growth: Empirical ResultsFrom Aggregate Cross-National Data," NBER Working Papers 4270, National Bureau of Economic Research, Inc.
  8. 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.
  9. Boucekkine, Raouf & de la Croix, David & Licandro, Omar, 2000. "Vintage Human Capital, Demographic Trends and Endogenous Growth," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2000007, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  10. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  11. 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.
  12. Hamid Faruqee, 2002. "Debt, Deficits, and Age-Specific Mortality," IMF Working Papers 02/19, International Monetary Fund.
  13. 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.
  14. 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.
  15. repec:ebl:ecbull:v:9:y:2004:i:3:p:1-10 is not listed on IDEAS
  16. Cruz A. Echevarría, 2004. "Life Expectancy, Schooling Time, Retirement, and Growth," Economic Inquiry, Western Economic Association International, vol. 42(4), pages 602-617, October.
  17. Shankha Chakraborty, 2002. "Endogenous Lifetime and Economic Growth," University of Oregon Economics Department Working Papers 2002-03, University of Oregon Economics Department, revised 26 Jan 2002.
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Citations

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Cited by:
  1. Growiec, Jakub, 2010. "Human Capital, Aggregation, And Growth," Macroeconomic Dynamics, Cambridge University Press, vol. 14(02), pages 189-211, April.
  2. D'ALBIS Hippolyte & AUGERAUD-VÉRON Emmanuelle, 2009. "Continuous-Time Overlapping Generations Models," LERNA Working Papers 09.15.291, LERNA, University of Toulouse.
  3. Hippolyte D'Albis & Emmanuelle Augeraud-Véron, 2012. "Frequency of trade and the deterrminacy of equilibrium in economies of overlapping generations," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00717158, HAL.
  4. 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.
  5. Grégory Ponthière, 2009. "Existence and stability of overconsumption equilibria," PSE Working Papers halshs-00575015, HAL.
  6. Jakub Growiec & Christian Groth, 2012. "On aggregating human capital across heterogeneous cohorts," Discussion Papers 12-13, University of Copenhagen. Department of Economics.
  7. 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.
  8. Aditya Goenka & Saqib Jafarey & William Pouliot, 2012. "Pollution, Mortality and Optimal Environmental Policy," Discussion Papers 12-05, Department of Economics, University of Birmingham.

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