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From transfers to capital: analyzing the Spanish demand for wealth using NTA

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Author Info

  • Miguel Sánchez Romero

    (Max Planck Institute for Demographic Research, Rostock, Germany)

  • Concepció Patxot
  • Elisenda Renteria
  • Guadalupe Souto

Abstract

Inter- and intra-family transfers are a very important part of our daily economic activity. These transfers, whether familial or public, may influence our economic decisions to the same extent that financial markets do. In this paper, we seek to understand how the Spanish stock of capital will evolve if the set of intergenerational transfers observed in year 2000 are maintained in the future. With that aim in mind, we have implemented a general equilibrium overlapping generations model with realistic public and familial transfers drawn from the National Transfer Accounts project (NTA). Given that familial transfers go from parents to children, and public transfers go from children to parents, we show that the Spanish baby boom and baby bust will make the second demographic dividend temporary, and that welfare will be reduced from 2040 onwards.

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File URL: http://www.demogr.mpg.de/papers/working/wp-2010-029.pdf
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Bibliographic Info

Paper provided by Max Planck Institute for Demographic Research, Rostock, Germany in its series MPIDR Working Papers with number WP-2010-029.

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Length: 47 pages
Date of creation: Oct 2010
Date of revision:
Handle: RePEc:dem:wpaper:wp-2010-029

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Web page: http://www.demogr.mpg.de/

Related research

Keywords: Spain; demographic ageing; economic demography; economic growth;

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  1. Masao Ogaki & Jonathan D. Ostry & Carmen M. Reinhart, 1996. "Saving Behavior in Low- and Middle-Income Developing Countries: A Comparison," IMF Staff Papers, Palgrave Macmillan, vol. 43(1), pages 38-71, March.
  2. Hippolyte D'Albis, 2007. "Demographic structure and capital accumulation," Post-Print hal-00630200, HAL.
  3. Sergi Jiménez-Martín & Alfonso R. Sánchez Martín, 2003. "An evaluation of the life-cycle effects of minimum pensions on retirement behavior," Working Papers 108, Barcelona Graduate School of Economics.
  4. Javier Diaz-Gimenez & Julian Diaz-Saavedra, 2009. "Delaying Retirement in Spain," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 12(1), pages 147-167, January.
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