From transfers to capital: analyzing the Spanish demand for wealth using NTA
AbstractInter- 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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Bibliographic InfoPaper provided by Max Planck Institute for Demographic Research, Rostock, Germany in its series MPIDR Working Papers with number WP-2010-029.
Length: 47 pages
Date of creation: Oct 2010
Date of revision:
Contact details of provider:
Web page: http://www.demogr.mpg.de/
Spain; demographic ageing; economic demography; economic growth;
Find related papers by JEL classification:
- J1 - Labor and Demographic Economics - - Demographic Economics
- Z0 - Other Special Topics - - General
This paper has been announced in the following NEP Reports:
- NEP-AGE-2010-10-16 (Economics of Ageing)
- NEP-ALL-2010-10-16 (All new papers)
- NEP-DGE-2010-10-16 (Dynamic General Equilibrium)
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