Missing Markets for Human Capital and Differences in Growth
AbstractThere are some empirical facts that growth models usually cannot explain: i) the di.erences in consumption growth rates across countries when international capital markets are considered, ii) the low growth and low levels of education in developing countries where the return on education is very high. This paper introduces a generational structure that implies that the return on human capital is higher than the return on physical capital and that consumption growth rates vary across countries when international capital markets are included. The human capital technology of the paper implies that poor countries grow more slowly and invest a smaller share of income on education, in spite of an extraordinarily high return on education and the existence of international capital markets.
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Bibliographic InfoPaper provided by IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University in its series Working Papers with number 108.
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Other versions of this item:
- Fernando Perera-Tallo, 2005. "Missing Markets for Human Capital and Differences in Growth," Economica, London School of Economics and Political Science, vol. 72(286), pages 241-265, 05.
- Fernando Perera Tallo, 2003. "Missing Markets for Human Capital and Differences in Growth," Centro de AltiÂsimos Estudios RiÂos PeÂ©rez(CAERP) 9, Centro de Altisimos Estudios Rios Perez (CAERP).
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