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Prospective Ageing and Economic Growth in Europe

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  • Jesus Crespo Cuaresma

    ()
    (Department of Economics, Vienna University of Economics and Business)

  • Martin Lábaj

    ()
    (Department of Economic Policy, Faculty of National Economy, University of Economics in Bratislava)

  • Patrik Pruzinský

    ()
    (Department of Economic Policy, Faculty of National Economy, University of Economics in Bratislava)

Abstract

We assess empirically the role played by prospective ageing measures as a predictor of income growth in Europe. We show that prospective ageing measures which move beyond chronological age and incorporate changes in life expectancy are able to explain better the recent long-run growth experience of European economies. The improvement in explanatory power of prospective ageing indicators as compared to standard measures based on chronological age is particularly relevant for long-run economic growth horizons.

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Paper provided by Vienna University of Economics, Department of Economics in its series Department of Economics Working Papers with number wuwp165.

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Date of creation: Jan 2014
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Handle: RePEc:wiw:wiwwuw:wuwp165

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Keywords: Economic growth; ageing; prospective age; old age dependency ratio;

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  1. Tomas Kögel, 2001. "Youth dependency and total factor productivity," MPIDR Working Papers WP-2001-030, Max Planck Institute for Demographic Research, Rostock, Germany.
  2. Klaus Prettner & Alexia Prskawetz, 2010. "Demographic Change in Models of Endogenous Economic Growth. A Survey," Working Papers 1008, Vienna Institute of Demography (VID) of the Austrian Academy of Sciences in Vienna.
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  12. Meijdam, Lex & Verbon, Harrie A A, 1997. "Aging and Public Pensions in an Overlapping-Generations Model," Oxford Economic Papers, Oxford University Press, vol. 49(1), pages 29-42, January.
  13. James Feyrer, 2007. "Demographics and Productivity," The Review of Economics and Statistics, MIT Press, vol. 89(1), pages 100-109, February.
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