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Public debt, child allowances, and pension benefits with endogenous fertility

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  • Yasuoka, Masaya
  • Miyake, Atsushi

Abstract

The stock of public debt in some developed countries continues to increase because of a lack of tax revenues and the burdens of social security. Many of those developed countries suffer from lower birth rates. Child allowances might help to raise fertility, leading to higher tax revenue in the future because of an increase in the younger population. In this paper, the authors examine whether or not child allowances reduce the public debt stock as a share of Gross Domestic Product (GDP) in an economy with a pension system. As long as the long-run debt ratio is non-negative, child allowances financed by bonds always increase the public debt stock per unit of GDP. --

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Bibliographic Info

Paper provided by Kiel Institute for the World Economy in its series Economics Discussion Papers with number 2012-47.

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Date of creation: 2012
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Handle: RePEc:zbw:ifwedp:201247

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Keywords: public debt; endogenous fertility; child allowances; pension;

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  1. Meijdam, A.C. & Ven, M.E.A.J. van de & Verbon, H.A.A., 1996. "The dynamics of government debt," Open Access publications from Tilburg University urn:nbn:nl:ui:12-72307, Tilburg University.
  2. Ono, Tetsuo, 2002. "Social Security Policy with Public Debt in an Aging Economy," Discussion Paper, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University 107, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  3. Jie Zhang, 1997. "Fertility, Growth, and Public Investments in Children," Canadian Journal of Economics, Canadian Economics Association, Canadian Economics Association, vol. 30(4), pages 835-43, November.
  4. Berthold U. Wigger, 2007. "A Noteon Public Debt, Tax-Exempt Bonds, and Ponzi Games," IMF Working Papers 07/162, International Monetary Fund.
  5. Yakita, Akira, 2008. "Sustainability of public debt, public capital formation, and endogenous growth in an overlapping generations setting," Journal of Public Economics, Elsevier, Elsevier, vol. 92(3-4), pages 897-914, April.
  6. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 66, pages 467.
  7. Grossman, Gene M. & Yanagawa, Noriyuki, 1993. "Asset bubbles and endogenous growth," Journal of Monetary Economics, Elsevier, Elsevier, vol. 31(1), pages 3-19, February.
  8. Futagami, Koichi & Iwaisako, Tatsuro & Ohdoi, Ryoji, 2008. "Debt Policy Rule, Productive Government Spending, And Multiple Growth Paths," Macroeconomic Dynamics, Cambridge University Press, Cambridge University Press, vol. 12(04), pages 445-462, September.
  9. Bas Groezen & Lex Meijdam, 2008. "Growing old and staying young: population policy in an ageing closed economy," Journal of Population Economics, Springer, Springer, vol. 21(3), pages 573-588, July.
  10. Fanti, Luciano & Gori, Luca, 2009. "Population and neoclassical economic growth: A new child policy perspective," Economics Letters, Elsevier, Elsevier, vol. 104(1), pages 27-30, July.
  11. Zeng, J & Jie Zhang, . "Optimal social security in a dynastic model with investment externalities and endogenous fertility," MRG Discussion Paper Series, School of Economics, University of Queensland, Australia 1006, School of Economics, University of Queensland, Australia.
  12. van Groezen, Bas & Leers, Theo & Meijdam, Lex, 2003. "Social security and endogenous fertility: pensions and child allowances as siamese twins," Journal of Public Economics, Elsevier, Elsevier, vol. 87(2), pages 233-251, February.
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