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Educación para los jóvenes y pensiones para los mayores: ¿Existe alguna relación? Evidencia para España

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Abstract

We argue that the public financing of education can be understood as an investment in the human capital of young generations, whose profitability is obtained via pension payments. Similarly, we should understand the social security contributions as the repayment of school transfers received in early life. In a world in which credit markets to finance investments in human capital are missing, the intergenerational transfer flows described before can restore an efficient allocation of resources. For that to be true we should observe an equality between the market rate of interest and the two rates of return implicit in the flow of taxes and transfers supporting public education and public pensions. We test these predictions for Spain. The results are surprisingly good. (Copyright: Fundación Empresa Pública)

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  • Ana Montes, 2002. "Educación para los jóvenes y pensiones para los mayores: ¿Existe alguna relación? Evidencia para España," Investigaciones Economicas, Fundación SEPI, vol. 26(1), pages 145-185, January.
    • Handle: RePEc:iec:inveco:v:26:y:2002:i:1:p:145-185
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    References listed on IDEAS

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    1. Boldrin, Michele & Montes Alonso, Ana, 1998. "Intergenerational transfer institutions public education and public pensions," UC3M Working papers. Economics 6148, Universidad Carlos III de Madrid. Departamento de Economía.
    2. Becker, Gary S & Murphy, Kevin M, 1988. "The Family and the State," Journal of Law and Economics, University of Chicago Press, vol. 31(1), pages 1-18, April.
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    Cited by:

    1. Michele Boldrin & Ana Montes, 2005. "The Intergenerational State Education and Pensions," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 72(3), pages 651-664.

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    More about this item

    Keywords

    Public education; social security; internal rates of return; intergenerational transfers;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • H52 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Education

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