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National Debt, Borrowing Constraints, and Human Capital Accumulation in an Endogenous Growth Model

  • Stefan Dietrich Josten
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    This paper presents an overlapping-generations endogenous growth model of human capital accumulation with borrowing constrained young individuals. On a small open economy's equilibrium growth path, production, human capital, and physical capital all grow at a uniform rate that depends, apart from a vector of parameters, only on the amount of time that decentrally optimizing, borrowing constrained private households allocate to education and training. An increase in public debt that is used to redistribute tax burdens from every individual's youth to his middle age raises the equilibrium growth rate of the economy and improves the intertemporal allocation of resources.

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    Article provided by Mohr Siebeck, Tübingen in its journal FinanzArchiv.

    Volume (Year): 58 (2001)
    Issue (Month): 3 (July)
    Pages: 317-

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    Handle: RePEc:mhr:finarc:urn:sici:0015-2218(200207)58:3_317:ndbcah_2.0.tx_2-t
    Contact details of provider: Web page: https://www.mohr.de/fa

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    1. Zhang, Jie, 1995. "Social security and endogenous growth," Journal of Public Economics, Elsevier, vol. 58(2), pages 185-213, October.
    2. Jappelli, Tullio & Pagano, Marco, 1992. "Saving, Growth and Liquidity Constraints," CEPR Discussion Papers 662, C.E.P.R. Discussion Papers.
    3. Galor, Oded & Zeira, Joseph, 1988. "Income Distribution and Macroeconomics," MPRA Paper 51644, University Library of Munich, Germany, revised 01 Sep 1989.
    4. Willem H. Buiter & Kenneth M. Kletzer, 1991. "Persistent Differences in National Productivity Growth Rates with A Com-mon Technology and Free Capital Mobility: The Roles of Private Thrift, ..," NBER Working Papers 3637, National Bureau of Economic Research, Inc.
    5. Aghion, Philippe & Caroli, Eve & García-Peñalosa, Cecilia, 1999. "Inequality and Economic Growth: The Perspective of the New Growth Theories," Scholarly Articles 12502063, Harvard University Department of Economics.
    6. repec:dau:papers:123456789/10096 is not listed on IDEAS
    7. Kane, Thomas J, 1994. "College Entry by Blacks since 1970: The Role of College Costs, Family Background, and the Returns to Education," Journal of Political Economy, University of Chicago Press, vol. 102(5), pages 878-911, October.
    8. Loury, Glenn C, 1981. "Intergenerational Transfers and the Distribution of Earnings," Econometrica, Econometric Society, vol. 49(4), pages 843-67, June.
    9. Gilles Saint-Paul, 1992. "Fiscal Policy in an Endogenous Growth Model," The Quarterly Journal of Economics, Oxford University Press, vol. 107(4), pages 1243-1259.
    10. Roberto Perotti, 1993. "Political Equilibrium, Income Distribution, and Growth," Review of Economic Studies, Oxford University Press, vol. 60(4), pages 755-776.
    11. Ihori, Toshihiro, 1997. "Taxes on Capital Accumulation and Economic Growth," Journal of Macroeconomics, Elsevier, vol. 19(3), pages 509-522, July.
    12. De Gregorio, Jose, 1996. "Borrowing constraints, human capital accumulation, and growth," Journal of Monetary Economics, Elsevier, vol. 37(1), pages 49-71, February.
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