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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: http://www.mohr.de/fa

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    1. De Gregorio, Jose, 1996. "Borrowing constraints, human capital accumulation, and growth," Journal of Monetary Economics, Elsevier, vol. 37(1), pages 49-71, February.
    2. Oded Galor & Joseph Zeira, 2013. "Income Distribution and Macroeconomics," Working Papers 2013-12, Brown University, Department of Economics.
    3. Jappelli, Tullio & Pagano, Marco, 1992. "Saving, Growth and Liquidity Constraints," CEPR Discussion Papers 662, C.E.P.R. Discussion Papers.
    4. Zhang, Jie, 1995. "Social security and endogenous growth," Journal of Public Economics, Elsevier, vol. 58(2), pages 185-213, October.
    5. Saint-Paul, G., 1991. "Fiscal Policy In An Endogenous Growth Model," DELTA Working Papers 91-04, DELTA (Ecole normale supérieure).
    6. Perotti, Roberto, 1993. "Political Equilibrium, Income Distribution, and Growth," Review of Economic Studies, Wiley Blackwell, vol. 60(4), pages 755-76, October.
    7. 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.
    8. Ihori, Toshihiro, 1997. "Taxes on Capital Accumulation and Economic Growth," Journal of Macroeconomics, Elsevier, vol. 19(3), pages 509-522, July.
    9. Loury, Glenn C, 1981. "Intergenerational Transfers and the Distribution of Earnings," Econometrica, Econometric Society, vol. 49(4), pages 843-67, June.
    10. Aghion, Philippe & Garcia-Peñalosa, Cecilia & Caroli, Eve, 1998. "Inequality and economic growth," Economics Papers from University Paris Dauphine 123456789/10096, Paris Dauphine University.
    11. 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.
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