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On the effects of public and private transfers on capital accumulation: some lessons from the NTA aggregates

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Listed author(s):
  • Miguel Sánchez-Romero

    ()

  • Concepció Patxot
  • Elisenda Rentería
  • Guadalupe Souto

Abstract

Intergenerational transfers are a very important part of our daily economic activity. These transfers, whether familial or public, may influence our economic decisions to the same extent that financial markets do. In this paper, we seek to shed some light on the effects of transfers on capital accumulation in the face of demographic aging. In particular, a general equilibrium overlapping generations model with realistic public and familial transfers drawn from the National Transfer Accounts project is implemented to Spain. Given that, in this case, net familial transfers mainly go from parents to children while public transfers go from children to parents, it is shown that the Spanish baby boom and baby bust could lead to capital depletion and a reduction in consumption per capita. Copyright Springer-Verlag 2013

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File URL: http://hdl.handle.net/10.1007/s00148-012-0422-z
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Article provided by Springer & European Society for Population Economics in its journal Journal of Population Economics.

Volume (Year): 26 (2013)
Issue (Month): 4 (October)
Pages: 1409-1430

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Handle: RePEc:spr:jopoec:v:26:y:2013:i:4:p:1409-1430
DOI: 10.1007/s00148-012-0422-z
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Keywords: Second demographic dividend; Transfers; Computable general equilibrium; D58; J11; H53;

Find related papers by JEL classification:

  • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
  • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
  • H53 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Welfare Programs

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  1. Rojas, Juan A., 2005. "Life-cycle earnings, cohort size effects and social security: a quantitative exploration," Journal of Public Economics, Elsevier, vol. 89(2-3), pages 465-485, February.
  2. d'Albis, Hippolyte, 2007. "Demographic structure and capital accumulation," Journal of Economic Theory, Elsevier, vol. 132(1), pages 411-434, January.
  3. Kenneth L. Judd, 1998. "Numerical Methods in Economics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262100711, July.
  4. Axel Börsch-Supan & Alexander Ludwig & Joachim Winter, 2006. "Ageing, Pension Reform and Capital Flows: A Multi-Country Simulation Model," Economica, London School of Economics and Political Science, vol. 73(292), pages 625-658, November.
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  6. Ríos-Rull José-Víctor, 2001. "Population Changes and Capital Accumulation: The Aging of the Baby Boom," The B.E. Journal of Macroeconomics, De Gruyter, vol. 1(1), pages 1-48, May.
  7. 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, vol. 66, pages 467-467.
  8. Sergi Jiménez-Martín & Alfonso R. Sánchez Martín, 2007. "An evaluation of the life cycle effects of minimum pensions on retirement behavior," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 22(5), pages 923-950.
  9. R. Anton Braun & Daisuke Ikeda & Douglas H. Joines, 2009. "The Saving Rate In Japan: Why It Has Fallen And Why It Will Remain Low," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 50(1), pages 291-321, 02.
  10. Cigno, Alessandro, 1993. "Intergenerational transfers without altruism : Family, market and state," European Journal of Political Economy, Elsevier, vol. 9(4), pages 505-518, November.
  11. Alessandro Cigno & Gianna Giannelli & Furio Rosati & Daniela Vuri, 2006. "Is there such a thing as a family constitution? A test based on credit rationing," Review of Economics of the Household, Springer, vol. 4(3), pages 183-204, 09.
  12. Kotlikoff, Laurence J & Summers, Lawrence H, 1981. "The Role of Intergenerational Transfers in Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, vol. 89(4), pages 706-732, August.
  13. Antoine Bommier & Ronald D. Lee, 2003. "Overlapping generations models with realistic demography," Journal of Population Economics, Springer;European Society for Population Economics, vol. 16(1), pages 135-160, 02.
  14. Lau, Sau-Him Paul, 2009. "Demographic structure and capital accumulation: A quantitative assessment," Journal of Economic Dynamics and Control, Elsevier, vol. 33(3), pages 554-567, March.
  15. Alessandro Cigno & Annalisa Luporini, 2006. "Optimal Policy Towards Families with Di¤erent Amounts of Social Capital, in the Presence of Asymmetric Information and Stochastic Fertility," CHILD Working Papers wp03_06, CHILD - Centre for Household, Income, Labour and Demographic economics - ITALY.
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Cited by:

  1. repec:dem:demres:v:36:y:2017:i:48 is not listed on IDEAS
  2. Ronald Lee, 2016. "Macroeconomics, Aging and Growth," NBER Working Papers 22310, National Bureau of Economic Research, Inc.
  3. Gemma Abio Roig & Concepció Patxot Cardoner & Miguel Sánchez-Romero & Guadalupe Souto Nieves, 2015. "The Welfare State and the demographic dividend: A cross-country comparison," UB Economics Working Papers 2015/332, Universitat de Barcelona, Facultat d'Economia i Empresa, UB Economics.

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