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Sheshinski, Eytan - 2006

For the last fifty years, countries in Asia and elsewhere witnessed a surge in aggregate savings per capita. Many empirical studies attribute this trend to the highly significant increases in life longevity of the populations of these countries. Some argue that the rise in savings is shortrun,...

Persistent link: https://www.econbiz.de/10010264001

Human capital and the Feldstein-Horioka puzzle

Katsimi, Margarita; Moutos, Thomas - 2007

In this paper we reexamine the Feldstein-Horioka finding of limited international capital mobility by using a broader view (i.e., including human capital) of investment and saving. We find that the Feldstein-Horioka result is impervious to this change.

Persistent link: https://www.econbiz.de/10010264066

The growth effect of democracy: is it heterogenous and how can it be estimated?

Persson, Torsten; Tabellini, Guido - 2007

We estimate the effect of political regime transitions on growth with semi-parametric methods, combining difference in … parametric estimates may have seriously underestimated the growth effects of democracy. In particular, we find an average … negative effect on growth of leaving democracy on the order of ?2 percentage points implying effects on income per capita as …

Persistent link: https://www.econbiz.de/10010264144

Morbidity, mortality, health expenditures and annuitization

Tang, Kam Ki; Zhang, Jie - 2007

In this paper we explore the implication of a morbidity risk for the relationship between longevity and annuitization. We divide old-age life into two periods with uncertain survival from the end of the first to the end of the second. We show that a rise in the survival rate causes different...

Persistent link: https://www.econbiz.de/10010264199

Is Prescott right?: welfare state policies and the incentives to work, learn and retire

Jacobs, Bas - 2008

This paper bolsters Prescott's (2004) claim that high taxes are responsible for lacklustre labor market performance in continental European countries. We develop a lifecycle model with endogenous skill formation, endogenous labor supply, and endogenous retirement. Labor taxation distorts not...

Persistent link: https://www.econbiz.de/10010264345

Asset price shocks, real expenditures, and financial structure: a multi-country analysis

Chirinko, Robert S.; de Haan, Leo; Sterken, Elmer - 2008

This paper examines the responses of private consumption, residential investment, and business investment in 11 EU countries, Japan, and the United States to shocks in housing and equity prices. The effects are assessed with a Structural Vector Auto Regressive (SVAR) model, and four key findings...

Persistent link: https://www.econbiz.de/10010274043

EU enlargement, migration and the new constitution

Sinn, Hans-Werner - 2004

The paper deals with the effects of migration resulting from EU Eastern enlargement on the welfare states of Western Europe. Although migration is good in principle, as it yields gains from trade and specialization for all countries involved, it does so only if it meets with flexible labour...

Persistent link: https://www.econbiz.de/10010261112

Personal security accounts and mandatory annuitization in a dynastic framework

Fuster, Luisa; Imrohoroglu, Ayse; Imrohoroglu, Selahattin - 2005

The aging of the populations in the OECD countries has prompted various calls for reforming the existing pay-as-you-go (PAYG) pension systems. Currently, there is renewed discussion in the United States about partial privatization where a fraction of the social security payroll tax would be...

Persistent link: https://www.econbiz.de/10010261141

How important is discount rate heterogeneity for wealth inequality?

Hendricks, Lutz - 2005

This paper investigates the role of discount rate heterogeneity for wealth inequality. The key idea is to infer the distribution of preference parameters from the observed age profile of wealth inequality. The contribution of preference heterogeneity to wealth inequality can then be measured...

Persistent link: https://www.econbiz.de/10010261375

Engineering Growth: Innovative Capacity and Development in the Americas

Maloney, William F.; Caicedo, Felipe Valencia - 2017

This paper offers the first systematic historical evidence on the role of a central actor in modern growth theory - the … engineers diverged in their growth trajectories over the next century. The results are supported by historical case studies from …

Persistent link: https://www.econbiz.de/10011615894

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