| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP6819
|
| DP6819 The Effect of Trade with Low-Income Countries on U.S. Industry |
| Andreas Fischer; Raphael Auer
|
| 发表日期 | 2008-05-23
|
| 出版年 | 2008
|
| 语种 | 英语
|
| 摘要 | In the last century most countries have experienced both an increase in pension spending and a decline in fertility. We argue that the interplay of pension generosity and development of capital markets is crucial to understand fertility decisions. Since children have traditionally represented for parents a form of retirement saving, particularly in economies with limited or non-existent capital markets, an exogenous increase of pension spending provides a saving technology alternative to children, thus relaxing financial (saving) constraints and reducing fertility. We build a simple two-period OLG model to show that an increase in pensions is associated with a larger decrease in fertility in countries in which individuals have less access to financial markets. Cross-country regression analysis supports our result: an interaction between various measures of pension generosity and a proxy for the development of financial markets consistently enters the regressions positively and significantly, suggesting that in economies with limited financial markets, children represent a (if not the only) way for parents to save for old age, and that increases in pensions amount effectively to relaxing these constraints. |
| 主题 | Public Economics
|
| 关键词 | Fertility
Financial markets
Intergenerational transfers
Payg pension systems
|
| URL | https://cepr.org/publications/dp6819
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535664
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推荐引用方式
GB/T 7714 |
Andreas Fischer,Raphael Auer. DP6819 The Effect of Trade with Low-Income Countries on U.S. Industry. 2008.
|
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