Pensions,education, and growth: A positive analysis |
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Affiliation: | 1. Ragnar Frisch Centre for Economic Research, Gaustadalleen 21, 0349 Oslo, Norway;2. ARC Centre of Excellence in Population Ageing Research (CEPAR), UNSW Business School, University of New South Wales, Sydney 2052, Australia |
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Abstract: | This study presents an overlapping generations model to capture the nature of the competition between generations regarding two redistribution policies, public education and public pensions. From a political economy viewpoint, we investigate the effects of population aging on these policies and economic growth. We show that greater longevity results in a higher pension-to-GDP ratio. However, an increase in longevity produces an initial increase followed by a decrease in the public education-to-GDP ratio. This, in turn, results in a hump-shaped pattern of the growth rate. |
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