Population aging,the costs of health care for the elderly and growth |
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Affiliation: | 1. School of Management and CARD, Zhejiang University, China;2. Business School, Beijing Normal University, China;1. Bank of Finland; Bank of Finland P.O. Box 160 FI-00101 Helsinki, Finland;2. Bank for International Settlements and London School of Economics |
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Abstract: | Employing an overlapping-generations model with endogenous growth in which altruistic young agents take care of the health level of their aged parents at risk of illness, this paper examines how population aging influences the long-run growth rate of the economy. We show that life expectancy, when relatively low (high), positively (negatively) affects economic growth. This paper also investigates public policy on long-term care and demonstrates the existence of an intergenerational conflict between current and future generations. We also point out that population aging may mitigate the extent of this conflict. |
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