The Growth Effects of Population Aging in an Economy with Endogenous Technological Progress
- Title
- The Growth Effects of Population Aging in an Economy with Endogenous Technological Progress
- Author
- 전영준
- Keywords
- Population Aging; Growth; Research and Development; Educational Investment
- Issue Date
- 2013-06
- Publisher
- Korean Economic Association
- Citation
- The Korean Economic Review, 2013, 29(1), P.51-80 (30)
- Abstract
- We address the effects of population aging on economic growth, taking account of its growth-delaying effects, through the reduction of capital accumulation and labor force, and the R&D investment reduction due to its lowered return resulting from reduced market size, as well as its growth-promoting effects, through the increase in educational investment due to decrease in the number of child per parent. The policy simulations with a general equilibrium model and its calibration, reflecting the Korean economy, show that: (1) the population aging delays technological progress as well as quantitative economic growth; (2) the government subsidies to R&D and educational investment can partly compensate for the loss in economic growth due to the population aging, but they cannot deal with the problem fundamentally; and (3) the optimal subsidy rates to R&D and education are quite high, ranging from 50 to 70% to R&D and from 70 to 80% to education.
- URI
- https://www.kci.go.kr/kciportal/ci/sereArticleSearch/ciSereArtiView.kci?sereArticleSearchBean.artiId=ART001778684http://hdl.handle.net/20.500.11754/53013
- ISSN
- 0254-3737
- Appears in Collections:
- COLLEGE OF ECONOMICS AND FINANCE[S](경제금융대학) > ECONOMICS & FINANCE(경제금융학부) > Articles
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