The Growth Effects of Population Aging in an Economy with Endogenous Technological Progressopen access
- Authors
- Chun, Young Jun
- Issue Date
- Jun-2013
- Publisher
- KOREAN ECONOMIC ASSOCIATION
- Keywords
- Population Aging; Growth; Research and Development; Educational Investment
- Citation
- KOREAN ECONOMIC REVIEW, v.29, no.1, pp.51 - 80
- Indexed
- SSCI
SCOPUS
KCI
- Journal Title
- KOREAN ECONOMIC REVIEW
- Volume
- 29
- Number
- 1
- Start Page
- 51
- End Page
- 80
- URI
- https://scholarworks.bwise.kr/hanyang/handle/2021.sw.hanyang/162659
- DOI
- 10.22841/kerdoi.2013.29.1.003
- ISSN
- 0254-3737
- 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.
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