d'Albis, Hippolyte and Moosa, Dalal (2015): Generational Economics and the National Transfer Accounts. Forthcoming in:
Preview |
PDF
MPRA_paper_67209.pdf Download (599kB) | Preview |
Abstract
This article provides a comprehensive picture of the National Transfer Accounts (NTA), a project that aims at measuring how people produce, consume, save, and share economic resources at every age. It stands today with a unique dataset that includes 47 countries from around the world, permitting a comparative understanding of economic flows within and between generations and over time.
Item Type: | MPRA Paper |
---|---|
Original Title: | Generational Economics and the National Transfer Accounts |
Language: | English |
Keywords: | Generational Economy, National Accounts |
Subjects: | C - Mathematical and Quantitative Methods > C8 - Data Collection and Data Estimation Methodology ; Computer Programs D - Microeconomics > D1 - Household Behavior and Family Economics > D10 - General D - Microeconomics > D9 - Intertemporal Choice > D91 - Intertemporal Household Choice ; Life Cycle Models and Saving J - Labor and Demographic Economics > J1 - Demographic Economics |
Item ID: | 67209 |
Depositing User: | Hippolyte d'Albis |
Date Deposited: | 13 Oct 2015 16:48 |
Last Modified: | 26 Sep 2019 10:27 |
References: | [1] The Pearson Report: A new strategy for global development. Technical re- port, The United Nations Educational, Scientific and Cultural Organization (UNESCO), Paris, France, Feb. 1970. [2] Population and the American Future. Technical report, The Commission on Population Growth and the American Future, Washing D.C., U.S.A., Mar. 1972. [3] Population Planning: Sector working paper. Technical Report 11067, World Bank, March 1972. [4] World Population Plan of Action. Technical report, The United Nations, World Population Conference, 1974. [5] National Transfer Accounts Manual: Measuring and Analysing the Genera- tional Economy. New York, N.Y., U.S.A., 2013. [6] Andrew B. Abel. Will Bequests Attenuate the Predicted Meltdown in Stock Prices when Baby Boomers Retire? The Review of Economics and Statistics, 83(4):589–595, Nov. 2001. [7] Mark Aguiar and Erik Hurst. Consumption vs. Expenditure. Technical report, National Bureau of Economic Research, 2004. [8] Phil Agulnik, Roberto Cardarelli, and James Sefton. The Pensions Green Paper: A Generational Accounting perspective. The Economic Journal, 110(467):F598–F610, Nov. 2000. [9] Marco Albertini, Martin Kohli, and Claudia Vogel. Intergenerational Trans- fers of Time and Money in European Families: Common patterns, different regimes? Journal of European Social Policy, 17(4):319–334, 2007. [10] Maurice Allais. Economie et Int´erˆet: Pr´esentation nouvelle des probl`eme fon- damentaux relatifs au rˆole ´economique du taux de l’int´erˆet et de leur solutions, volume 2. Imprimerie Nationale, Paris, France, 1947. [11] W. Brian Arthur and Geoffrey McNicoll. Optimal Time Paths with Age- Dependence: A theory of population policy. The Review of Economic Studies, 44(1):111–123, Feb. 1977. [12] W. Brian Arthur and Geoffrey McNicoll. Samuelson, Population and Inter- generational Transfers. International Economic Review, 19(1):241–246, Feb. 1978. [13] Orazio P. Attanasio, Costas Meghir, and Ana Santiago. Education Choices in Mexico: Using a structural model and a randomized experiment to evaluate Progresa. The Review of Economic Studies, 79(1):37–66, 2012. [14] Alan J. Auerbach, Jagadeesh Gokhale, and Laurence J. Kotlikoff. Gener- ational Accounting: A new approach to understanding the effects of fiscal policy on saving. The Scandinavian Journal of Economics, 94(2):303–318, Jun. 1992. [15] World Bank. The Treatment of Population in Bank Economic Work. Technical report, World Bank, May 1968. [16] Gary S. Becker. A Theory of the Allocation of Time. The Economic Journal, pages 493–517, 1965. [17] B. Douglas Bernheim, Andrei Shleifer, and Lawrence H. Summers. The Strate- gic Bequest Motive. The Journal of Political Economy, pages 1045–1076, 1985. [18] David E. Bloom, David Canning, and Pia N. Malaney. Population Dynamics and Economic Growth in Asia. Population and Development Review, 26:257– 290, 2000. [19] David E. Bloom, David Canning, and Jaypee Sevilla. Economic Growth and the Demographic Transition. Technical Report 8685, National Bureau of Economic Research, Dec. 2001. [20] Ester Boserup. The Conditions of Agricultural Growth: The Economics of Agrarian Change Under Population Pressure. George Allen and Unwin, Lon- don, UK, 1965. [21] Robin Brooks. Asset-Market Effects of the Baby Boom and Social-Security Reform. The American Economic Review, 92(2), May 2002. [22] Martin Browning, Pierre-Andr´e Chiappori, and Arthur Lewbel. Estimating Consumption Economies of Scale, Adult Equivalence Scales and Household Bargaining Power. The Review of Economic Studies, 80(4):1267–1303, Oct. 2013. [23] Pierre-Andr´e Chiappori. Collective Models of Household Behavior: The shar- ing rule approach. (DELTA Working Paper 92-02), 1992. [24] Pierre-Andr´e Chiappori, Bernard Fortin, and Guy Lacroix. Marriage Mar- ket, Divorce Legislation and Household Labor Supply. Journal of Political Economy, 110(1):329–350, May 2007. [25] Xavier Chojnicki and Fr´ed´eric Docquier. Fiscal Policy and Educational At- tainment in the United States: A Generational Accounting perspective. Eco- nomica, 74(294):329–350, May 2007. [26] Xavier Chojnicki and Paul Eliot Rabesandratana. Aging, Human Capital and Productivity in France: A Generational Accounting perspective, Sep. 2013. [27] Colin Clark. The Conditions of Econonomic Progress. McMillan, London, UK, 1940. [28] Ansley J. Coale and Edgar M. Hoover. Population Growth and Economic Development in Low-Income Countries: A Case Study of India’s Prospects. Princeton University Press, Princeton, New Jersey, USA. [29] Hippolyte d’Albis. Demographic Structure and Capital Accumulation. Jour- nal of Economic Theory, 132(1):411–434, 2007. [30] Hippolyte d’Albis, Carole Bonnet, Julien Navaux, Jacques Pelletan, Hector Toubon, and Fran¸cois-Charles Wolff. The Lifecycle Deficit in France, 1979- 2005. The Journal of the Economics of Ageing, 5:79–85, 2015. [31] James B. Davies. The Relative Impact of Inheritance and Other Factors on Economic Inequality. The Quarterly Journal of Economics, pages 471–498, 1982. [32] David de la Croix and Philippe Michel. A Theory of Economic Growth, vol- ume 1. Cambridge University Press, Cambridge, U.K., 2002. [33] Angus Deaton. Franco Modigliani and the Life-cycle Theory of Consumption. BNL Quarterly Review, 57(233-234):91–107, Sep. 2005. [34] Angus Deaton and Christina Paxson. Economies of Scale, Household Size, and the Demand for Food. Journal of Political Economy, 106(5):897–930, 1998. [35] John Devereux and Luis Locay. Specialization, Household Production, and the Measurement of Economic Growth. The American Economic Review, pages 399–403, 1992. [36] Peter A. Diamond. National Debt in a Neoclassical Growth Model. The American Economic Review, 55(5):1126–1150, 1965. [37] Gretchen Donehower. Age Profiles of U.S. Income, Consumption and Lifecy- cle Deficits, 1888-2003. Technical report, Population Association of America Annual Meeting, New York, N.Y., U.S.A., Mar. 2007. [38] Harley Frazis and Jay Stewart. How Does Household Production Affect Mea- sured Income Inequality? Journal of Population Economics, 24(1):3–22, 2011. [39] Seth R. Gitter and Bradford L Barham. Women’s Power, Conditional Cash Transfers, and Schooling in Nicaragua. The World Bank Economic Review, 22(2):271–290, 2008. [40] Douglas Gollin. Getting Income Shares Right. Journal of Political Economy, 110(2):458–474, 2002. [41] Jeffrey S. Gray. Divorce-law Changes, Household Bargaining, and Married Women’s Labor Supply. The American Economic Review, 88(3):628–642, Jun. 1998. [42] Reuben Gronau. Home Production - a Forgotten Industry. The Review of Economics and Statistics, pages 408–416, 1980. [43] Bernhard Hammer, Alexia Prskawetz, and Inga Freund. Reallocation of Re- sources Across Age in a Comparative European Setting. Technical Report 13, WWW for Europe Project, 2013. [44] Robert Haveman. Should Generational Accounts Replace Public Budgets and Deficits? Journal of Economic Perspectives, 8(1):95–111, 1994. [45] Christopher House, John Laitner, and Dmitriy Stolyarov. Valuing Lost Home Production of Dual Earner Couples. International Economic Review, 49(2):701–736, 2008. [46] Michael D. Hurd. Savings of the Elderly and Desired Bequests. The American Economic Review, pages 298–312, 1987. [47] Erik Hurst. The Retirement of a Consumption Puzzle. Technical Report 13789, National Bureau of Economic Research, 2008. [48] Torben Iversen and Frances Rosenbluth. The Political Economy of Gender: Explaining cross-national variation in the gender division of labor and the gender voting gap. American Journal of Political Science, 50(1):1–19, 2006. [49] Dudley Kirk. Demographic Transition Theory. Population Studies, 50(3):361– 387, Nov. 1996. [50] Laurence J. Kotlikoff. Generational Accounting. NBER Reporter, Winter 1995. [51] Laishram Ladusingh and M. R. Narayana. The Role of Familial Transfers in Supporting the Lifecycle Deficit in India. In Ronald Lee and Andrew Mason, editors, Population Aging and the Generational Economy, pages 459– 472. Edward Elgar Publishing, Cheltenham, UK, 2011. [52] Geoffrey Lancaster, Pushkar Maitra, and Ranjan Ray. Endogenous Intra- Household Balance of Power and Its Impact on Expenditure Patterns: Evi- dence from India. Economica, 73(291):435–460, 2006. [53] Adolphe Landry. La R´evolution D´emographique: Etudes et Essai Sur les Probl`emes de la Population. INED, Paris, France, 1934. [54] Ronald Lee. Age Structure Intergenerational Transfers and Economic Growth: An overview. Revue Economique, pages 1129–1156, 1980. [55] Ronald Lee. The Formal Demography of Population Aging, Transfers and the Economic Life Cycle. In Demography of Aging, pages 8–49. National Academy Press, Washington, D.C., U.S.A., 1994. [56] Ronald Lee and Gretchen Donehower. Private Transfers in Comparative Per- spective. In Ronald Lee and Andrew Mason, editors, Population Aging and the Generational Economy, pages 185–208. Edward Elgar Publishing, Chel- tenham, UK, 2011. [57] Ronald Lee, Sang-Hyop Lee, and Andrew Mason. Charting the Economic Lifecycle. Population and Development Review, Supplement 34:208–237, 2008. [58] Ronald Lee and Andrew Mason. Lifecycles, Support Systems, and Genera- tional Flows: Patterns and change. In Ronald Lee and Andrew Mason, edi- tors, Population Aging and the Generational Economy, pages 79–106. Edward Elgar Publishing, Cheltenham, UK, 2011. [59] Ronald Lee, Andrew Mason, and Members of the NTA Network. Is low Fer- tility Really a Problem? Population Aging, Dependency, and Consumption. Science, 346(6206):229–234, 2014. [60] Sang-Hyop Lee and Naohiro Ogawa. Changes in Patterns of Philippine Life- cycle Consumption and Labor Income between 1994 and 2002. In Ronald Lee and Andrew Mason, editors, Population Aging and the Generational Econ- omy, pages 354–366. Edward Elgar Publishing, Cheltenham, UK, 2011. [61] Sang-Hyop Lee and Naohiro Ogawa. Labor Income over the Life Cycle. In Ronald Lee and Andrew Mason, editors, Population Aging and the Genera- tional Economy, pages 109–135. Edward Elgar Publishing, Cheltenham, UK, 2011. [62] Sang-Hyop Lee and Naohiro Ogawa. The Support System for Indonesian El- ders: Moving toward a sustainable national pension system. In Ronald Lee and Andrew Mason, editors, Population Aging and the Generational Econ- omy, pages 513–529. Edward Elgar Publishing, Cheltenham, UK, 2011. [63] Thomas Lindh and Bo Malmberg. Age Structure Effects and Growth in the OECD, 1950-1990. Journal of Population Economics, 12(3):431–449, Aug. 1999. [64] Thomas Lindh, Gustav Oeberg, and Miguel S´anchez-Romero. Backcasting National Transfer Accounts in Sweden from 1800 to 2009. Technical report, Fourth European NTA Meeting, Feb. 2011. [65] Thomas Robert Malthus. An Essay on the Principle of Population, volume 1. J. Johnson, London, UK, 1798. [66] Andrew Mason and Ronald Lee. Reforms and Support Systems for the El- derly in Developing Countries: Capturing the Second Demographic Dividend. Genus, 62(2):11–35, Jun. 2006. [67] Andrew Mason and Ronald Lee. Introducing Age into National Accounts. In Ronald Lee and Andrew Mason, editors, Population Aging and the Genera- tional Economy, pages 55–78. Ronald Lee and Andrew Mason, 2011. [68] Andrew Mason and Ronald Lee. Labor and Consumption across the Lifecycle. The Journal of the Economics of Ageing, 1-2:16–27, Nov. 2013. [69] Andrew Mason, Naohiro Ogawa, Amonthep Chawla, and Rikiya Matsukura. Asset-based Flows from a Generational Perspective. In Ronald Lee and An- drew Mason, editors, Population Aging and the Generational Economy, pages 209–236. Edward Elgar Publishing, Cheltenham, UK, 2011. [70] Paul L. Menchik. Primogeniture, Equal Sharing, and the US Distribution of Wealth. The Quarterly Journal of Economics, pages 299–316, 1980. [71] Tim Miller. The Rise of the Intergenerational State: Aging and development. In Ronald Lee and Andrew Mason, editors, Population Aging and the Gen- erational Economy, pages 161–184. Edward Elgar Publishing, Cheltenham, UK, 2011. [72] Franco Modigliani and Richard Brumberg. Utility Analysis and the Con- sumption Function: An interpretation of cross-section data. In The Collected Papers of Franco Modigliani, volume 2, pages 3–46. The MIT Press, New Brunswich, NJ, USA, 1954. [73] Muttur Ranganathan Narayana. Lifecycle Deficit and Public Age Reallo- cations for India’s Elderly Population: Evidence and implications based on National Transfer Accounts. Journal of Population Ageing, 4(4):207–230, Jun. 2011. [74] Muttur Ranganathan Narayana. Impact of Population Ageing on Stustain- ability of India’s Current Fiscal Policies: A generational accounting approach. The Journal of the Economics of Ageing, 3:71–83, 2014. [75] Naohiro Ogawa, Rrikiya Matsukura, and Amonthep Chawla. The Elderly as Latent Assets in Aging Japan. In Ronald Lee and Andrew Mason, editors, Population Aging and the Generational Economy, pages 475–487. Edward Elgar Publishing, Cheltenham, UK, 2011. [76] Lutfun N. Khan Osmani. A Breakthrough in Women’s Bargaining Power: The impact of microcredit. Journal of International Development, 19(5):695– 716, 2007. [77] Concepci´o Patxot, Elisenda Renter´ıa, Miguel S´anchez Romero, and Guadalupe Souto. Measuring the Balance of Government Intervention on Forward and Backward Family Transfers Using NTA Estimates: The mod- ified Lee arrows. International Tax and Public Finance, 19:442–461, Apr. 2012. [78] Concepci´o Patxot, Ronald Lee, and Andrew Mason. Introduction: Special issue on exploring the generational economy. The Journal of the Economics of Ageing, 2015. [79] Sergio Perelman and Pierre Pestieau. Inheritance and Wealth Composition. Journal of Population Economics, 5(4):305–317, 1992. [80] Mathana Phananiramai. Incorporating Time into the National Transfer Ac- counts: The case for Thailand. In Ronald Lee and Andrew Mason, editors, Population Aging and the Generational Economy, pages 528–541. Ronald Lee and Andrew Mason, 2011. [81] Thomas Piketty. On the Long Run Evolution of Inheritance: France 1820- 2050. Quarterly Journal of Economics, 126(3), 2011. [82] Robert A. Pollak. Bargaining Power in Marriage: Earnings, wage rates and household production. Technical report, National Bureau of Economic Re- search, 2005. [83] James M. Poterba. Demographic Structure and Asset Returns. The Review of Economics and Statistics, 83(4):565–584, Nov. 2001. [84] James M. Poterba. The Impact of Population Aging on Financial Markets. The National Bureau of Economic Research (NBER), (Working Paper 10851), Oct. 2004. [85] Alexia Prskawetz and Joˇze Sambt. Economic Support Ratios and the Demo- graphic Dividend in Europe. Demographic Research, 30, Apr. 2014. [86] Valerie A. Ramey. Time Spent in Home Production in the Twentieth-century United States: New estimates from old data. The Journal of Economic His- tory, 69(01):1–47, 2009. [87] Laura B. Rawlings and Gloria M. Rubio. Evaluating the Impact of Conditional Cash Transfer Programs. The World Bank Research Observer, 20(1):29–55, 2005. [88] Paul A. Samuelson. An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money. Journal of Political Economy, 66(6):467–482, 1958. [89] T. Paul Schultz. School Subsidies for the Poor: Evaluating the Mexican Progresa poverty program. Journal of development Economics, 74(1):199– 250, 2004. [90] T. Paul Schultz. The Gender and Intergenerational Consequences of the De- mographic Dividend: An assessment of the micro-and macrolinkages between the demographic transition and economic development. The World Bank Economic Review, 23(3):427–442, 2009. [91] Miguel S´anchez-Romero, Naohiro Ogawa, and Rikiya Matsukura. To Give or Not to Give: Bequest estimate and wealth impact based on a CGE model with realistic demography in Japan. Technical report, Max Planck Institute for Demographic Research, Rostock, Germany, 2013. [92] Miguel S´anchez-Romero, Concepci´o Paxtot, Elisenda Renter´ıa, and Guadalupe Souto. On the Effects of Public and Private Transfers on Capital Accumulation: Some lessons from the NTA aggregates. Journal of Population Economics, 26:1409–1430, May 2012. [93] Warren Thompson. Population. American Journal of Sociology, 34:959–975, 1929. [94] An-Chi Tung. Consumption over the Lifecycle: An international comparison. In Ronald Lee and Andrew Mason, editors, Population Aging and the Gen- erational Economy, pages 136–160. Edward Elgar Publishing, Cheltenham, UK, 2011. [95] An-Chi Tung and Nicole Mun Sim Lai. Living Arrangements and Support for the Elderly in Taiwan. In Ronald Lee and Andrew Mason, editors, Pop- ulation Aging and the Generational Economy, pages 488–499. Edward Elgar Publishing, Cheltenham, UK, 2011. [96] Philippe Weil. Overlapping Generations: The first jubilee. Journal of Eco- nomic Perspectives, 22(4):115–134, 2008. [97] Rober Willis. Life Cycles, Institutions, and Population Growth: A theory of the equilibrium interest rate in an overlapping generations model. In Ronald Lee, W. Brian Arthur, and Gerry Rogers, editors, Economics of Changing Age Distributions in Developed Countries, pages 106–138. Oxford University Press, 1988. [98] Menahen E. Yaari. Uncertain Lifetime, Life Insurance, and the Theory of the Consumer. The Review of Economic Studies, 32(2):137–150, Apr. 1965. [99] Emilio Zagheni and Marina Zannella. The Life Cycle Dimension of Time Transfers in Europe. Demographic Research, 29:937, 2013. [100] Cathleen D. Zick, W. Keith Bryant, and Sivithee Srisukhumbowornchai. Does Housework Matter Anymore? The Shifting Impact of Housework on Economic Inequality. Review of Economics of the Household, 6(1):1–28, 2008. |
URI: | https://mpra.ub.uni-muenchen.de/id/eprint/67209 |