Fiscal Policy Impacts on Growth: An OECD Cross-Country Study with an Emphasis on Human Capital Accumulation

2012 ◽  
Author(s):  
Diego d'Andria ◽  
Giuseppe Mastromatteo
Keyword(s):  
Human Capital ◽  
Fiscal Policy ◽  
Capital Accumulation ◽  
Human Capital Accumulation ◽  
Country Study ◽  
Policy Impacts ◽  
Cross Country

scholarly journals Kuznets meets Lucas: structural change and human capital

2018 ◽  
Vol 71 (4) ◽  
pp. 848-873
Author(s):  
Edgar Cruz
Keyword(s):  
Human Capital ◽  
Structural Change ◽  
Capital Accumulation ◽  
Human Capital Accumulation ◽  
Relative Prices ◽  
Services Sector ◽  
Us Economy ◽  
The Us ◽  
Balanced Growth Path ◽  
Cross Country

Abstract This paper develops a multi-sector growth model with human capital accumulation. In this model, human capital induces structural change through two channels: changes in relative prices and changes in the investment rate of physical and human capital. We show that the specifications of the model give rise to a generalized balanced growth path (GBGP). Furthermore, We show that the model is consistent with (i) the decline in agriculture, (ii) the hump-shaped of manufacturing, (iii) the rise of the services sector, and (iv) the path of human capital accumulation in the US economy during the 20th century. Given the findings, We outline that imbalances between physical and human capital contribute to explain cross-country differences in the pace of structural change.

A NOTE ON CREDIT MARKET DEVELOPMENT AND HUMAN CAPITAL ACCUMULATION

2013 ◽  
Vol 17 (7) ◽  
pp. 1525-1541 ◽  
Author(s):  
Wai-Hong Ho
Keyword(s):  
Human Capital ◽  
Capital Accumulation ◽  
Overlapping Generations ◽  
Credit Market ◽  
Market Development ◽  
Human Capital Accumulation ◽  
Self Selection ◽  
Selection Equilibrium ◽  
Cross Country ◽  
The Cost

This paper explores the interplay between credit market development and human capital accumulation in a two-period overlapping-generations economy with asymmetric information under the assumption that young lenders channel credits to young borrowers and acquire education. We find that, at the self-selection equilibrium, lenders will allocate more time to acquire education if the cost of screening borrowers falls. Furthermore, a longer duration of lenders' schooling time suppresses borrowers' incentive to cheat thereby enabling lenders to screen less frequently. Our preliminary cross-country empirical analysis appears to support these findings.

Stock vs flow specification of public infrastructures: a dynamic analysis

2018 ◽  
Vol 18 (2) ◽  
Author(s):  
Rolando A. Escobar-Posada ◽  
Goncalo Monteiro
Keyword(s):  
Growth Rate ◽  
Human Capital ◽  
Fiscal Policy ◽  
Government Spending ◽  
Capital Accumulation ◽  
Public Expenditure ◽  
Human Capital Accumulation ◽  
Sector Model ◽  
The Government ◽  
The Impact

Abstract We develop a two-sector model of physical and human capital accumulation, in which the government may allocate resources to both sectors, thereby enhancing productivity. We analyze the impact of both the level of government spending and its composition on growth and welfare, and derive their respective growth-maximizing levels. We show that both the growth-maximizing and welfare-maximizing rates of allocation of public expenditure are independent of the way infrastructures are defined (flow or stock). This conclusion, however, does not extend to the dynamics of the model where the adjustment to fiscal policy is very different. After a tax cut, for instance, the growth rate of physical and human capital converge to the new equilibrium from opposite directions under the stock specification; whereas they converge from the same direction under the flow specification.

Human Capital Accumulation and Resource Abundance

2011 ◽  
pp. 66-77
Author(s):  
O. Vasilieva
Keyword(s):  
Economic Growth ◽  
Human Capital ◽  
Capital Accumulation ◽  
Relevant Literature ◽  
Harmful Effect ◽  
Human Capital Accumulation ◽  
Resource Abundance ◽  
Empirical Results ◽  
Theoretical Predictions ◽  
Crowd Out

Does resource abundance positively affect human capital accumulation? Or, alternatively, does it «crowd out» the human capital leading to the deterioration of economic growth? The paper gives an overview of the relevant literature and discusses both theoretical and empirical results obtained regarding the connection between human capital accumulation and resource abundance. It shows that despite some theoretical predictions about the harmful effect of resource abundance on human capital accumulation, unambiguous evidence of such impact that would be robust with respect to the change of resource abundance parameter has not been obtained yet.

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