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Saving, Dependency and Development

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  • Kelley, Allen C.
  • Robert M. Schmidt

Abstract

It appears that the widely-observed finding in the literature showing little or no relationship between population growth (and dependency) and saving requires modification based on panel and cross-section estimation of aggregate country data. First, while it is consistent with an update of the hybrid (Keynesian, life-cycle) Leff-type model for the 1960s and 1970s, this is not true of the 1980s, when there is a "jump" in the importance of demography. Second, in a more clearly interpretable life-cycle framework (a la Mason), the role of demography increases smoothly and systematically over the 30 years, although the form which it takes (life-cycle versus lifetime level) also varies systematically over time. Overall, however, demographic factors accounted for a major portion of changes in saving across countries and over time.

Suggested Citation

  • Kelley, Allen C. & Robert M. Schmidt, 1995. "Saving, Dependency and Development," Working Papers 95-01, Duke University, Department of Economics.
    • Handle: RePEc:duk:dukeec:95-01
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    Cited by:

    1. Malmberg, Bo & Lindh, Thomas, 2004. "Forecasting global growth by age structure projections," Arbetsrapport 2004:5, Institute for Futures Studies.

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    JEL classification:

    • J1 - Labor and Demographic Economics - - Demographic Economics

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