On government-created credit markets for education and endogenous growth

Interest in public loans to fund (higher) education has been increasing in the last decades. This paper explores the general welfare properties of government-created credit markets for education in a three-period overlapping generations model with physical and human capital. It shows that the mere e...

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Autores: Rey Canteli, Elena del|||0000-0001-7644-4490, López García, Miguel Ángel|||0000-0002-5012-1869
Tipo de recurso: artículo
Fecha de publicación:2020
País:España
Institución:Universitat Autònoma de Barcelona
Repositorio:Dipòsit Digital de Documents de la UAB
Idioma:inglés
OAI Identifier:oai:ddd.uab.cat:311262
Acceso en línea:https://ddd.uab.cat/record/311262
https://dx.doi.org/urn:doi:10.1016/j.econmod.2019.12.016
Access Level:acceso abierto
Palabra clave:Credit markets for education
Endogenous growth
Human capital
Intergenerational transfers
Public policy
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spelling On government-created credit markets for education and endogenous growthRey Canteli, Elena del|||0000-0001-7644-4490López García, Miguel Ángel|||0000-0002-5012-1869Credit markets for educationEndogenous growthHuman capitalIntergenerational transfersPublic policyInterest in public loans to fund (higher) education has been increasing in the last decades. This paper explores the general welfare properties of government-created credit markets for education in a three-period overlapping generations model with physical and human capital. It shows that the mere existence of public credit markets is second-best in nature, and cannot decentralize the optimum. Achieving the first-best "Golden Rule" balanced growth path requires a government loan system that lends the amounts required for optimal investments in education and an optimally chosen pure pay-as-you-go social security system. Student loans and pensions thus appear as two inseparable elements of the policy that maximizes social welfare. 22020-01-0120202020-01-01Articlehttp://purl.org/coar/resource_type/c_6501AOhttp://purl.org/coar/version/c_b1a7d7d4d402bcceinfo:eu-repo/semantics/articleapplication/pdfhttps://ddd.uab.cat/record/311262https://dx.doi.org/urn:doi:10.1016/j.econmod.2019.12.016reponame:Dipòsit Digital de Documents de la UABinstname:Universitat Autònoma de BarcelonaInglésengopen accesshttp://purl.org/coar/access_right/c_abf2Aquest document està subjecte a una llicència d'ús Creative Commons. Es permet la reproducció total o parcial, la distribució, i la comunicació pública de l'obra, sempre que no sigui amb finalitats comercials, i sempre que es reconegui l'autoria de l'obra original. No es permet la creació d'obres derivades.https://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccessoai:ddd.uab.cat:3112622026-06-06T12:50:31Z
dc.title.none.fl_str_mv On government-created credit markets for education and endogenous growth
title On government-created credit markets for education and endogenous growth
spellingShingle On government-created credit markets for education and endogenous growth
Rey Canteli, Elena del|||0000-0001-7644-4490
Credit markets for education
Endogenous growth
Human capital
Intergenerational transfers
Public policy
title_short On government-created credit markets for education and endogenous growth
title_full On government-created credit markets for education and endogenous growth
title_fullStr On government-created credit markets for education and endogenous growth
title_full_unstemmed On government-created credit markets for education and endogenous growth
title_sort On government-created credit markets for education and endogenous growth
dc.creator.none.fl_str_mv Rey Canteli, Elena del|||0000-0001-7644-4490
López García, Miguel Ángel|||0000-0002-5012-1869
author Rey Canteli, Elena del|||0000-0001-7644-4490
author_facet Rey Canteli, Elena del|||0000-0001-7644-4490
López García, Miguel Ángel|||0000-0002-5012-1869
author_role author
author2 López García, Miguel Ángel|||0000-0002-5012-1869
author2_role author
dc.subject.none.fl_str_mv Credit markets for education
Endogenous growth
Human capital
Intergenerational transfers
Public policy
topic Credit markets for education
Endogenous growth
Human capital
Intergenerational transfers
Public policy
description Interest in public loans to fund (higher) education has been increasing in the last decades. This paper explores the general welfare properties of government-created credit markets for education in a three-period overlapping generations model with physical and human capital. It shows that the mere existence of public credit markets is second-best in nature, and cannot decentralize the optimum. Achieving the first-best "Golden Rule" balanced growth path requires a government loan system that lends the amounts required for optimal investments in education and an optimally chosen pure pay-as-you-go social security system. Student loans and pensions thus appear as two inseparable elements of the policy that maximizes social welfare.
publishDate 2020
dc.date.none.fl_str_mv 2
2020-01-01
2020
2020-01-01
dc.type.none.fl_str_mv Article
http://purl.org/coar/resource_type/c_6501
AO
http://purl.org/coar/version/c_b1a7d7d4d402bcce
dc.type.openaire.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv https://ddd.uab.cat/record/311262
https://dx.doi.org/urn:doi:10.1016/j.econmod.2019.12.016
url https://ddd.uab.cat/record/311262
https://dx.doi.org/urn:doi:10.1016/j.econmod.2019.12.016
dc.language.none.fl_str_mv Inglés
eng
language_invalid_str_mv Inglés
language eng
dc.rights.none.fl_str_mv open access
http://purl.org/coar/access_right/c_abf2
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https://creativecommons.org/licenses/by-nc-nd/4.0/
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:Dipòsit Digital de Documents de la UAB
instname:Universitat Autònoma de Barcelona
instname_str Universitat Autònoma de Barcelona
reponame_str Dipòsit Digital de Documents de la UAB
collection Dipòsit Digital de Documents de la UAB
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