Fertility Determinants and Economic Uncertainty: An Assessment Using European Panel Data |
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Authors: | George Hondroyiannis |
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Institution: | (1) Bank of Greece, Economic Research Department, Harokopio University, E. Venizelos 21, 102 50 Athens, Greece |
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Abstract: | This study examined the determinants of fertility, using panel data for 27 European countries. We employed panel co-integration
to estimate fertility as function of demographic and economic variables. We showed that low fertility in most industrialized
countries in Europe is due to low infant mortality rates, high female employment, low nuptiality rate, and high opportunity
cost of having children. Using two measures of economic uncertainty, which are associated with labor market decisions—a production
(an output) volatility measure and the unemployment rate—we examined to what extent economic insecurities affect fertility
decisions. The empirical results showed that both measures of economic uncertainty have a significant negative impact on fertility
implying that labor market insecurities might be a significant factor affecting fertility decisions. |
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