The importance of being mature: the effect of demographic maturation on global per capita GDP |
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| Authors: | Rafael Gómez Pablo Hernández de Cos |
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| Institution: | 1.London School of Economics,Department of Management,London,UK;2.Banco de Espa?a, European Central Bank,Frankfurt am Main,Germany |
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| Abstract: | Given that savings behaviour and worker productivity have strong life-cycle components and given that demographic profiles
vary across countries, population age structure should be linked to differences in levels of economic development. In this
paper, we measure the economic importance of age structure variation for the global economy. We find that demographic maturation
has been associated with nearly half of the evolution of global per capita GDP since 1960. We also find that age structure
differences can account for just over half of the variation in worldwide per capita GDP (i.e. the lack of sigma convergence)
observed since 1960.
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| Keywords: | Age structure Life-cycle model Cross-country growth |
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