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首页> 外文期刊>Journal of Economic Dynamics and Control >Household borrowing constraints, fertility dynamics, and economic growth
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Household borrowing constraints, fertility dynamics, and economic growth

机译：家庭借贷限制，生育动态和经济增长

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In this article we provide a model of growth with endogenous fertility in which multiple steady states derive from the modelling of household liquidity constraints. We put forward an innovative approach to the finance of higher education by assuming that youths can borrow because their parents guarantee the loan repayment with their income. Young individuals can renege on their debt and lenders provide them credit only up to an amount which is commensurate to a collateral provided to children by their families. Parents care about children's education and choose a collateral which depends positively on family income and negatively on family size. A stable trap of low-development is characterized by high-fertility rates and low investment in human capital. On the other hand, in economies with a sufficiently low starting rate of fertility borrowing constraints gradually vanish and the process of growth reaches a steady state characterized by the optimality of fertility and schooling choices. Government subsidies to education may reduce population growth and promote human capital investment if fertility at steady states is lower than thresholds.
机译：在本文中，我们提供了具有内生繁殖力的增长模型，其中多个稳态来自家庭流动性约束的模型。我们提出了一种创新的高等教育融资方法，假设年轻人可以借钱，因为他们的父母保证用他们的收入偿还贷款。年幼的个人可以免除债务，而放贷人仅向他们提供信贷，其数额不超过其家庭向儿童提供的抵押品的数额。父母关心孩子的教育并选择一种抵押品，这种抵押品正面地取决于家庭收入而负面地取决于家庭规模。稳定的低发展陷阱的特点是高生育率和人力资本投资低。另一方面，在生育率足够低的经济体中，借贷限制逐渐消失，增长过程达到稳定状态，其特征是生育率和就学选择达到最佳。如果稳定状态下的生育率低于阈值，政府对教育的补贴可能会减少人口增长并促进人力资本投资。

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