2017 Fiscal Year Final Research Report
A theoretical analysis of individual fertility behavior under incomplete financial markets
| Project/Area Number |
16K17086
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Economic theory
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| Research Institution | Kagawa University |
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Principal Investigator |
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| Project Period (FY) |
2016-04-01 – 2018-03-31
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| Keywords | 出生行動 / 金融市場の不完備性 / 重複多世代モデル / 借入制約 / 賦課方式の年金制度 / 人的資本投資 |
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| Outline of Final Research Achievements |
First, this project designed optimal pay-as-you-go pension and child allowances when the population growth rate and an old agent's retirement behavior are endogenously determined. This suggests that it is necessary to take an old agent's retirement behavior into account when people design public policies. Second, I analyzed how individual borrowing constraints affect his/her fertility behavior analytically. In this project, I showed the possibility that the fertility rate could rise when the financial market is not perfect. It is good for an individual to have a child if he/she can borrow more easily, while capital accumulation drops if an individual borrows too much. This trade-off is a key to determine an individual's fertility behavior.
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| Free Research Field |
マクロ経済理論、公共経済学
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