دانلود مقاله ISI انگلیسی شماره 18510
عنوان فارسی مقاله

سرمایه گذاری سرمایه انسانی و محدودیت های بدهی

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
18510 2006 16 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Human capital investment and debt constraints
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Review of Economic Dynamics, Volume 9, Issue 1, January 2006, Pages 52–67

کلمات کلیدی
آموزش و پرورش - سیاست مالی - محدودیت های بدهی
پیش نمایش مقاله
پیش نمایش مقاله سرمایه گذاری سرمایه انسانی و محدودیت های بدهی

چکیده انگلیسی

When young individuals face binding debt constraints, their human capital investments will be insufficiently financed by private creditors. If generations overlap, then a well-designed fiscal policy may be able to improve human capital investments by replacing missing capital markets with an intergenerational transfer scheme. The optimal (balanced budget) fiscal policy in this context entails the joint provision of an education subsidy for the young and a pension program for the old, financed with a tax on those in their peak earning years. We demonstrate, however, that the desirability of such a cradle-to-grave policy depends crucially on the assumption of an exogenous debt constraint. If debt constraints arise endogenously for reasons of limited commitment, then the optimal (balanced budget) fiscal policy looks radically different. Furthermore, we find that cradle-to-grave type policy interventions may actually lead to lower levels of human capital investment as altered default incentives induce private creditors to contract the supply of student loans by an amount greater than the subsidy. In some cases, the constrained-optimal policy entails zero intervention. These results highlight the importance of taking seriously the reasons for why debt constraints exist.

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