151536 20251017144611.0 doi 10.1007/s00148-012-0448-2 sideral 83909 ART-2013-83909 eng Aisa, Rosa Universidad de Zaragoza (orcid)0000-0003-4368-2294 Population ageing, health care, and growth: a comment on the effects of capital accumulation 2013 Access copy available to the general public Unrestricted In a recent paper, Hashimoto and Tabata (J Popul Econ 23:571–593, 2010) present a theoretical model in which the increase in the rate of dependence due to aging of the population leads to a reallocation of labor from non-health to health production and, as a consequence, to a decline in economic growth. We argue that these results rely heavily on assumptions of a “small economy” and perfect capital mobility, which tie down the amount of capital. In this paper, we proceed by analyzing the case of an economy in which the availability of capital is endogenously determined by domestic savings. We find that the new “capital accumulation effect” is opposite to the previous “dependency rate effect,” leaving the effect on economic growth ambiguous. In particular, if the former prevailed, population aging would foster economic growth, a result that finds support in recent empirical work. info:eu-repo/semantics/openAccess All rights reserved http://www.europeana.eu/rights/rr-f/ 1.47 2013 ECONOMICS 76 / 332 = 0.229 2013 Q1 T1 DEMOGRAPHY 7 / 25 = 0.28 2013 Q2 T1 info:eu-repo/semantics/article info:eu-repo/semantics/acceptedVersion Pueyo, Fernando Universidad de Zaragoza (orcid)0000-0002-9410-3531 4000 415 Universidad de Zaragoza Dpto. Análisis Económico Área Fund. Análisis Económico 26, 4 (2013), 1285-1301 J. popul. econ. JOURNAL OF POPULATION ECONOMICS 0933-1433 344766 http://zaguan.unizar.es/record/151536/files/texto_completo.pdf Postprint 1189615 http://zaguan.unizar.es/record/151536/files/texto_completo.jpg?subformat=icon icon Postprint oai:zaguan.unizar.es:151536 articulos driver 2025-10-17-14:17:30 ARTICLE