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Aging and Income Convergence in Europe: A Survey of the Literature and Insights from a Demographic Projection Exercise

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dc.contributor.authorCrespo Cuaresma, Jesús
dc.contributor.authorLoichinger, Elke
dc.contributor.authorVincelette, Gallina
dc.date.accessioned2016-01-19T19:56:58Z
dc.date.available2016-01-19T19:56:58Z
dc.date.issued2015-11-25
dc.description.abstractThe current and projected low fertility levels for Europe and the continuous increases in life expectancy imply that the region will go through an unprecedented process of population aging, leading to sizable changes in the age structure of European societies. After reviewing the existing literature on the role played by demographic change as a determinant of economic growth and income convergence, with a focus on the European experience, we analyze the quantitative impact of the projected changes in the age and education composition of the labor force. Using newly available demographic projections, we show that the current demographic trends are expected to cause a slowdown in the speed of income convergence across European countries. Our projection exercise suggests that policies aimed exclusively at improving labor force participation do not appear to be sufficient to counteract the negative effects of aging on income convergence. Instead, we show that reducing the educational attainment gap between Central and Eastern European member states and the rest of the European Union in addition to increasing labor force participation leads to an accelerated pace of income convergence.en
dc.identifier.citationEconomic Systems
dc.identifier.doi10.1596/23673
dc.identifier.issn0939-3625
dc.identifier.urihttps://hdl.handle.net/10986/23673
dc.language.isoen_US
dc.publisherElsevier
dc.rightsCC BY-NC-ND 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/igo
dc.subjectaging
dc.subjectlabor force
dc.subjectdemographic implications of aging
dc.subjectdemographic projections
dc.subjecthuman capital
dc.subjecteconomic growth
dc.titleAging and Income Convergence in Europeen
dc.title.subtitleA Survey of the Literature and Insights from a Demographic Projection Exerciseen
dc.typeJournal Articleen
dc.typeArticle de journalfr
dc.typeArtículo de revistaes
dspace.entity.typePublication
okr.date.disclosure2018-11-25
okr.date.doiregistration2025-05-06T11:31:51.573399Z
okr.doctypePublications & Research::Journal Article
okr.doctypePublications & Research
okr.externalcontentExternal Content
okr.identifier.doi10.1016/j.ecosys.2015.07.003
okr.identifier.report104051
okr.language.supporteden
okr.peerreviewAcademic Peer Review
okr.region.administrativeEurope and Central Asia
okr.region.geographicalEastern Europe
okr.region.geographicalEurope
okr.region.geographicalEuropean Union
okr.relation.associatedurlhttp://www.sciencedirect.com/science/article/pii/S0939362515000722
okr.topicHealth, Nutrition and Population::Demographics
okr.topicSocial Protections and Labor::Labor Markets
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.unitEurope and Central Asia
okr.volume(Forthcoming 2016)
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