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Abstract This article studies about how accelerating population aging affects potential economic growth rates by building up a semi-endogenous growth model and conducting numerical simulations. Solution to the model shows that within-household old-age support plays a key role in growth rate determination. Both increasing costs of raising children and decreasing return from children’s old-age support have a negative impact on long-term economic growth. Furthermore, higher education supply will increase household’s expectations for future income, thus increasing birth rates and potential economic growth rates.
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Received: 09 January 2017
Published: 18 January 2018
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