Journal of Population Economics

, Volume 9, Issue 4, pp 365-386

First online:

Saving, dependency and development

  • Allen C. KelleyAffiliated withDepartment of Economics and Center for Demographic Studies, Duke University
  • , Robert M. SchmidtAffiliated withE. Claiborne Robins School of Business, University of Richmond

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The widely-observed finding in the literature showing little or no relationship between population growth (and dependency) and saving requires modification based on panel and cross-section estimation of aggregate country data. While such a relationship is still weak in the hybrid Leff-type model, it is now found consistently over time and by stage of development in the Mason variable-growth life-cycle framework, where changes in demographic factors account for a notable part of saving.

JEL classification

J11 O15 O16

Key words

Population growth saving development