Journal of Population Economics

, Volume 26, Issue 4, pp 1409–1430 | Cite as

On the effects of public and private transfers on capital accumulation: some lessons from the NTA aggregates

  • Miguel Sánchez-RomeroEmail author
  • Concepció Patxot
  • Elisenda Rentería
  • Guadalupe Souto
Original Paper


Intergenerational transfers are a very important part of our daily economic activity. These transfers, whether familial or public, may influence our economic decisions to the same extent that financial markets do. In this paper, we seek to shed some light on the effects of transfers on capital accumulation in the face of demographic aging. In particular, a general equilibrium overlapping generations model with realistic public and familial transfers drawn from the National Transfer Accounts project is implemented to Spain. Given that, in this case, net familial transfers mainly go from parents to children while public transfers go from children to parents, it is shown that the Spanish baby boom and baby bust could lead to capital depletion and a reduction in consumption per capita.


Second demographic dividend Transfers Computable general equilibrium 

JEL Classification

D58 J11 H53 



We are extremely thankful to Ronald D. Lee, Andrew Mason, Gretchen Donehower, David Reher, participants of various seminars/conferences, and two anonymous referees for giving us very useful comments, suggestions, and ideas. We have received helpful research assistance from Ignacio Moral and language editing from Miriam Hils Cosgrove. We are also grateful to the Center on Economics and Demography of Aging and the Department of Demography at UC Berkeley for their hospitality.

Supplementary material

148_2012_422_MOESM1_ESM.pdf (604 kb)
(PDF 604 KB)


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Copyright information

© Springer-Verlag 2012

Authors and Affiliations

  • Miguel Sánchez-Romero
    • 1
    Email author
  • Concepció Patxot
    • 2
  • Elisenda Rentería
    • 3
  • Guadalupe Souto
    • 4
  1. 1.Max Planck Institute for Demographic ResearchRostockGermany
  2. 2.Centre d’Anàlisi Econòmica i de les Polítiques Socials (CAEPS)Universitat de Barcelona and Instituto de Estudios FiscalesBarcelonaSpain
  3. 3.Universidade Federal de Minas GeraisBelo HorizonteBrazil
  4. 4.Departamento de Economía AplicadaUniversidad Autónoma de BarcelonaBarcelonaSpain

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