2026-04-13T02:39:26Zhttps://recercat.cat/oai/request

oai:recercat.cat:2072/4849832025-08-31T18:14:13Zcom_2072_98col_2072_378192

On government-created credit markets for education and endogenous growth Del Rey, Elena López García, Miguel Ángel Credit markets for education Endogenous growth Human capital Intergenerational transfers Public policy Interest in public loans to fund (higher) education has been increasing in the last decades. This paper explores the general welfare properties of government-created credit markets for education in a three-period overlapping generations model with physical and human capital. It shows that the mere existence of public credit markets is second-best in nature, and cannot decentralize the optimum. Achieving the first-best "Golden Rule" balanced growth path requires a government loan system that lends the amounts required for optimal investments in education and an optimally chosen pure pay-as-you-go social security system. Student loans and pensions thus appear as two inseparable elements of the policy that maximizes social welfare. 2025-08-31T18:14:13Z 2025-08-31T18:14:13Z 2025-08-31T18:14:13Z 2020 Article http://hdl.handle.net/2072/484983 Economic modelling ; Vol. 92 (2020), p. 170-179 open access Aquest document està subjecte a una llicència d'ús Creative Commons. Es permet la reproducció total o parcial, la distribució, i la comunicació pública de l'obra, sempre que no sigui amb finalitats comercials, i sempre que es reconegui l'autoria de l'obra original. No es permet la creació d'obres derivades. https://creativecommons.org/licenses/by-nc-nd/4.0/