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Education policies and structural transformation

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  • Education policies and structural transformation
  • Ferreira, Pedro Cavalcanti; Monge-Naranjo Alexander; De Mello Pereira, Luciene Torres
  • Federal Reserve Bank of St. Louis


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Title Education policies and structural transformation
Similar Titles
Material Type Reports
Author(English)

Ferreira, Pedro Cavalcanti; Monge-Naranjo Alexander; De Mello Pereira, Luciene Torres

Publisher

St. Louis:Federal Reserve Bank of St. Louis

Date 2014-10
Series Title; No Working Paper / 2014-039A
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Conditions
Economy < Economic Administration
Holding Federal Reserve Bank of St. Louis

Abstract

This article studies the impact of education and fertility in structural transformation and growth. In the model there are three sectors, agriculture, which uses only low-skill labor, manufacturing, that uses high-skill labor only and services, that uses both. Parents choose optimally the number of children and their skill. Educational policy has two dimensions, it may or may not allow child labor and it subsidizes education expenditures. The model is calibrated to South Korea and Brazil, and is able to reproduce some key stylized facts observed between 1960 and 2005 in these economies, such as the low (high) productivity of services in Brazil (South Korea) which is shown to be a function of human capital and very important in explaining its stagnation (growth) after 1980. (The rest omitted)