Pensions and Growth: A Cointegration Analysis

Miguel Rodriguez Gonzalez; Christoph Schwarzbach

doi:doi:10.11648/j.acm.s.2016050101.13

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Pensions and Growth: A Cointegration Analysis

Miguel Rodriguez Gonzalez, Christoph Schwarzbach

Published in Applied and Computational Mathematics (Volume 5, Issue 1-1)

Received: 7 May 2015 Accepted: 1 June 2015 Published: 3 July 2015

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Abstract

This article investigates the long-term relationship between economic growth and old-age provision using time series analysis, particularly the techniques of cointegration. The neoclassical growth model by Solow (1956) provides atheoretical basis for the empirical analysis. The results are based onquarterly data from 1970 to 2013 for the US-economy. In this work, the existence of a cointegrating relation between economic growth and pensions is verified by use of scientifically accepted statistical methods and proven for historical US-data. The empirical analysis confirms that improved technological capabilities constitute a very important determinant of growth in the context of neoclassical theory. The effects within the cointegrated relationship cannot be determined at this point and there is no information if the effect is reciprocal or not. For this purpose, further investigations are necessary and can build on the results presented here.

Published in	Applied and Computational Mathematics (Volume 5, Issue 1-1) This article belongs to the Special Issue Computational Methods in Monetary and Financial Economics
DOI	10.11648/j.acm.s.2016050101.13
Page(s)	21-35
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2015. Published by Science Publishing Group

Keywords

Growth, Old-Age Provision, Pensions, Time Series, Cointegration, Solow Model, Neoclassical Economics

References

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APA Style

Miguel Rodriguez Gonzalez, Christoph Schwarzbach. (2015). Pensions and Growth: A Cointegration Analysis. Applied and Computational Mathematics, 5(1-1), 21-35. https://doi.org/10.11648/j.acm.s.2016050101.13

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Miguel Rodriguez Gonzalez; Christoph Schwarzbach. Pensions and Growth: A Cointegration Analysis. Appl. Comput. Math. 2015, 5(1-1), 21-35. doi: 10.11648/j.acm.s.2016050101.13

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AMA Style

Miguel Rodriguez Gonzalez, Christoph Schwarzbach. Pensions and Growth: A Cointegration Analysis. Appl Comput Math. 2015;5(1-1):21-35. doi: 10.11648/j.acm.s.2016050101.13

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@article{10.11648/j.acm.s.2016050101.13,
  author = {Miguel Rodriguez Gonzalez and Christoph Schwarzbach},
  title = {Pensions and Growth: A Cointegration Analysis},
  journal = {Applied and Computational Mathematics},
  volume = {5},
  number = {1-1},
  pages = {21-35},
  doi = {10.11648/j.acm.s.2016050101.13},
  url = {https://doi.org/10.11648/j.acm.s.2016050101.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.acm.s.2016050101.13},
  abstract = {This article investigates the long-term relationship between economic growth and old-age provision using time series analysis, particularly the techniques of cointegration. The neoclassical growth model by Solow (1956) provides atheoretical basis for the empirical analysis. The results are based onquarterly data from 1970 to 2013 for the US-economy. In this work, the existence of a cointegrating relation between economic growth and pensions is verified by use of scientifically accepted statistical methods and proven for historical US-data. The empirical analysis confirms that improved technological capabilities constitute a very important determinant of growth in the context of neoclassical theory. The effects within the cointegrated relationship cannot be determined at this point and there is no information if the effect is reciprocal or not. For this purpose, further investigations are necessary and can build on the results presented here.},
 year = {2015}
}

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TY  - JOUR
T1  - Pensions and Growth: A Cointegration Analysis
AU  - Miguel Rodriguez Gonzalez
AU  - Christoph Schwarzbach
Y1  - 2015/07/03
PY  - 2015
N1  - https://doi.org/10.11648/j.acm.s.2016050101.13
DO  - 10.11648/j.acm.s.2016050101.13
T2  - Applied and Computational Mathematics
JF  - Applied and Computational Mathematics
JO  - Applied and Computational Mathematics
SP  - 21
EP  - 35
PB  - Science Publishing Group
SN  - 2328-5613
UR  - https://doi.org/10.11648/j.acm.s.2016050101.13
AB  - This article investigates the long-term relationship between economic growth and old-age provision using time series analysis, particularly the techniques of cointegration. The neoclassical growth model by Solow (1956) provides atheoretical basis for the empirical analysis. The results are based onquarterly data from 1970 to 2013 for the US-economy. In this work, the existence of a cointegrating relation between economic growth and pensions is verified by use of scientifically accepted statistical methods and proven for historical US-data. The empirical analysis confirms that improved technological capabilities constitute a very important determinant of growth in the context of neoclassical theory. The effects within the cointegrated relationship cannot be determined at this point and there is no information if the effect is reciprocal or not. For this purpose, further investigations are necessary and can build on the results presented here.
VL  - 5
IS  - 1-1
ER  -

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Author Information

Miguel Rodriguez Gonzalez

Institute for Risk and Insurance, Leibniz University Hanover, Hanover, Germany
Christoph Schwarzbach

Center for Risk and Insurance, Hanover, Germany

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APA Style

Miguel Rodriguez Gonzalez, Christoph Schwarzbach. (2015). Pensions and Growth: A Cointegration Analysis. Applied and Computational Mathematics, 5(1-1), 21-35. https://doi.org/10.11648/j.acm.s.2016050101.13

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ACS Style

Miguel Rodriguez Gonzalez; Christoph Schwarzbach. Pensions and Growth: A Cointegration Analysis. Appl. Comput. Math. 2015, 5(1-1), 21-35. doi: 10.11648/j.acm.s.2016050101.13

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AMA Style

Miguel Rodriguez Gonzalez, Christoph Schwarzbach. Pensions and Growth: A Cointegration Analysis. Appl Comput Math. 2015;5(1-1):21-35. doi: 10.11648/j.acm.s.2016050101.13

Copy | Download

@article{10.11648/j.acm.s.2016050101.13,
  author = {Miguel Rodriguez Gonzalez and Christoph Schwarzbach},
  title = {Pensions and Growth: A Cointegration Analysis},
  journal = {Applied and Computational Mathematics},
  volume = {5},
  number = {1-1},
  pages = {21-35},
  doi = {10.11648/j.acm.s.2016050101.13},
  url = {https://doi.org/10.11648/j.acm.s.2016050101.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.acm.s.2016050101.13},
  abstract = {This article investigates the long-term relationship between economic growth and old-age provision using time series analysis, particularly the techniques of cointegration. The neoclassical growth model by Solow (1956) provides atheoretical basis for the empirical analysis. The results are based onquarterly data from 1970 to 2013 for the US-economy. In this work, the existence of a cointegrating relation between economic growth and pensions is verified by use of scientifically accepted statistical methods and proven for historical US-data. The empirical analysis confirms that improved technological capabilities constitute a very important determinant of growth in the context of neoclassical theory. The effects within the cointegrated relationship cannot be determined at this point and there is no information if the effect is reciprocal or not. For this purpose, further investigations are necessary and can build on the results presented here.},
 year = {2015}
}

Copy | Download

TY  - JOUR
T1  - Pensions and Growth: A Cointegration Analysis
AU  - Miguel Rodriguez Gonzalez
AU  - Christoph Schwarzbach
Y1  - 2015/07/03
PY  - 2015
N1  - https://doi.org/10.11648/j.acm.s.2016050101.13
DO  - 10.11648/j.acm.s.2016050101.13
T2  - Applied and Computational Mathematics
JF  - Applied and Computational Mathematics
JO  - Applied and Computational Mathematics
SP  - 21
EP  - 35
PB  - Science Publishing Group
SN  - 2328-5613
UR  - https://doi.org/10.11648/j.acm.s.2016050101.13
AB  - This article investigates the long-term relationship between economic growth and old-age provision using time series analysis, particularly the techniques of cointegration. The neoclassical growth model by Solow (1956) provides atheoretical basis for the empirical analysis. The results are based onquarterly data from 1970 to 2013 for the US-economy. In this work, the existence of a cointegrating relation between economic growth and pensions is verified by use of scientifically accepted statistical methods and proven for historical US-data. The empirical analysis confirms that improved technological capabilities constitute a very important determinant of growth in the context of neoclassical theory. The effects within the cointegrated relationship cannot be determined at this point and there is no information if the effect is reciprocal or not. For this purpose, further investigations are necessary and can build on the results presented here.
VL  - 5
IS  - 1-1
ER  -

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