Risk‐sharing and Growth: The Role of Precautionary Savings in the “Education” Model
通过数值求解基于教育的人力资本积累模型，发现预防性储蓄增加虽提高劳动生产力，但挤占教育这一增长主导活动的资源，从而为金融一体化提供了支持证据。
While the “risk amelioration” literature suggests that risk‐sharing channels savings into risky but productive technologies and hence favours growth, models focused on precautionary savings reverse this conclusion. We solve, by means of numerical techniques, a model based on human capital accumulation through education, and find that the increase in precautionary savings makes labour more productive in the goods sector and draws resources from education, which is the “growth leading” activity. Hence, we establish a result favourable to financial integration, even in a model where precautionary savings play an important role.