摘要：Abstract This paper presents an examination of two child-care policies–a child allowance and a subsidy for education investment–and demonstrates how each policy affects fertility and the human-capital growth rate. This paper presents the following results. A child allowance decreases the human-capital growth rate. However, a child allowance does not always increase fertility. Moreover, a subsidy for education investment increases the human-capital growth rate. However, a subsidy for education investment can raise fertility based on parametric conditions. Results of our analyses underscore the importance of considering additional effects of a pension system when providing child-care policies.
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