Sains Malaysiana 45(9)(2016): 1345–1350
Aging and Economic Growth: Empirical Analysis
using Autoregressive Distributed Lag Approach
(Penuaan dan Pertumbuhan Ekonomi: Analisis
Empirik menggunakan Pendekatan Autoregresi Susulan Teragih)
NORMAZ WANA
ISMAIL1*,
HAJAH
SITI
WARDAH
HAJI
ABD
RAHMAN1,
TENGKU
AIZAN
TENGKU
ABDUL
HAMID2
& RUSMAWATI SAID1
1Faculty of Economics
and Management, Universiti Putra Malaysia, 43300 Serdang, Selangor
Darul Ehsan, Malaysia
2My Ageing (Institute
Penyelidikan Penuaan Malaysia), Universiti Putra Malaysia, 43300
Serdang, Selangor Darul Ehsan, Malaysia
Diserahkan: 21
Disember 2015/Diterima: 28 April 2016
ABSTRACT
The purpose of this study was
to examine the impact of aging on economic growth. The study used
dynamic growth model and employed Autoregressive Distributed Lag
(ARDL)
approach for the period of 1980 to 2011. Three proxies for aging
are used namely fertility rate, life expectancy and old dependency
ratio. However, only fertility rate is detected to have a long run
cointegration. The major finding of this study showed that a reduction
of fertility rate lead to higher economic growth. This implied that
even though Malaysia will face aging society by 2020, the economic
growth is still stable and can increase by investing more on human
capital.
Keywords: ARDL;
fertility rate; Malaysia; population aging
ABSTRAK
Tujuan penyelidikan ini ialah
untuk mengkaji impak penuaan kepada pertumbuhan ekonomi. Kajian
ini menggunakan model pertumbuhan yang dinamik dan pendekatan autoregresi
susulan teragih (ARDL) untuk jangka masa dari 1980 hingga 2011. Tiga proksi
untuk penuaan telah digunakan iaitu kadar kesuburan, jangka hidup
dan nisbah tanggungan orang tua. Namun hanya kadar kesuburan didapati
mempunyai kointegrasi jangka panjang. Hasil utama kajian ini mendapati
penurunan kadar kesuburan menyumbang kepada pertumbuhan ekonomi
yang lebih tinggi. Ini menunjukkan bahawa walaupun Malaysia akan
berdepan dengan masyarakat yang semakin tua pada tahun 2020, pertumbuhan
ekonomi masih stabil dan boleh meningkat dengan lebih banyak membuat
pelaburan dalam modal insan.
Kata kunci: ARDL; kadar kesuburan;
Malaysia; penuaan penduduk
RUJUKAN
Bahmani-Oskooee,
M. & Ardani, Z. 2006. Exchange rate sensitivity of U.S. trade
flows: Evidence from industry data. Southern Economic Journal
72(3): 542-559.
Bahmani-Oskooee,
M. & Brooks, T.J. 1999. Bilateral J-curve between US and her
trading partners. Weltwirtschaftliches Archiv. 135: 156-165.
Barro, R.J. 2008.
Inequality and Growth Revisited. 11. Asian Development Bank
Working Paper on Regional Economic Integration.
Barro, R.J. 1996.
Determinants of Economic Growth: A Cross- Country Empirical Study.
5698. National Bureau of Economic Research Working Paper.
Barro, R.J. &
Sala-i-Martin, X. 2003. Economic Growth. New York: McGraw-Hill.
Bloom, D.E., Canning,
D., Fink, G. & Finlay, J.E. 2007. Fertility, Female Labor
Force Participation, and the Demographic Dividend. 2507. Program
on the Global Demography of Aging Working Paper.
Bloom, D.E., Canning,
D. & Fink, G. 2008. Population Aging and Economic Growth.
3108. Program on the Global Demography of Aging Working Paper.
Bloom, D.E. &
Williamson, J.G. 1998. Demographic transitions and economic miracles
in emerging Asia. The World Bank Economic Review 12(3): 419-455.
Cervellati, M.
& Sunde, U. 2009. Life Expectancy and Economic Growth: The
Role of the Demographic Transition. 4160. Institute for the
Study of Labor Discussion Papers.
Choudhry, M.T.
& Elhorst, J.P. 2010. Demographic transition and economic growth
in China, India and Pakistan. Economic Systems 34: 218-236.
Coulmas, F.
2007. Population Decline and Ageing in Japan: The Social Consequences.
Oxford: Routledge.
Cutler, D.M., Poterba,
J.M., Scheiner, L.M. & Summers, L.H. 1990. An aging society:
opportunity or challenge? Brooking Papers on Economic Activity
1(1): 1-73.
De Gregorio, J.
& Lee, J.W. 2003. Growth and Adjustment in East Asia and
Latin America. 245. Central Bank of Chile Working Paper.
Engle, R.F. &
Granger, C.W.J. 1987. Cointegration and error correction representation:
Estimation and testing. Econometrica 55: 252-276. Futagami, K. &
Nakajima, T. 2013. Population aging and economic growth. Journal
of Macroeconomics 23(1): 31-44.
Gee, E. & Gutman,
G. 2000. The Overselling of Population Aging: Apocalyptic Demography,
Intergenerational Challenges, and Social Policy. Oxford: Oxford
University Press.
Gómez,
R. & De Cos, P.H. 2008. Does population ageing promote faster
economic growth? The Review of Income and Health 54(3):
350-372.
Hamid, T.A. 2015a.
Population Ageing in Malaysia: A Mosaic of Issues, Challenges
and Prospects. Serdang: UPM Press.
Hamid, T.A. 2015b.
Population Ageing in Malaysia: A Mosaic of Issues, Challenges
and Prospects. Inaugural Series. Serdang: UPM Press.
Johansen, S. 1995.
Likelihood-Based Inference in Cointegrated Vector Autoregressive
Models. Oxford: Oxford University Press.
Kelley, A.C. &
Schmidt, R.M. 2005. Evolution of recent economic-demographic modeling:
A synthesis. Journal of Population Economics 18: 275-300.
Kinsella,
K. & He, W. 2009. An Aging World 2008. U.S. Census
Bureau International Population Reports (P95/09-1). Washington,
D.C.: U.S. Government Printing Office.
Lee, R. & Mason,
A. 2006. Back to basics: What is the demographic dividend? Finance
and Development 43(3).
Lee, R.D., Mason,
A. & Miller, T. 2001. Saving, wealth and population. In Population
Does Matter: Demography, Poverty and Economic Growth, edited
by Birdsall, N., Kelley, A.C. & Sinding, S.W. Oxford: Oxford
University Press. pp. 137-164.
Mankiw, N.G., Romer,
D. & Weil, D. 1992. A contribution to the empirics of economic
growth. Quarterly Journal of Economics 107: 407-437.
Mason, A. &
Lee, R. 2004. Reform and Support Systems for the Elderly in Developing
Countries: Capturing the Second Demographic Dividend. In International
Seminar on the Demographic Window and Healthy Aging: Socioeconomic
Challenges and Opportunities. Beijing: China Centre for Economic
Research, Peking University.
Modigliani,
F. & Brumberg, R. 1954. Utility analysis and the consumption
function. In Post-Keynesian Economics, edited by Kurihara,
K. New Brunswick: Rutgers University Press. pp. 151-170.
Narayan, P.K. 2005. The saving and investment Nexus for China:
Evidence from cointegration tests. Applied Economics 37:
1979-1990.
Park, D. & Shin, K. 2011. Impact of Population
Aging on Asia’s Future Growth. ADB Economic Working Paper
Series No. 281. Philippines: Asian Development Bank.
Pesaran, H., Shin,
Y. & Smith, R. 2001. Bound testing approaches to the analysis
of level relationships. Journal of Applied Econometrics 16(3):
289-329.
Prettner, K., Bloom,
D.E. & Strulik, H. 2012. Declining Fertility and Economic
Well-Being: Do Education and Health Ride to the Rescue? 84.
Program on the Global Demography of Aging Working Paper.
Scarth, W. 2002.
Population ageing, productivity and living standards. In The
Review of Economic Performance and Social Progress: Towards a Social
Understanding of Productivity, edited by Sharpe, A., St-Hilaire,
F. & Banting, K. Montreal: IRPP. pp. 145-156.
World Bank. 2014.
World Development Indicators. http://data. worldbank.org/data-catalog/world-development-indicators.
*Pengarang untuk surat-menyurat; email:
nwi@upm.edu.my
|