A PANEL REGRESSION ANALYSIS OF HUMAN CAPITAL RELEVANCE IN SELECTED SCANDINAVIAN AND SE EUROPEAN COUNTRIES
Journal Title: UTMS Journal of Economics - Year 2016, Vol 7, Issue 1
Abstract
The study of human capital relevance to economic growth is becoming increasingly important taking into account its relevance in many of the Sustainable Development Goals proposed by the UN. This paper conducted a panel regression analysis of selected SE European countries and Scandinavian countries using the Granger causality test and pooled panel regression. In order to test the relevance of human capital on economic growth, several human capital proxy variables were identified. Aside from the human capital proxy variables, other explanatory variables were selected using stepwise regression while the dependant variable was GDP. This paper concludes that there are significant structural differences in the economies of the two observed panels. Of the human capital proxy variables observed, for the panel of SE European countries only life expectancy was statistically significant and it had a negative impact on economic growth, while in the panel of Scandinavian countries total public expenditure on education had a statistically significant positive effect on economic growth. Based upon these results and existing studies, this paper concludes that human capital has a far more significant impact on economic growth in more developed economies.
Authors and Affiliations
Filip Kokotovic
Keywords
Related Articles
- EP ID EP274260
- DOI -
- Views 150
- Downloads 0
STRATEGIC MANAGEMENT WITHIN THE TOURISM AND THE WORLD GLOBALIZATION
Within the world of tourism development, it is indisputable for strategic planning of tourism, especially for defining and existence of a development strategy for tourism. The implementation of the development strategy f...
ANALYSIS OF A MODEL OF TEAMWORK BY HILL
The contemporary management of the intellectual capital of an organization, as a major determinant for efficient and effective operation of the organization has access to the teamwork. Teamwork means quality leadership w...
STRATEGY OF STOCK VALUATION BY FUNDAMENTAL ANALYSIS
Common stock valuation presents one of the most complex tasks in financial analysis. When it attempts to answer on question: „what causes stock price movements? “Then the answer would not relate only on economic factors....
SPICE ROUTE: LOGISTIC JOURNEY OF SPICES IN RETAIL SUPPLY CHAIN PERSPECTIVE
The aim of this paper is to report the findings of the study of the routes and the distance traveled by spices from the farming location to the consumer in traditional and organised retailing. This research study is prim...
ENTERPRISE RISK MANAGEMENT PRACTICES IN LISTED CROATIAN COMPANIES
The purpose of this research is to (1) explore Enterprise Risk Management (ERM) practices in Croatian companies, (2) establish ERM maturity Index, (3) define level of ERM development of Croatian companies, (4) analyse or...