Human capital and economic growth in Asia 1890-2000 : a time-series analysis
Leeuwen, Bas van and Foldvari, Peter. (2008) Human capital and economic growth in Asia 1890-2000 : a time-series analysis. Asian Economic Journal, Vol.22 (No.3). pp. 225-240. ISSN 1351-3958Full text not available from this repository.
Official URL: http://dx.doi.org/10.1111/j.1467-8381.2008.00276.x
There is a general consensus that human capital is a major factor behind long-run economic growth. Yet, on a macro level, the empirical results do not always seem to concur with this view. To explain this gap between theory and empirics, more focus has been laid on measurement error and data quality. Using an alternative estimate of the stock of human capital, based on Judson (2002), we find evidence that the two major views on the role of human capital in economic development by Lucas (1988) and Romer (1990) coexist and are by no means mutually exclusive. Using a Johansen cointegration test, we find that in India and Indonesia the level of human capital is cointegrated with the level of aggregate income during the whole 20th century, which confirms the theory of Lucas (1988). In Japan, however, the Lucasian approach can be verified only for the first half of the century, while after 1950 there is cointegration between the growth rate of aggregate income and the level of human capital, which is in line with Romer's view.
|Item Type:||Journal Article|
|Subjects:||H Social Sciences > HC Economic History and Conditions
H Social Sciences > HD Industries. Land use. Labor
|Divisions:||Faculty of Social Sciences > Economics|
|Library of Congress Subject Headings (LCSH):||Human capital -- Asia -- History -- 20th century, Economic development -- Asia -- History -- 20th century, Time-series analysis, Cointegration|
|Journal or Publication Title:||Asian Economic Journal|
|Publisher:||Wiley-Blackwell Publishing Asia|
|Official Date:||September 2008|
|Number of Pages:||16|
|Page Range:||pp. 225-240|
|Access rights to Published version:||Restricted or Subscription Access|
Bank Indonesia, 1954–1960, Report of the Governor of Bank Indonesia for the Financial Year.
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