Panel estimation for the relationship between education expenditure and economic growth for oecd countries
Languages of publication
Education, which is one of the important dynamics of human capital along with health, plays an important role in this context. Increasing the level of success comes through higher standards of education, recruitment of qualified workers, better employment opportunities and increased earnings which are significant contributors to growth and prosperity in OECD countries. In this study, the relationship between educational expenditures and economic growth for 19 selected OECD countries is analysed using the panel data method
- Afşar, M. (2009), Türkiye’de Eğitim Yatırımları ve Ekonomik Büyüme İlişkisi, Anadolu Üniversitesi Sosyal Bilimler Dergisi, 9(4): 85-98.
- Ali, A., Hakim, R.A., Abdullah, H. (2017), Relationship between government spending on education and economic growth of Pakistan, Asian Journal of Multidisciplinary Studies, 5(2): 1-10.
- Altundemir, M.E. (2008), Eğitim Harcamalarında Türkiye ve OECD Ülkeleri, İktisadi ve İdari Bilimler Fakültesi Dergisi, 27(2): 51-70.
- Barro, R.J., Lee, J.W. (1993), International comparisons of educational attainment, Journal of Monetary Economics, 32: 363-394.
- Baltagi, B.H. (2005), Econometric analysis of panel data (3rd edition), West Sussex: John Wiley & Sons.
- Benhabib, J., Spiegel, M.M. (1994), The role of human capital in economic development: evidence from aggregate crosscountry data, Journal of Monetary Economics, 34(2): 143-173.
- Blankenau, W.F., Simpson, N.B., Tomljanovich, M. (2007), Public education expenditures, taxation and growth: linking data to theory, American Economic Association, 97(2): 393-397.
- Breitung, J., Meyer W. (1994), Testing for unit roots in panel data: Are wages on different bargaining levels cointegrated?, Applied Economics, 26: 353-361.
- Chandra, A. (2011), Nexus between government expenditure on education and economic growth: Empirical evidences from India, Romanian Journal for Multidimensional Education, 3(6): 73-85.
- Çalışkan, Ş., Karabacak M., Meçik, O. (2013), Türkiye’de Eğitim-Ekonomik Büyüme İlişkisi: 1923-2011 (Kantitatif Bir Yaklaşım), Yönetim Bilimleri Dergisi, 11(21): 29-48.
- Çoban, O. (2004), Beşeri Sermayenin İktisadi Büyüme Üzerindeki Etkisi: Türkiye Örneği, İ.Ü. SBF Dergisi, 30: 131-142.
- Devarajan, S., Swaroop, V., Zou, H. (1996), The composition of public expenditure and economic growth, Journal of Monetary Economics 37: 313-344.
- Egeli, H., Hayrullahoğlu, B. (2014), Türkiyeve OECD Ülkelerinde Eğitim Harcamalarının Analizi, Finans, Politik & Ekonomik Yorumlar, 51(593): 93-108.
- Engelbrecht, H.J. (1997), International R&D spillovers, human capital and productivity in OECD economies: An empirical investigation, European Economic Review, 41: 1479-1488.
- Eriçok, R.E., Yılancı, V. (2013), Eğitim Harcamaları ve Ekonomik Büyüme İlişkisi: Sınır Testi Yaklaşımı, Bilgi Ekonomisi ve Yönetimi Dergisi, 8(1): 87-101.
- Frank, N. (2017), Making the grade: The contribution of education expenditure to economic growth, Undergraduate Economic Review, 14(1), Article 11.
- Granger, C.W.J., Newbold, P. (1974), Spurious regressions in econometrics, Journal of Econometrics, 2: 111-120.
- Hadri, K. (2000), Testing for stationarity in heterogeneous panel data, The Econometrics Journal 3: 148-161.
- Hicks N. (1980), Economic growth and human resources, World Bank Staff Working Paper No. 408, Washington DC, USA.
- Idrees, A.S., Siddiqi, M.W. (2013), Does public education expenditure cause economic growth? comparison of developed and developing countries, Pakistan Journal of Commerce and Social Sciences, 7(1): 174-183.
- Im, K.S., Paseran M.H., Shin Y. (2003), Testing for unit roots in heterogeneous panels, Journal of Econometrics, 115: 53-74.
- Kakar, Z.K., Khilji, B.A., Khan, M.J. (2011), Relationship between education and economic growth in Pakistan: A time series analysis, Journal of International Academic Research, 11(1): 27-32.
- Kıran, B. (2014), Testing the impact of educational expenditures on economic growth: New evidence from Latin American countries, Quality & Quantity, 48(3): 1181-1190.
- Kızılkaya, O., Koçak, E. (2014), Kamu Eğitim Harcamaları ve Ekonomik Büyüme İlişkisi: Seçilmiş OECD Ülkeleri Üzerine Bir Panel Veri Analizi, Ekonomi Bilimleri Dergisi, 6(1): 17-32.
- Levin, A., Lin, C. (1992), Unit root tests in panel data: asymptotic and finite sample properties, University of California, San Diego Working Paper: 23- 92.
- Levin, A., Lin C. (1993), Unit root tests in panel data: new results, University of California, San Diego Working Paper: 56- 93.
- Lucas, R.E. (1988), On the mechanics of economic development, Journal of Monetary Economics, 22(1): 3-42.
- Maddala, G., Wu, S. (1999), A comparative study of unit root tests with panel data and a new simple test, Oxford Bulletin of Economics and Statistics, Special Issue: 631-652.
- Mallıck, L., Dash, D.P. (2015), Does expenditure on education affect economic growth in India? Evidence from cointegration and Granger causality analysis, Theoretical and Applied Economics, XXII, 4(605): 63-74
- Mallıck, L., Das, P.K., Pradhan, K. C. (2016), Impact of educational expenditure on economic growth in major Asian countries: Evidence from econometric analysis, Theoretical and Applied Economics, XXIII, 2(607): 173-186.
- Mariana, D.R. (2015), Education as a determinant of the economic growth. The case of Romania, Procedia – Social and Behavioural Sciences, 197: 404-412.
- Mekdad, Y., Dahmani, A., Louaj, M. (2014), Public spending on education and economic growth in Algeria: Causality test, International Journal of Business and Management, 2(3): 55-70.
- Mercan, M. (2013), The relationship between education expenditure and economic growth in Turkey: Bounds testing approach, European Academic Research, 1(6): 1155-1172.
- Mercan, M., Sezer, S. (2014), The effect of education expenditure on economic growth: The case of Turkey, Procedia – Social and Behavioural Sciences, 109: 925-930.
- Mushkin, S.J. (1962), Health as an investment, Journal of Political Economy, 70(5): 129-157.
- Nantwi V.O. (2015), Education expenditures and economic growth: Evidence from Ghana, Journal of Economics and Sustainable Development, 6(16): 69-77.
- OECD (2012), Education at a glance 2012: OECD Indicators, OECD Publishing, (accessed 19 August 2017).
- Ozatac N., Taspinar N., El Rifai O., Eren B. (2018), The Relationship between government expenditure on education and economic growth: The Case of France, in: D. Procházka (Ed.), The impact of globalisation on international finance and accounting, Springer Proceedings in Business and Economics, Cham: Springer.
- Özer, M., Çiftçi, N. (2008), AR-GE Tabanlı İçsel Büyüme Modelleri ve AR-GE HarcamalarınınEkonomik Büyüme Üzerine Etkisi: OECD Ülkeleri Panel Veri Analizi, Selçuk Üniversitesi İktisadi ve İdari Bilimler Fakültesi Sosyal ve Ekonomik Araştırmalar Dergisi, 16: 219-240.
- Pamuk, M., Bektaş, H. (2014), Türkiye’de Eğitim Harcamaları ve Ekonomik Büyüme Arasındaki İlişki: ARDL Sınır Testi Yaklaşımı, Siyaset, Ekonomi ve Yönetim Araştırmaları Dergisi, 2(2): 77-90.
- Psacharopoulos, G., Patrinos, H.A. (2002), Returns to investment in education. A further update, Policy Research Working Paper 2881.
- Quah, D., (1994), Exploiting cross-section variations for unit root inference in dynamic data, Economic Letters, 44(1-2): 9-19.
- Quiggin, J. (1999), Human capital theory and education policy in Australia, Australian Economic Review, 32(2): 130-144.
- Rankaduwa W., Haider A., Cooray N.S. (2017), Education expenditure and economic growth under decentralisation: An empirical study of Sri Lanka and Canada, in: N. Cooray, S. Abeyratne (Eds.), Decentralisation and development of Sri Lanka within a unitary state, Springer, Singapore.
- Romer, P.M. (1990), Endogenous technological change, Journal of Political Economy, 98(5): 71-102.
- Schultz T.W. (1963), The economic value of education, New York: Columbia University Press.
- Selim, S., Purtaş, Y., Uysal, D. (2014), G-20 Ülkelerinde Eğitim Harcamalarının Ekonomik Büyüme Üzerindeki Etkisi, Optimum Journal of Economics and Management Sciences, 1(2): 93-102.
- Şimşek, M., Kadılar, C. (2010), Türkiye’de Beşeri Sermaye, İhracat ve Ekonomik Büyüme Arasındaki İlişkinin Nedensellik Analizi, Cumhuriyet Üniversitesi İ.İ.B.F. Dergisi, 11(1): 115-140.
- Sunde, T. (2017), Education expenditure and economic growth in Mauritius: An application of the bounds testing approach, European Scientific Journal, 13(22): 70-81.
- Sylwester, K. (2000), Income inequality, education expenditures, and growth, Journal of Development Economics, 63: 379-398.
- Tamang, P. (2011), The impact of education expenditure on India’s economic growth, Journal of International Academic Research, 11(3): 14-20.
- Temple, J. (2002), Growth effects of education and socıal capıtal in the OECD countries, OECD Economic Studies, 2001(11): 57-101.
- Uçan, O., Yeşilyurt, H. (2016). Türkiye’de Eğitim Harcamaları ve Büyüme İlişkisi, Niğde Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 9(2): 179-185.
- Uzawa, H. (1965), Optimal technical change in an aggregative model of economic growth, International Economic Review, 18-31.
- Weiss, A. (1995), Human capital vs. signalling explanations of wages, Journal of Economic Perspectives, 9(4): 133-154.
Publication order reference