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Crises and human capital accumulation

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  • Freddy Heylen
  • Lorenzo Pozzi

Abstract

This paper studies the effects of crises on human capital formation. Theoretically, a crisis undermines total factor productivity, which reduces the return to working and to accumulating physical capital. If the crisis is temporary, young agents will study now and work later. Human capital rises. To test our model we rely on inflation crises as our main empirical proxy. Using GMM panel procedures, our analysis for 86 countries in 1970-2000 confirms the positive effects of crises on human capital. Our main findings survive several robustness tests.

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Bibliographic Info

Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 40 (2007)
Issue (Month): 4 (November)
Pages: 1261-1285

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Handle: RePEc:cje:issued:v:40:y:2007:i:4:p:1261-1285

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Cited by:
  1. Romain Duval & Mehmet Eris & Davide Furceri, 2011. "The Effects of Downturns on Labour Force Participation: Evidence and Causes," OECD Economics Department Working Papers 875, OECD Publishing.
  2. Eggoh, Jude C. & Khan, Muhammad, 2014. "On the nonlinear relationship between inflation and economic growth," Research in Economics, Elsevier, vol. 68(2), pages 133-143.
  3. Diana Alessandrini & Stephen Kosempel & Thanasis Stengos, 2012. "The Business Cycle Human Capital Accumulation Nexus and its Effect on Labor Supply Volatility," Working Paper Series 62_12, The Rimini Centre for Economic Analysis.

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