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Is Education prejudiced by Country-Risk? A Panel-Data Study using Attainment Data and Country-Risk as a Rational Expectation

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Author Info

  • Tiago Neves Sequeira

    ()
    (Departamento de Gestão e Economia, Universidade da Beira Interior)

  • Nuno Ferraz

    (Departamento de Gestão e Economia, Universidade da Beira Interior)

Abstract

We consider country-risk as a determinant of education growth in a large cross-section of countries observed through time. Applying cross-country dynamic panel data estimations, we show that country-risk influences the education output growth negatively. This contributes to the literature on the educational production function, as it adds a robust determinant of that function. Among country-risks, economic risk is the most influential and among economic risks, economic growth, socioeconomic conditions and, mostly surprising, budget balance have the highest effects. This is a very robust empirical result and indicates that politicians should endeavor to decrease country-risk in order to enhance education.

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Bibliographic Info

Paper provided by Universidade da Beira Interior, Departamento de Gestão e Economia (Portugal) in its series Working Papers de Gestão, Economia e Marketing (Management, Economics and Marketing Working Papers) with number e01/2008.

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Length: 23 pages
Date of creation: 2008
Date of revision:
Handle: RePEc:csh:wpecon:e01/2008

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Keywords: Education; Country-Risk; Economic Growth;

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  1. M. Portela & R. Alessie & C.N. Teulings, 2004. "Measurement Error in Education and Growth Regressions," Working Papers 04-14, Utrecht School of Economics.
  2. Barro, Robert J & Mankiw, N Gregory & Sala-i-Martin, Xavier, 1995. "Capital Mobility in Neoclassical Models of Growth," American Economic Review, American Economic Association, vol. 85(1), pages 103-15, March.
  3. Temple, Jonathan, 1999. "A positive effect of human capital on growth," Economics Letters, Elsevier, vol. 65(1), pages 131-134, October.
  4. Robert Tamura, 2004. "Human capital and economic development," Working Paper 2004-34, Federal Reserve Bank of Atlanta.
  5. Richard Blundell & Steve Bond, 1995. "Initial conditions and moment restrictions in dynamic panel data models," IFS Working Papers W95/17, Institute for Fiscal Studies.
  6. Lee, J.-W. & Barro, R.J., 1998. "Schooling Quality in a Cross Section of Countries," Papers 659, Harvard - Institute for International Development.
  7. Tiago Sequeira & Elsa Martins, 2008. "Education public financing and economic growth: an endogenous growth model versus evidence," Empirical Economics, Springer, vol. 35(2), pages 361-377, September.
  8. Richard Blundell & Stephen Bond, 2000. "GMM Estimation with persistent panel data: an application to production functions," Econometric Reviews, Taylor & Francis Journals, vol. 19(3), pages 321-340.
  9. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Wiley Blackwell, vol. 58(2), pages 277-97, April.
  10. Mauro, Luciano & Carmeci, Gaetano, 2003. "Long run growth and investment in education: Does unemployment matter?," Journal of Macroeconomics, Elsevier, vol. 25(1), pages 123-137, March.
  11. Robert E. Hall & Charles I. Jones, 1999. "Why Do Some Countries Produce So Much More Output per Worker than Others?," NBER Working Papers 6564, National Bureau of Economic Research, Inc.
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