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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. 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.
  2. Robert J. Barro & N. Gregory Mankiw & Xavier Sala-i-Martin, 1994. "Capital mobility in Neoclassical models of growth," Economics Working Papers 82, Department of Economics and Business, Universitat Pompeu Fabra.
  3. Miguel Portela & Rob Alessie & Coenraad N. Teulings, 2006. "Measurement Error in Education and Growth Regressions," CESifo Working Paper Series 1677, CESifo Group Munich.
  4. 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.
  5. Robert E. Hall & Charles I. Jones, 1999. "Why Do Some Countries Produce So Much More Output Per Worker Than Others?," The Quarterly Journal of Economics, MIT Press, vol. 114(1), pages 83-116, February.
  6. Tamura, Robert, 2006. "Human capital and economic development," Journal of Development Economics, Elsevier, vol. 79(1), pages 26-72, February.
  7. 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.
  8. Lee, Jong-Wha & Barro, Robert J, 2001. "Schooling Quality in a Cross-Section of Countries," Economica, London School of Economics and Political Science, vol. 68(272), pages 465-88, November.
  9. 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.
  10. Blundell, R. & Bond, S., 1995. "Initial Conditions and Moment Restrictions in Dynamic Panel Data Models," Economics Papers 104, Economics Group, Nuffield College, University of Oxford.
  11. Temple, Jonathan, 1999. "A positive effect of human capital on growth," Economics Letters, Elsevier, vol. 65(1), pages 131-134, October.
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