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The Role of Education in Stimulating Economic Development in the Framework of Europe 2020 Strategy: Evidence from South-Eastern Europe

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  • Monica Raileanu Szeles
  • Ileana Tache

Abstract

A new model of economic development focused on the encouragement of smart, inclusive and sustainable economic growth is the core of the Europe 2020 strategy. Education is widely acknowledged as being a key factor leading to economic growth and economic development, in the long term. But the impact of different kind of achievements in education on growth has little empirical evidence, especially when examining the South-Eastern European countries. This paper analyses the role played by different types of educational achievements, aggregated at the macroeconomic level, beside a set of other potential socio-economic drivers, on the economic growth and quality of life, in the South Eastern Europe, based on the Eurostat panel dataset. A number of panel data regression models using the GMM and FGLS estimators allow answering our research questions. Our empirical results indicate what policy measures are the most effective to target both the economic growth and quality of life.

Suggested Citation

  • Monica Raileanu Szeles & Ileana Tache, 2016. "The Role of Education in Stimulating Economic Development in the Framework of Europe 2020 Strategy: Evidence from South-Eastern Europe," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 54-69.
    • Handle: RePEc:ers:ijebaa:v:iv:y:2016:i:2:p:54-69
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    References listed on IDEAS

    as
    1. Monica Răileanu-Szeles, 2015. "Explaining the Dynamics and Drivers of Financial Well-Being in the European Union," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 120(3), pages 701-722, February.
    2. Frankema, Ewout, 2009. "The Expansion of Mass Education in Twentieth Century Latin America: A Global Comparative Perspective," Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Cambridge University Press, vol. 27(3), pages 359-396, January.
    3. Ernesto Talvi & Pablo Serra & Nancy Birdsall & Howard Pack & Andrés Solimano & Barbara Stallings & Michael Gavin & Richard H. Sabot & Nora Lustig & Humberto Petrei & Sebastián Edwards & Ricardo Hausma, 1997. "Pathways to Growth: Comparing East Asia and Latin America," IDB Publications (Books), Inter-American Development Bank, number 65998 edited by Nancy Birdsall & Frederick Jaspersen, February.
    4. Diana-Mihaela Pociovalisteanu & Emilian M. Dobrescu, 2009. "The Role of Structural Funds in Economic and Social Cohesion Process," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 27-36.
    5. David Piachaud, 2013. "Social protection, redistribution and economic growth," Development Southern Africa, Taylor & Francis Journals, vol. 30(1), pages 24-38, March.
    6. Pociovalisteanu Diana-Mihaela & Thalassinos Eleftherios, 2009. "The Structural Funds and the Economic and Social Cohesion Process," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 1, pages 313-330, May.
    7. repec:idb:brikps:65998 is not listed on IDEAS
    8. David M. Drukker, 2003. "Testing for serial correlation in linear panel-data models," Stata Journal, StataCorp LP, vol. 3(2), pages 168-177, June.
    9. Judson, Ruth, 1998. "Economic Growth and Investment in Education: How Allocation Matters," Journal of Economic Growth, Springer, vol. 3(4), pages 337-359, December.
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