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The Impact Of Education And Health On Economic Growth: Evidence From Romania (1980-2011)

Author

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  • Murat CETIN

    (Bozok University, Faculty of EconomicsandAdministrativeSciences, Department of Economics, Yozgat/Turkey)

  • Ibrahim DOGAN

    (Bozok University, Faculty of EconomicsandAdministrativeSciences, Department of Economics, Yozgat/Turkey.)

Abstract

This paper aims at investigating the impact of education and health on economic growth by incorporating energy consumption as an important factor of production function in case of Romania during the period 1980-2011. Using ARDL bounds testing and Johansen-Juselius approaches for cointegration, the results show that the variables are cointegrated. In addition, economic growth is mainly determined by health, energy consumption and education in the long-run. Using Toda-Yamamoto causality test, the results show that there is a long-run causation linkage running from health and energy consumption to economic growth. Therefore, this paper provides an empirical evidence that supports human capital-based growth hypothesis. The findings reveal some policy implications for Romania.

Suggested Citation

  • Murat CETIN & Ibrahim DOGAN, 2015. "The Impact Of Education And Health On Economic Growth: Evidence From Romania (1980-2011)," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 133-147, June.
    • Handle: RePEc:rjr:romjef:v::y:2015:i:2:p:133-147
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    References listed on IDEAS

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    More about this item

    Keywords

    human capital; economic growth; cointegration; causality; Romania;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • I15 - Health, Education, and Welfare - - Health - - - Health and Economic Development
    • I25 - Health, Education, and Welfare - - Education - - - Education and Economic Development

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