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

  • Tiago Neves Sequeira

    ()

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

  • Nuno Ferraz

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

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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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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  1. M. Portela & C.N. Teulings & R. Alessie, 2004. "Measurement Error in Education and Growth Regressions," Working Papers 04-14, Utrecht School of Economics.
  2. Barro, R. & Mankiw, G., 1992. "Capital Mobility in Neoclassical Models of Growth," Harvard Institute of Economic Research Working Papers 1615, Harvard - Institute of Economic Research.
  3. 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.
  4. Temple, Jonathan, 1999. "A positive effect of human capital on growth," Economics Letters, Elsevier, vol. 65(1), pages 131-134, October.
  5. 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.
  6. Robert Tamura, 2002. "Human capital and economic development," Working Paper 2002-5, Federal Reserve Bank of Atlanta.
  7. Lee, J.-W. & Barro, R.J., 1998. "Schooling Quality in a Cross Section of Countries," Papers 659, Harvard - Institute for International Development.
  8. 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.
  9. 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.
  10. 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.
  11. 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.
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