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El efecto del capital humano sobre el crecimiento: ¿ Importa el periodo muestral?

  • Simón Sosvilla-Rivero
  • Javier Alonso Meseguer

This paper presents the results of an empirical estimation of a production function that includes human capital for the Spanish economy using annual data covering the 1910-1995 period. Using recent cointegration techniques that allow the existence of long-run equilibrium relationships when it is not known with certainty whether the regressors are purely I(o), purely I(1) or mutually cointegrated, we obtain a positive, but not significant coefficient for human capital. Nevertheless, a test for structural test in the long-run relationship does find evidence of structural change in 1964. Therefore, we test for cointegration also for the 1910-1964 and 1965-1995 sub-periods. For the latter, the results suggest the existence of a long-run relationship among output, physical capital, human capital and labour, being all the estimated coefficients positive and statistically significant.

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Paper provided by FEDEA in its series Working Papers with number 2003-22.

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Handle: RePEc:fda:fdaddt:2003-22
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  11. Ruth Judson, 1996. "Do low human capital coefficients make sense? A puzzle and some answers," Finance and Economics Discussion Series 96-13, Board of Governors of the Federal Reserve System (U.S.).
  12. Sanghoon Ahn & Philip Hemmings, 2000. "Policy Influences on Economic Growth in OECD Countries: An Evaluation of the Evidence," OECD Economics Department Working Papers 246, OECD Publishing.
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