The "farthest" need the best. Human capital composition and development-specific economic growth
We provide robust and compelling evidence of the marked impact of tertiary education on the economic growth of less developed countries and of its the relatively smaller impact on the growth of developed ones. Our results argue in favor of the accumulation of high skill levels especially in technologically under-developed countries and, contrary to common wisdom, independently of the fact that these economies might initially produce low(er)-technology goods or perform technology imitation. Our results are robust to the different measures used in proxying human capital and to the adjustments made for cross-country differences in the quality of education. Country-specific institutional quality, as well as other indicators including legal origin, religious fractionalization and openness to trade have been used to control for the robustness of the results. These factors are also shown to speed up technology convergence thereby confirming previous empirical studies. Our estimates tackle problems of endogeneity by adopting a variety of techniques, including instrumental variables (for both panel and cross-section analyses) and the two-step efficient dynamics system GMM.
|Date of creation:||Oct 2011|
|Date of revision:||Oct 2011|
|Contact details of provider:|| Postal: Diagonal 690-696, 08034 Barcelona|
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Web page: http://www.ub.edu/irea/
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Federal Reserve Bank of San Francisco, issue Nov.
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"Distance to Frontier, Selection, and Economic Growth,"
NBER Working Papers
9066, National Bureau of Economic Research, Inc.
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- Mansfield, Edwin & Schwartz, Mark & Wagner, Samuel, 1981. "Imitation Costs and Patents: An Empirical Study," Economic Journal, Royal Economic Society, vol. 91(364), pages 907-18, December.
- Michelle P. Connolly & Diego Valderrama, 2005. "North-South technological diffusion and dynamic gains from trade," Working Paper Series 2004-24, Federal Reserve Bank of San Francisco.
- Manca, Fabio, 2010. "Technology catch-up and the role of institutions," Journal of Macroeconomics, Elsevier, vol. 32(4), pages 1041-1053, December.
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