Income convergence prospects in Europe: Assessing the role of human capital dynamics

Crespo Cuaresma, J., Hadettova, M., & Labaj, M. (2013). Income convergence prospects in Europe: Assessing the role of human capital dynamics. Economic Systems 37 (4) 493-507. 10.1016/j.ecosys.2013.02.004.

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We employ income projection models based on human capital dynamics in order to assess quantitatively the role that educational improvements are expected to play as a driver of future income convergence in Europe. We concentrate on income convergence dynamics between emerging economies in Central and Eastern Europe and Western European countries during the next 50 years. Our results indicate that improvements in human capital contribute significantly to the income convergence potential of European emerging economies. Using realistic scenarios, we quantify the effect that future human capital investment paths are expected to have in terms of speeding up the income convergence process in the region. The income projection exercise shows that the returns to education in terms of income convergence in Europe could be sizeable, although it may take relatively long for the poorer economies of the region to rip the growth benefits.

Item Type: Article
Uncontrolled Keywords: Economic growth; Income convergence; Human capital; Income projections; Europe; Emerging economies
Research Programs: World Population (POP)
Bibliographic Reference: Economic Systems; 37(4):493-507 (December 2013) (Published online 31 August 2013)
Depositing User: IIASA Import
Date Deposited: 15 Jan 2016 08:48
Last Modified: 27 Aug 2021 17:39

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