Human capital, age structure and growth fluctuations

Crespo Cuaresma, J. & Mishra, T. (2011). Human capital, age structure and growth fluctuations. Applied Economics 43 (28) 4311-4329. 10.1080/00036846.2010.491453.

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Abstract

This article assesses the empirical relationship between per capita income growth fluctuations and the age-structured human capital variations across four groups of geographically clustered developed and developing countries from spatial perspective. We estimate a spatial Vector Autoregressive (VAR) model of income dynamics where the distance between countries is defined on relational space based on their similarity in appropriation tendency of human capital in the production processes. These distances are computed using a newly developed human capital data set which fully characterizes the demographic structure of human capital, and thus underlines the joint relevance of demography and human capital in economic growth. Spatial effects on growth interdependence and complementarity are then explored with respect to the proposed distance metrics. Our results imply that significant cross-country growth interdependence based on human capital distances exists among defined country groups suggesting the need for a cooperative policy programme among them. We also find that the relationship between economic growth and human capital is highly nonlinear as a function of the proposed human capital distance.

Item Type:	Article
Research Programs:	World Population (POP)
Bibliographic Reference:	Applied Economics; 43(28):4311-4329 (November 2011) (Published online 2 Feb 2011)
Depositing User:	IIASA Import
Date Deposited:	15 Jan 2016 08:45
Last Modified:	27 Aug 2021 17:39
URI:	https://pure.iiasa.ac.at/9520

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