Income-dependent impacts of financial development and human capital on economic growth. A non-stationary panel analysis

Mohsen Mohaghegh and A.S. Valipour
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Mohsen Mohaghegh: Ohio State University, USA
A.S. Valipour: Ohio State University, USA

Theoretical and Applied Economics, 2020, vol. XXVII, issue 4(625), Winter, 263-274

Abstract: We investigate the interdependency of financial development and human capital on economic development in a cross-country setting. We show that the impacts exhibit interesting variations across different income levels. In fact, human capital is the most important element in fostering economic growth in high-income countries, but its importance falls with the country’s income level. Financial development, however, is relatively more important for mid-income countries but does not seem to have a significant impact on high-income nations. We find that lowincome countries do not benefit as much from either one of these factors.

Keywords: economic growth; economic development; human capital; financial development; panel data; non-stationary panels. (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:agr:journl:v:4(625):y:2020:i:4(625):p:263-274

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