DOES FORMAL EDUCATION AT ALL LEVELS CAUSE ECONOMIC GROWTH? EVIDENCE FROM GREECE

Panagiotis Pegkas and Constantinos Tsamadias
Additional contact information
Constantinos Tsamadias: Department of Home Economics and Ecology, School of Environment, Geography and Applied Economics, Harokopio University, Athens, Greece

Review of Economic and Business Studies, 2015, issue 15, 9-32

Abstract: This study empirically investigates the link between the levels of formal education and economic growth in Greece during the period 1960-2009. The paper applies the Lucas approach (1988) and employs cointegration, error-correction models and estimates the effect of each educational level on economic growth. The empirical analysis reveals that there is a long-run relation between educational levels and gross domestic product. The overall results show that secondary and higher education has had a statistically significant positive impact on growth, while primary has not contributed to economic growth. The findings also suggest that there is evidence of unidirectional long-run causality running from primary education to growth, bidirectional long-run causality between secondary and growth, long-run and short-run causality running from higher education to economic growth.

Keywords: formal education levels; human capital; enrolment rates; economic growth; VAR; Greece (search for similar items in EconPapers)
JEL-codes: I21 I25 O40 O41 O47 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://rebs.feaa.uaic.ro/articles/pdfs/188.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aic:revebs:y:2015:j:15:pegkasp

Access Statistics for this article

More articles in Review of Economic and Business Studies from Alexandru Ioan Cuza University, Faculty of Economics and Business Administration Contact information at EDIRC.
Bibliographic data for series maintained by Sireteanu Napoleon-Alexandru ().