 Education-economic growth nexus in BRICS countries: does financial development matter?Kunofiwa Tsaurai International Journal of Education Economics and Development, 2017, vol. 8, issue 4, 250-265 Abstract: The paper explored education-finance-growth nexus in BRICS (Brazil, Russia, India, China, South Africa) using GMM approach with panel data (1994-2014). According to the endogenous growth theories, both human capital and financial development positively influence economic growth. However, studies that have investigated the complementarity between human capital and financial development in affecting economic growth are very scant. The few available are not specific on education in the finance-growth nexus. Instead, they focused on human capital which is quite broad and might not be helpful in crafting education-financial sector policies that enhance growth. The study observed that education expenditure positively but non-significantly influenced growth in all the seven models. Moreover, the positive impact of education expenditure interacted with different financial development indicators either increased or became significant. BRICS countries are therefore urged to increase expenditure towards education and at the same time deepen their financial systems in order to experience more growth. Keywords: education; growth; financial sector; BRICS; Brazil; Russia; India; China; South Africa. (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ids:ijeded:v:8:y:2017:i:4:p:250-265 Access Statistics for this article More articles in International Journal of Education Economics and Development from Inderscience Enterprises Ltd |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.