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Human Development:“Can money buy Happiness?â€

Benjamin Yamb () and Jean Louis Ekomane ()
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Benjamin Yamb: Advanced School of Economics and Commerce (ESSEC), University of Douala

Romanian Journal of Economics, 2019, vol. 49, issue 2(58), 31-49

Abstract: What is the relationship between the amount of money in circulation in an economy and the level of development of that economy? This is the question we seek to answer in this work. It falls within the scope of development monetary macroeconomics, applied to one hundred (100) countries selected among the 186 classified by the UNDP. This classification is done according to their Development index level, represented by the Human Development Index (HDI). For all these countries, we analyze the impact of money, measured by the macroeconomic liquidity ratio M2/GDP on HDI level. Empirical verification is based on data from the 2015 World Bank’s ranking. This aims at determining the meaning and degree of money impact on human being’s integral development. Our study finds that "money provides happiness" much more in poor countries than in rich ones, while this link is much more mitigated in emerging countries.

Keywords: money; Human Development Index; happiness; poor and rich countries; BRICS (search for similar items in EconPapers)
JEL-codes: E51 I31 O11 O15 O57 (search for similar items in EconPapers)
Date: 2019
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