ECONOMIC REFORMS, HUMAN CAPITAL, AND ECONOMIC GROWTH IN INDIA AND SOUTH KOREA: A COINTEGRATION ANALYSIS

Svitlana Maksymenko () and Mahbub Rabbani ()
Additional contact information
Mahbub Rabbani: Economic Consulting Miliman Inc.

Journal of Economic Development, 2011, vol. 36, issue 2, 39-59

Abstract: By employing a multivariate time series model, this study advances theoretical and empirical research on the role of economic reforms and human capital accumulation in the post-reform economic growth. We construct two indexes £­a human capital index and a composite economic reform index£­ and perform a cointegration analysis of a long-run equilibrium growth path in India and South Korea twelve years after the implementation of reform. The significant positive effect of human capital accumulation is revealed in both India and South Korea. The impact of economic reforms is found to be heterogeneous across countries: the effect is positive, significant, and sizable in South Korea, while it is negative and relatively small in India. This result is suggestive of different degrees of efficiency of reform measures implementation in two countries.

Keywords: Economic Growth; Human Capital; Economic Reforms; India; South Korea (search for similar items in EconPapers)
JEL-codes: O10 O15 O47 O53 (search for similar items in EconPapers)
Date: 2011
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (17)

Downloads: (external link)
http://www.jed.or.kr/full-text/36-2/3.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:jed:journl:v:36:y:2011:i:2:p:39-59

Access Statistics for this article

Journal of Economic Development is currently edited by Sung Y. Park

More articles in Journal of Economic Development from Chung-Ang Unviersity, Department of Economics Contact information at EDIRC.
Bibliographic data for series maintained by Sung Y. Park ().