Is Education prejudiced by Country-Risk? A Panel-Data Study using Attainment Data and Country-Risk as a Rational Expectation

Tiago Sequeira and Nuno Ferraz
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Nuno Ferraz: Departamento de Gestão e Economia, Universidade da Beira Interior

Working Papers de Gestão, Economia e Marketing (Management, Economics and Marketing Working Papers) from Universidade da Beira Interior, Departamento de Gestão e Economia (Portugal)

Abstract: We consider country-risk as a determinant of education growth in a large cross-section of countries observed through time. Applying cross-country dynamic panel data estimations, we show that country-risk influences the education output growth negatively. This contributes to the literature on the educational production function, as it adds a robust determinant of that function. Among country-risks, economic risk is the most influential and among economic risks, economic growth, socioeconomic conditions and, mostly surprising, budget balance have the highest effects. This is a very robust empirical result and indicates that politicians should endeavor to decrease country-risk in order to enhance education.

Keywords: Education; Country-Risk; Economic Growth (search for similar items in EconPapers)
JEL-codes: I21 O15 O17 O50 (search for similar items in EconPapers)
Pages: 23 pages
Date: 2008
New Economics Papers: this item is included in nep-edu
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