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Modelling Linkage of Globalization and Financial Development to Human Development in CLMV Region

Theara Chhorn and Dina Chhorn

MPRA Paper from University Library of Munich, Germany

Abstract: Several existing theories emphasize the strong positive effects of globalization and financial development on human development, either because of the rising economic welfare and the higher productivity of workers generating from increasing skill specialization or because financial development will create an increase of investment in education which is the major source of economic growth and human development. We show that there is no such a huge promise in the case of CLMV countries. The globalization and financial development does unquestionably generate statistically positive impact but with a small magnitude. We suggest that this informative finding reflects the rapid increase of globalization and financial development in CLMV countries ameliorating significantly only human development of urban population but decreasing for rural population. This indicates the benefits of globalizing forces concentrate in urban region where the huge majority of CLMV population are living in rural area.

Keywords: Financial Development; Globalization; Human Development; Analysis of Economic Significance; CLMV Region (search for similar items in EconPapers)
JEL-codes: C1 C3 C33 C4 F6 G0 O1 O15 (search for similar items in EconPapers)
Date: 2017-09-31, Revised 2017-11-01
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