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Economic reforms, human capital, and economic growth in India and South Korea : A cointegration analysis

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  • Economic reforms, human capital, and economic growth in India and South Korea
  • Maksymenko, Svitlana; Rabbani, Mahbub
  • Chung-Ang University(Economic Research Institute)


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Title Economic reforms, human capital, and economic growth in India and South Korea
Similar Titles
Sub Title

A cointegration analysis

Material Type Articles
Author(English)

Maksymenko, Svitlana; Rabbani, Mahbub

Publisher

[Seoul]:Chung-Ang University(Economic Research Institute)

Date 2011-06
Journal Title; Vol./Issue Journal of Economic Development:vol. 36(no. 2)
Subject Country India(Asia and Pacific)
South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Economy < Economic Administration
Social Development < Health
Social Development < Education
Holding Chung-Ang University

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.