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Theoretical and Applied Economics
No. 4 / 2020 (625), Winter

Income-dependent impacts of financial development and human capital on economic growth. A non-stationary panel analysis

Ohio State University, USA
Ohio State University, USA

Abstract. We investigate the interdependency of financial development and human capital on economic development in a cross-country setting. We show that the impacts exhibit interesting variations across different income levels. In fact, human capital is the most important element in fostering economic growth in high-income countries, but its importance falls with the country’s income level. Financial development, however, is relatively more important for mid-income countries but does not seem to have a significant impact on high-income nations. We find that lowincome countries do not benefit as much from either one of these factors.

Keywords: economic growth, economic development, human capital, financial development, panel data, non-stationary panels.

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The Economicity. The Epistemic Landscape, Marin Dinu, 2016


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