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Do economic reforms and human capital explain post-reform growth?

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  • Mahbub Rabbani
  • Svitlana Maksymenko

Abstract

By employing a conventional production function, this study advances theoretical and empirical research on the role of economic reforms and human capital on the post-reform economic growth. We construct two unique indices - a composite economic reform index and a human capital index - to perform a comparative analysis of a panel data model and to demonstrate that human capital and economic reforms have had a significant positive effect on economic growth in India and South Korea in the post-reform period. This positive effect is revealed in both contemporaneous and lagged estimations. The impact of reforms is found to be much stronger in South Korea than in India. This study also demonstrates the importance of time-invariant country-specific characteristics, and suggests that policies aimed to improve human capital accumulation have complementary effects on the efficacy of economic reforms.

Suggested Citation

  • Mahbub Rabbani & Svitlana Maksymenko, 2011. "Do economic reforms and human capital explain post-reform growth?," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 4(1), pages 9-34.
    • Handle: RePEc:taf:macfem:v:4:y:2011:i:1:p:9-34
    DOI: 10.1080/17520843.2011.548593
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    Cited by:

    1. Svitlana Maksymenko & Mahbub Rabbani, 2011. "Economic Reforms, Human Capital, And Economic Growth In India And South Korea: A Cointegration Analysis," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 36(2), pages 39-59, June.
    2. Balatsky, E., 2021. "Institutional reforms and human capital," Journal of the New Economic Association, New Economic Association, vol. 51(3), pages 103-124.

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