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Education Quality and Economic Growth: A New International Measure of Quality of Education

Author

Listed:
  • Hammed Musibau
  • Joaquin Vespignani
  • Maria Belen Yanotti

Abstract

This paper explores the impact of education quality on economic growth in 37 OECD countries. We developed a new dataset that combines mixed-frequency data, including low-frequency data (every three years) from the Programme for International Student Assessment (PISA) and annual data from the World Development Indicators (WDI), covering the period from 2000 to 2018. Our study investigates the relationship between education quality and economic growth. We found that a 1% increase in educational quality contribute to an annual economic growth rate of 2.8%. This result is significantly higher than previous research, which, based on cross-sectional PISA data, reported growth rates ranging from 0.4% to 2.3%.

Suggested Citation

  • Hammed Musibau & Joaquin Vespignani & Maria Belen Yanotti, 2024. "Education Quality and Economic Growth: A New International Measure of Quality of Education," CAMA Working Papers 2024-72, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    • Handle: RePEc:een:camaaa:2024-72
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    File URL: https://cama.crawford.anu.edu.au/sites/default/files/publication/cama_crawford_anu_edu_au/2024-12/72_2024_musibau_vespignani_yanotti_0.pdf
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    More about this item

    Keywords

    economic growth; education quality; PISA data;
    All these keywords.

    JEL classification:

    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • F64 - International Economics - - Economic Impacts of Globalization - - - Environment
    • C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models

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