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Volatilities of Investment in Human Capital on Iran?s Economic Growth: A Bound Testing approach and GARCH Mod

Author

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  • Mosayeb Pahlavani

    (University of Sistan and Baluchestan)

Abstract

In this study, we investigated the effect of "volatility" of investment in human capital on Iran?s economic growth, such that the government expenditure on educational and R & D budget have been replaced as proxies of human capital variable. Volatility of government expenditure on education and volatility in research and development budget have been estimated using the Generalize Autoregressive Conditional Heteroskedasticity (GARCH) Models. Coefficients of the short term and long term are estimated using Auto-Regressive Distributed Lag (ARDL) pattern. The results indicate that the costs of educational and R & D budget have a positive effect on economic growth, but the effect of volatility in these variables on economic growth is negative and significant. More addition, the effect of long term coefficients is more than the short term. Therefore, to achieve a high growth rate, development of human capital and its continuation is essential.

Suggested Citation

  • Mosayeb Pahlavani, 2015. "Volatilities of Investment in Human Capital on Iran?s Economic Growth: A Bound Testing approach and GARCH Mod," Proceedings of International Academic Conferences 2805335, International Institute of Social and Economic Sciences.
    • Handle: RePEc:sek:iacpro:2805335
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    File URL: https://iises.net/proceedings/19th-international-academic-conference-florence/table-of-content/detail?cid=28&iid=107&rid=5335
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    More about this item

    Keywords

    Human capital; Volatility; R&D; expenditure on education; Economic growth;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • H52 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Education

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