Infrastructure, Human Capital Development and Economic Growth in Transitional Countries

Kunofiwa Tsaurai; Adam Ndou

doi:10.2478/cer-2019-0003

Autor

Kunofiwa Tsaurai South Africa, Pretoria, Risk Management and Banking, Department of Finance, University of South Africa
Adam Ndou South Africa, Pretoria, Risk Management and Banking, Department of Finance, University of South Africa

DOI:

https://doi.org/10.2478/cer-2019-0003

Słowa kluczowe:

kapitał ludzki, infrastruktura, gospodarki przechodzące transformację, metoda uogólnionych momentów (dynamic GMM)

Abstrakt

W niniejszym opracowaniu poddano analizie wpływ rozwoju infrastruktury i kapitału ludzkiego na wzrost gospodarczy w gospodarkach przechodzących proces transformacji. Zbadano również, czy interakcje między rozwojem infrastruktury a rozwojem kapitału ludzkiego przyczyniły się do wzrostu gospodarczego w tych gospodarkach. Mimo że literatura przedmiotu obejmuje wiele opracowań, poświęconych zbadaniu odrębnego wpływu rozwoju infrastruktury i rozwoju kapitału ludzkiego na wzrost gospodarczy, to jednak żadne ze znanych autorowi badań nie było poświęcone próbie kapitału ludzkiego sprzyjają wzrostowi gospodarczemu. W badaniu wykorzystano głównie uogólnione metody momentów (dynamic panel GMM) autorstwa Arellano i Bonda (1995), które uwzględniają dynamiczny charakter danych dotyczących wzrostu gospodarczego i rozwiązują problemy endogeniczności normalnie związane z funkcjami regresji wzrostu gospodarczego. Metody analizy danych panelowych, takie jak metoda najmniejszych kwadratów (pooled OLS) oraz metody z efektami stałymi i losowymi zostały użyte do celów porównawczych i przeprowadzenia testów odporności. Zgodnie z dynamicznym podejściem opartym na uogólnionych metodach momentów (GMM), interakcje między rozwojem infrastruktury a rozwojem kapitału ludzkiego przyczyniły się do zwiększenia wzrostu gospodarczego w gospodarkach przechodzących transformację, zgodnie z przewidywaniami teoretycznymi i empirycznymi. Metoda z efektami losowymi i metoda najmniejszych kwadratów (pooled OLS) pokazują, że interakcje między rozwojem infrastruktury a rozwojem kapitału ludzkiego miały szkodliwy wpływ na wzrost gospodarczy, natomiast zgodnie z metodą z efektami stałymi interakcje między tymi dwiema zmiennymi miały niewielki pozytywny wpływ na wzrost gospodarczy w gospodarkach przechodzących transformację. Biorąc pod uwagę, że wyniki otrzymane metodą uogólnionych momentów (GMM) są uważane za dokładniejsze ze względu na możliwość uwzględnienia problemu endogeniczności i dynamiczny charakter danych dotyczących wzrostu gospodarczego, z niniejszego badania wynika zalecenie, aby gospodarki przechodzące transformację wdrożyły polityki, które wspierają rozwój kapitału ludzkiego w celu zwiększenia zdolności rozwoju infrastruktury do wpływania na wzrost gospodarczy. Przyszłe badania powinny obejmować nie tylko jeden (rozwój kapitału ludzkiego), ale wszystkie warunki, które muszą być spełnione aby rozwój infrastruktury mógł przyczynić się do osiągnięcia korzyści ekonomicznych.

Pobrania

Brak dostępnych danych do wyświetlenia.

Bibliografia

Abel, S. and Le Roux, P. (2016), Determinants of banking sector profitability in Zimbabwe, ‘International Journal of Economics and Financial Issues’, 6 (3), pp. 845–854.
Google Scholar

Adu, G., Marbuah, G. and Mensah, J.T. (2013), Financial development and economic growth in Ghana: does the measure of financial development matter?, ‘Review of Development Finance’, 3, pp. 192–203.
Google Scholar

Ajakaiye, O. and Ncube, M. (2010), Infrastructure and economic development in Africa: an overview, ‘Journal of African Economics’, 19 (1), pp. 3–12.
Google Scholar

Anochiwa, L.I. and Maduka, A. (2014), Human capital, infrastructure and economic growth in Nigeria: an empirical evidence, ‘Journal of Electrical and Electronics Engineering’, 9 (4), pp. 1–6.
Google Scholar

Arellano, M. and Bond, S. (1995), Another look at the instrumental variable estimators of error‑component models, ‘Journal of Econometrics’, 68 (1), pp. 29–52.
Google Scholar

Banerjee, A., Duflo, E. and Qian, N. (2012), On the road: access to transportation infrastructure and economic growth in China, National Bureau of Economic Research, Working paper No. 17897.
Google Scholar

Batuo, M.E. (2015), The role of telecommunications infrastructure in the regional economic growth of Africa, ‘The Journal of Developing Areas’, 49 (1), pp. 313–330.
Google Scholar

Buys, P., Deichmann, U. and Wheeler, D. (2010), Road network upgrading and overland trade expansion in Su‑Saharan Africa, ‘Journal of African Economics’, 19 (3), pp. 399–432.
Google Scholar

Calderon, C. and Serven, L. (2010), Infrastructure and economic development in Sub‑Saharan Africa, ‘Journal of African Economics’, 19 (1), pp. 13–87.
Google Scholar

Cantu, C. (2017), Mexico’s economic infrastructure: international benchmark and its impact on growth, ‘Journal of Economic Structures’, 6 (33), pp. 1–26.
Google Scholar

Cavusgil, S.T., Ghauri, P.N. and Akcal, A.A. (2013), Doing business in emerging markets. Sage Publications, 2nd Edition.
Google Scholar

Chang, R., Kaltani, L. and Loayza, N.V. (2009), Openness can be good for growth: the role of policy complementaries, ‘Journal of Development Economics’, 90 (1), pp. 33–49.
Google Scholar

Chirwa, T.G. and Odhiambo, N.M. (2016), The drivers of real sector growth in Malawi: an empirical investigation, UNISA Economic Research, working paper No. 3.
Google Scholar

Crescenzi, R. and Rodriguez‑Pose, P. (2012), Infrastructure and regional growth in the European Union, Papers in Regional Science, 91 (3), pp. 487–615.
Google Scholar

Daido, K. and Tabata, K. (2013), Public infrastructure, production organization, and economic development, ‘Journal of Macroeconomics’, 38, pp. 330–346.
Google Scholar

Donou‑Adonsou, F. and Lim, S. (2016), Technological progress and economic growth in Sub‑Saharan Africa: evidence from telecommunications infrastructure, ‘International Advancement of Economic Research’, 22, pp. 65–75.
Google Scholar

Farhadi, M. (2015), Transport infrastructure and long‑run economic growth in OECD countries, ‘Transportation Research Part A’, 74 (April), pp. 73–90.
Google Scholar

Frone, S. and Fone, D.F. (2014), Challenges in analyzing correlation between water infrastructure and economic development, ‘Procedia Economics and Finance’, 10, pp. 197–206.
Google Scholar

Gui‑Diby, S.L. (2014), Impact of foreign direct investments on economic growth in Africa: evidence from three decades of panel data analyses, ‘Research in Economics’, 68, pp. 248–256.
Google Scholar

Huchet‑Bourdon, M., Mouel, C.L. and Vijil, M. (2018), The relationship between trade openness and economic growth: some new insights on the openness measurement issue, ‘The World Economy’, 41, pp. 59–76.
Google Scholar

Im, K.S., Pesaran, M.H. and Shin, Y. (2003), Testing unit roots in heterogeneous panels, ‘Journal of Econometrics’, 115 (1), pp. 53–74.
Google Scholar

International Monetary Fund. 2015, World Economic Outlook: Adjusting to Lower Commodity Prices, Washington (October).
Google Scholar

Jagadeesh, D. (2015), The impact of savings in economic growth: an empirical study based on Botswana, ‘International Journal of Research in Business Studies and Management’, 2 (9), pp. 10–21.
Google Scholar

Jiang, H. and Liu, C. (2014), A panel vector error correction approach to forecasting demand in regional construction markets, ‘Construction Management and Economics’, 32 (12), pp. 1205–1221.
Google Scholar

Jiang, X., He, X., Zhang, L., Qin, H. and Shao, F. (2017), Multimodal transportation infrastructure investment and regional economic development: a structural equation modelling empirical analysis in China from 1986 to 2011, ‘Transport Policy’, 54 (February), pp. 43–52.
Google Scholar

Jorgenson, D.W. (1963), Capital theory and investment behavior, ‘The American Economic Review’, 53 (2), pp. 247–259.
Google Scholar

Keynes, J.M. (1936), The general theory of employment, interest and money, New York: Harcourt, Brace and Co.
Google Scholar

Kodongo, O. and Ojah, K. (2016), Does infrastructure really explain economic growth in Sub‑Saharan Africa?, ‘Review of Development Finance’, 6 (December), pp. 105–125.
Google Scholar

Korkmaz, S. (2013), The effect of exchange rate on economic growth, Conference paper Oct 2013.
Google Scholar

Kumari, A. and Sharma, A.K. (2017), Physical & social infrastructure in India & its relationship with economic development, ‘World Development Perspectives’, 5 (March), pp. 30–33.
Google Scholar

Kusharjanto, H. and Kim, D. (2011), Infrastructure and human development: the case of Java, ‘Indonesia, Journal of the Asia Pacific Economy’, 16 (1), pp. 111–124.
Google Scholar

Levine, R., Loayza, N. and Beck, T. (2000), Financial intermediation and growth: Causality and causes, ‘Journal of Monetary Economics’, 46 (1), pp. 31–77.
Google Scholar

Levin, A., Lin, C.F. and Chu, C.S.J. (2002), Unit root tests in panel data: Asymptotic and finite‑sample properties, ‘Journal of Econometrics’, 108 (1), pp. 1–24.
Google Scholar

Mahembe, E. and Odhiambo, N.M. (2014), Foreign direct investment and economic growth: a theoretical framework, ‘Journal of Governance and Regulation’, 3 (2), pp. 63–70.
Google Scholar

Matalqah, M.M. and Warad, T.M. (2017), The impact of telecom infrastructure on the economic growth: the case of oil‑producing and non‑oil producing Arab countries, ‘International Journal of Economics and Financial Issues’, 7 (3), pp. 423–428.
Google Scholar

Meersman, H. and Nazemzadeh, M. (2017), The contribution of transport infrastructure to economic activity: the case of Belgium, ‘Case studies on Transport Policy’, 5 (2), pp. 316–324.
Google Scholar

Miftahu, I. and Rosni, B. (2017), The relationship between inflation and economic growth in Nigeria: a conceptual approach, ‘Asian Research Journal of Arts & Social Sciences’, 3 (1), pp. 1–15.
Google Scholar

Pietak, L. (2014), Review of theories and models of economic growth, ‘Comparative Economic Research’, 17 (1), pp. 46–60.
Google Scholar

Pradhan, J.P. and Abraham, V. (2002), Does human development policy matter for economic growth? Evidence from Indian states, ‘South Asia Economic Journal’, 3 (1), pp. 78–93.
Google Scholar

Pradhan, R.P. and Bagchi, T.P. (2012), Effect of transportation infrastructure on economic growth in India: the VECM approach, ‘Research in Transportation Economics’, 38 (1), pp. 139–148.
Google Scholar

Pradhan, R.P., Arvin, M.B., Norman, N.R. and Bele, S.K. (2014), Economic growth and the development of telecommunications infrastructure in the G–20 countries: a panel‑VAR approach, ‘Telecommunications Policy’. 38, pp. 634–649.
Google Scholar

Prud’homme, R. (2004), Infrastructure and development, Annual Bank Conference on Development Economics, Washington DC.
Google Scholar

Redding, S.J and Turner, M.A. (2014), Transportation costs and the spatial organisation of economic activity, National Bureau of Economic Research, Working paper No. 20235.
Google Scholar

Rodriguez‑Pose, A. Psycharies, Y. and Tselios, V. (2012), Public investment and regional growth and convergence: evidence from Greece, ‘Papers in Regional Science’, 91 (3), pp. 543–568.
Google Scholar

Sahin, O., Can, N. and Demirbas, E. (2014), The effects of infrastructure determinants on economic growth: European Union sample, ‘Eurasian Journal of Business and Economics’, 7 (13), pp. 11–27.
Google Scholar

Sahoo, P. (2006), Foreign direct investment in South Asia: policy, trends, impact and determinants, ABD Institute, Discussion Paper No. 56.
Google Scholar

Sahoo, P. and Dash, R.J. (2012), Economic growth in South Asia: role of infrastructure, ‘The Journal of International Trade & Economic Development’, 21 (2), pp. 217–252.
Google Scholar

Sahoo, P., Dash, R.K. and Nataraj, G. (2012), China’s growth story: the role of physical and social infrastructure, ‘Journal of Economic Development’, 37 (1), pp. 53–75.
Google Scholar

Shabani, Z.D. and Safaie, S. (2018), Do transport infrastructure spillovers matter for economic growth? Evidence on road and railway transport infrastructure in Iranian provinces, ‘Regional Science Policy and Practice’, 10, pp. 49–63.
Google Scholar

Shafiq, M.N. (2007), Household schooling and child labour decisions in rural Bangladesh, ‘Journal of Asian Economics’, 18, pp. 946–966.
Google Scholar

Shi, Y., Guo, S. and Sun, P. (2017), The role of infrastructure in China’s regional economic growth, ‘Journal of Asian Economics’, 49 (April), pp. 26–41.
Google Scholar

Stead, R. (1996), Foundation quantitative methods for business, Prentice Hall. England.
Google Scholar

Straub, S. (2007), Infrastructure: recent advances and research challenges (unpublished manuscript).
Google Scholar

Taiwo, A. and Olayemi, S.O. (2015), Re‑examine foreign direct investment and economic growth: Panel co‑integration and causality tests for sub‑Saharan African countries, ‘International Area Studies Review’, 18 (1), pp. 73–86.
Google Scholar

Turan, G. and Gjergji, O. (2014), What is the impact of savings on growth? The case of a small open economy (Albania), ‘Mediterranean Journal of Social Sciences’, 5 (13), pp. 360–368.
Google Scholar

Wooldridge, J.M. (2002), Econometric analysis of cross section and panel data, Cambridge MA: MIT Press.
Google Scholar

Wu, J., Deng, Y., Huang, J., Morck, R. and Yeung, B. (2013), Incentives and outcomes: China’s environmental policy, National Bureau of Economic Research, Working paper No. 18754.
Google Scholar

Zahonogo, P. (2016), Trade and economic growth in developing countries: evidence from sub‑Saharan Africa, ‘Journal of African Trade’, 3, pp. 41–56.
Google Scholar

Zheng, D. and Kuroda, T. (2013), The role of public infrastructure in China’s regional inequality and growth: a simultaneous equations approach, ‘The Developing Economies’, 1 (March 2013), pp. 79–109.
Google Scholar