Abstract

BONILLA CARDENAS, Santiago. Education and economic growth between 1975 and 2005: an application of the dynamic panel data model of Arellano and Bond. Soc. Econ. [online]. 2013, n.25, pp.255-273. ISSN 1657-6357.

The main goal of this paper is to test the hypothesis of some economic growth theories, according to which human capital accumulation affects positively a country's rate of economic growth. Using average years of schooling as a proxy for human capital and Arellano and Bond's (1991) methodology, the study is conducted on a panel of 62 countries, between the years 1975 and 2005. It is found that the total of average years of schooling, as well as the level of structural development and investment effort of a country, are significant in order to explain the rate of economic growth.

Keywords : Human Capital; Education; Economic Growth; Arellano-Bond.

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