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Human Capital and Economic Growth in Greece: Evidence from the Toda–Yamamoto Approach

Author

Listed:
  • Georgios Garafas

    (Department of Business Administration of Food and Agricultural Enterprises,University of Patras, Greece)

  • Ioannis Sotiropoulos

    (Department of Accounting and Finance, University of Ioannina, Greece)

  • Georgios Georgakopoulos

    (Department of Agricultural Economics and Development, Agricultural University of Athens, Greece)

Abstract
The current article attempts to investigate the causal relationship between human capital and economic growth in postwar Greece. For this purpose, we use annual time series data from 1952 to 2017 retrieved from the Penn World Table (PWT) version 9.1 and we apply the Toda –Yamamoto (1995) approach. Our findings indicate a one-way causality that runs fromhuman capital to economic growth. This is consistent with proposals that the Greek government, despite budget cuts due to the recent fiscal financial crisis, should focus its efforts on the development of human capital in order to achieve sustainable economic growth.

Suggested Citation

  • Georgios Garafas & Ioannis Sotiropoulos & Georgios Georgakopoulos, 2020. "Human Capital and Economic Growth in Greece: Evidence from the Toda–Yamamoto Approach," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 70(3-4), pages 6-11, July-Dece.
    • Handle: RePEc:spd:journl:v:70:y:2020:i:3-4:p:6-11
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    File URL: https://spoudai.unipi.gr/index.php/spoudai/article/download/2824/2710/2824-3719-1-SM
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Human Capital; Economic Growth; Toda-Yamamoto Approach; Greece;
    All these keywords.

    JEL classification:

    • I25 - Health, Education, and Welfare - - Education - - - Education and Economic Development
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes

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