Human Capital Convergence: A Joint Estimation Approach
International Monetary Fund (IMF) - Middle East and Central Asia Department
Stephen C. Smith
George Washington University - Department of Economics
IMF Staff Papers, Vol. 49, No. 2, 2002
Abstract: In the growth literature, evidence on convergence of per capita incomes is mixed. In the development literature, health and education indicators are often used to measure countries' development progress. This study examines whether average stocks of health and education are converging across countries and calculates the speed of their convergence using data from 84 countries for 197090. A three-stage least-squares (3SLS) procedure is used in a joint analysis of human capital convergence. The results confirm that investments in education and health are closely linked. The study finds unconditional convergence for life expectancy and infant survival, and for the stock of education as measured by average levels of total and secondary schooling in the adult population.
Keywords: human capital, convergence, developing countries
JEL Classification: O15, O4, J24, I19Accepted Paper Series
Date posted: July 30, 2010
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