Applying Panel Vector Autoregression to Institutions, Human Capital, and Output

27 Pages Posted: 3 Mar 2015

See all articles by Ryan Murphy

Ryan Murphy

Southern Methodist University (SMU)

Colin O'Reilly

Creighton University

Date Written: March 1, 2015

Abstract

We apply System GMM and Panel Vector Autoregression (PVAR) to investigate the long run relationships between output, human capital, liberalized political institutions, and liberalized economic institutions. We find consistent evidence that economic institutions and human capital both greatly contribute to output. We also find, however, that political institutions typically have no discernable effect. We believe our methodology provides basis for the existence of causal relationships.

Keywords: Economic Growth, Political Institutions, Economic Institutions, Human Capital

JEL Classification: O43

Suggested Citation

Murphy, Ryan and O'Reilly, Colin, Applying Panel Vector Autoregression to Institutions, Human Capital, and Output (March 1, 2015). Available at SSRN: https://ssrn.com/abstract=2572059 or http://dx.doi.org/10.2139/ssrn.2572059

Ryan Murphy (Contact Author)

Southern Methodist University (SMU) ( email )

6212 Bishop Blvd.
Dallas, TX 75275
United States

Colin O'Reilly

Creighton University ( email )

2500 California St.
Omaha, NE 68178
United States

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