Education, Trade Reform and Investment Returns

20 Pages Posted: 22 Jan 2001

See all articles by Vinod Thomas

Vinod Thomas

World Bank - Brazil

Yan Wang

Cornell University; African Development Bank


This paper explores whether education and openness together can improve the development impact of investment projects - based on what we know of the World Bank's lending experience in the past twenty years. A framework is then proposed for the link between education, openness and investment returns. Our empirical results show that formal education, coupled with openness to trade and investment, has a strong positive correlation with investment returns and project performance. Fiscal discipline and good governance raise investment project returns, and corruption hampers project performance.

JEL Classification: O10, O15, E22

Suggested Citation

Thomas, Vinod and Wang, Yan, Education, Trade Reform and Investment Returns. Available at SSRN: or

Vinod Thomas

World Bank - Brazil ( email )

1818 H Street NW
Washington, DC 20433
United States

Yan Wang (Contact Author)

Cornell University ( email )

Ithaca, NY 14853
United States

African Development Bank ( email )

Rue Joseph Anoma
Abidjan, Ivory Coast 01 BP 1387
Ivory Coast (Cote D'ivoire)

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