期刊名称：International Journal of Business Administration
印刷版ISSN：1923-4007
电子版ISSN：1923-4015
出版年度：2020
卷号：11
期号：4
页码：98-114
DOI：10.5430/ijba.v11n4p98
出版社：Sciedu Press
摘要：This paper proposes a reinterpretation of Lucas endogenous growth model (1988), once we add an institutional component as one of its determinants. Firstly, the paper develops a theoretical model that links human capital and institutions. Our modelling strategy establishes the human capital accumulation function as being derived from an endogenous process in which the institutional performance is a booster for the economy’s growth. The essay uses a 40–country panel data of the years 2000, 2005 and 2010 and implements a Pooled Ordinary Least Squares (POLS) analysis – alongside instrumental variables (IV) – aiming to validate empirically the model proposed. We verify that Lucas’ model overestimates the human capital contribution as we evaluate the significant impact that economic and political institutions have on the capability of human capital foment growth. Additionally, our estimations also suggest that human capital is, effectively, institutionally driven and works as a channel for the institutions.
关键词：political institutions; economic institutions; human capital; endogenous growth
