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Article
Publication date: 22 June 2021

Muhammad Ali, Syed Ali Ali Raza, Chin-Hong Puah and Shamim Samdani

This research aims to explain the effect of financial indicators and economic growth on human capital in low-income countries.

Abstract

Purpose

This research aims to explain the effect of financial indicators and economic growth on human capital in low-income countries.

Design/methodology/approach

We gathered balanced panel data from 1980 to 2016 over a sample of 12 low-income countries categorized by World Development Indicators. The data stationary properties were analyzed by unit root test while the existence of a long-run relationship among the variables was confirmed by cointegration test. We performed Hausman test to differentiate between the fixed effect and random effect model. The sensitivity analysis confirmed the robustness of the results.

Findings

Our findings indicated that broad money supply and private sector credit has a positive and significant impact on human capital. Interestingly, bank credit showed a negative and significant effect on human capital. We also found a significant positive relationship between human capital and economic growth in the study sample.

Originality/value

This is a preliminary study using financial development and human capital in low-income countries with panel econometric techniques as an analysis tool. Overall, we suggest a policy to focus on the financial sector development and economic growth to produce sustainable human capital.

Details

International Journal of Social Economics, vol. 48 no. 10
Type: Research Article
ISSN: 0306-8293

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Book part
Publication date: 26 July 2014

Eduardo Fayos-Solà, Laura Fuentes Moraleda and Ana Isabel Muñoz Mazón

Previously disregarded factors are now included in development theory and practice. A narrow understanding of capital has had profound effects on development as well as on…

Abstract

Previously disregarded factors are now included in development theory and practice. A narrow understanding of capital has had profound effects on development as well as on tourism policy and governance. In this framework, purpose-designed tourism for development has been the exception. Contemporary ideas of other forms of capital playing a key role in a broader concept of development are examined, specifically the central function of human and social-institutional capital. Human capital is seen in the light of capabilities, attributes, and knowledge possessed by individuals. Social-institutional capital may empower individuals as it refers to the value of trust and cooperation deriving from formal and informal sets of behavioral rules. This chapter clarifies the foundations of tourism as an instrument for development if tourism policy and governance are designed and implemented within an adequate framework.

Details

Tourism as an Instrument for Development: A Theoretical and Practical Study
Type: Book
ISBN: 978-0-85724-680-6

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Article
Publication date: 24 November 2020

Belay Seyoum

The purpose of this paper is to examine the effect of state fragility on select indicators of human development and identify aspects of state fragility that have the…

Abstract

Purpose

The purpose of this paper is to examine the effect of state fragility on select indicators of human development and identify aspects of state fragility that have the greatest impact on poverty reduction and sustainable development. The paper also explores the impact of social cohesion on human development as well as the mediating role of state legitimacy in mediating the relationship between social cohesion and human development.

Design/methodology/approach

The study is based on data from 180 countries and uses ordinary least squares regression and mediation analysis to explore the effects of social cohesion on human development.

Findings

The findings show a significant relationship between state fragility and human development. It suggests that policies and efforts aimed at enhancing social cohesion would have the most significant impact on human development. The findings also show that social cohesion not only has a direct effect on human development but it also has an indirect effect on human development through state legitimacy (mediator).

Practical implications

Even though state fragility has been largely associated with low income countries, different facets of fragility are manifested in various countries regardless of levels of economic development.

Originality/value

The study is timely in view of the evidence of increasing state fragility in many countries. Furthermore, this is the first scholarly work linking lack of social cohesion, state fragility and human development.

Details

International Journal of Social Economics, vol. 48 no. 1
Type: Research Article
ISSN: 0306-8293

Keywords

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Article
Publication date: 14 December 2020

Aaqib Sarwar, Muhammad Asif Khan, Zahid Sarwar and Wajid Khan

This paper aims to investigate the critical aspect of financial development, human capital and their interactive term on economic growth from the perspective of emerging economies.

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1789

Abstract

Purpose

This paper aims to investigate the critical aspect of financial development, human capital and their interactive term on economic growth from the perspective of emerging economies.

Design/methodology/approach

Data set ranged from 2002 to 2017 of 83 emerging countries used in this research and collected from world development indicators of the World Bank. The two-step system generalized method of moments is used to conduct this research within the endogenous growth model while controlling time and country-specific effects.

Findings

The findings of the study indicate that financial development has a positive and significant effect on economic growth. In emerging countries, human capital also has a positive impact on economic growth. Financial development and human capital interactively affect economic growth for emerging economies positively and significantly.

Research limitations/implications

The data set is limited to 83 emerging countries of the world. The time period for the study is 2002 to 2017.

Originality/value

This research contributes to the existing literature on human capital, financial development and economic growth. Limited research has been conducted on the impact of financial development and human capital on economic growth.

Details

Asian Journal of Economics and Banking, vol. 5 no. 1
Type: Research Article
ISSN: 2615-9821

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Article
Publication date: 22 April 2020

Md Akther Uddin, Md Hakim Ali and Mansur Masih

This paper aims to study institutions, human capital and economic growth in developing countries.

Abstract

Purpose

This paper aims to study institutions, human capital and economic growth in developing countries.

Design/methodology/approach

The study applies dynamic system Generalized Method of Moments (GMM) and simultaneous quantile regression on a panel of 120 developing countries for the period of 1996-2014.

Findings

The findings show that human development and institutions do have a significant positive effect on economic growth. Interestingly, institutions and human development have a significant negative interactive effect on the economic growth of developing countries. This paper argues that incremental investment in human development would impact economic growth negatively in the presence of weak and dysfunctional institutions because additional stock tends to be employed in rent-seeking and socially unproductive activities.

Research limitations/implications

The policy makers should bear in mind the critical role played by the institutions and the initial stage of growth of a country in making their education and health policies more effective.

Originality/value

The most important novelty is the study of various transmission channels: political, economic and financial institutions through which human development affect economic growth in developing countries. This paper also studies the Islamic economic development concept and empirically investigates whether Muslim countries are different from their counterparts. Moreover, this study extends the existing empirical growth literature by simultaneously applying dynamic system GMM and quantile regression techniques.

Details

Studies in Economics and Finance, vol. 38 no. 2
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 15 February 2008

Tun Lin Moe

This paper aims to investigate the relationship between official development assistance (ODA) and human and educational development in countries in Southeast Asia.

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2189

Abstract

Purpose

This paper aims to investigate the relationship between official development assistance (ODA) and human and educational development in countries in Southeast Asia.

Design/methodology/approach

In the study described here, empirical evidence was used to investigate the relationship between ODA provided between 1990 and 2004 and its impact on the human and educational development of countries in Southeast Asia.

Findings

A review of efforts made over the past 15 years in providing developmental aid reveals that there still remain gaps in the human development dimensions – income, education, and health – within and between countries. Second, real gross domestic product and foreign direct investment have significant associations with human and educational development, while, at the aggregate level, ODA has a significant positive association only with human development. Third, ODA that is targeted to support socio‐economic development has a significant relationship with human development. Fourth, ODA allocated to unspecified levels of education, or post‐secondary education, shows a significant association with human development, while ODA provided for basic education, secondary education and post‐secondary education has a significant relationship with educational development.

Research limitations/implications

The study focuses on countries that have a medium level of human development, namely Cambodia, Indonesia, Malaysia, Myanmar, Thailand, Philippines, Laos and Vietnam.

Practical implications

The findings and results are useful guidelines for major stakeholders, including donors and the governments of recipient countries, for designing aid systems and effectiveness.

Originality/value

This paper draws the attention of donors and the governments of recipients to the effectiveness of aid and its targets.

Details

International Journal of Social Economics, vol. 35 no. 3
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 28 October 2013

Sharmila Gamlath

– The research aims to include good governance as a facet in the measurement of human development.

Abstract

Purpose

The research aims to include good governance as a facet in the measurement of human development.

Design/methodology/approach

A modified Human Development Index (MHDI) was computed by including a governance dimension computed using the six governance indicators published by the World Bank. The rankings using the new index were obtained and compared to the rankings of the United Nations Development Programme's (UNDP's) HDI.

Findings

The rank correlation of the original and modified indices was very high, but there were many big rank changes for individual countries in each HDI group. These rank changes could be largely reconciled in the light of the rankings of these countries in the Corruption Perceptions Index and the Democracy Index.

Research limitations/implications

The research considers the measurement of human development at a point in time alone and incorporates 2010 governance indicators into the 2011 HDI, which could lead to a discrepancy in time periods considered. Furthermore, the governance indicators are measures of perceptions which can be subjective. The Practical implications paper does not delve into the country-specific factors that may have caused big rank changes.

Practical implications

The paper builds a case for incorporating, or at least providing the option of including a governance dimension in the HDI.

Originality/value

The paper is a novel attempt to incorporate good governance as a dimension in the HDI. It reasserts the need for policy-makers and governments to realize that peoples' capabilities cannot be realized in the absence of good governance, and that whilst improving other facets of human development, much attention needs to be paid towards establishing good governance.

Details

Humanomics, vol. 29 no. 4
Type: Research Article
ISSN: 0828-8666

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Article
Publication date: 18 October 2011

Abouzar Zangoueinezhad and Asghar Moshabaki

Human development is the most modern development approach. However, the proposed human development indexes for implementation of Islamic human resource management (HRM) do…

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3117

Abstract

Purpose

Human development is the most modern development approach. However, the proposed human development indexes for implementation of Islamic human resource management (HRM) do not suffice to realize the Islamic developed society. The purpose of this paper is to investigate the economic‐managerial indexes of human development based on HRM from the viewpoint of Islam and The Quran.

Design/methodology/approach

This paper applies the hermeneutic method and considers the question: “what are the proper human resource (HR) economic‐managerial indexes from the viewpoint of Islam?”.

Findings

Referring to the Islamic development basics and goals, it analyzes economic interaction among Muslim activists in an objective situation of the human development from the viewpoint of Islam and finally, it proposes human development economic‐managerial indexes among other required indexes, through planning an acceptable economic quasi‐system.

Originality/value

In the Islamic approach, human development occurs when a person's capacities improve so that he/she becomes able to manage internal and external contradictions and conflicts; and steps forward in the route of the faith and the righteous deed and in the space of the widespread justice to reach the God proximity and to replace the natural life by the Hayat‐e‐Tayyebeh.

Details

International Journal of Social Economics, vol. 38 no. 12
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 25 November 2014

Madhu Sehrawat and A.K. Giri

– The purpose of this paper is to examine the relationship between financial development indicators and human development in India using annual data from 1980-2012.

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1446

Abstract

Purpose

The purpose of this paper is to examine the relationship between financial development indicators and human development in India using annual data from 1980-2012.

Design/methodology/approach

The Ng-Perron unit root test is used to check for the order of integration of the variables. The long run relationship and short run dynamics are examined by implementing the ARDL bounds testing approach to co-integration. Granger’s non-causality test and variance decomposition techniques are also used to examine the impact of financial development indicators on human development.

Findings

The results confirm a long run relationship among the variables. The results of granger non causality indicate that unidirectional causality runs from financial development indicators to human development index (HDI). The variance decomposition analysis shows that among all the financial indicators, broad money supply (M3) has the largest contribution to changes in human development in India.

Research limitations/implications

The present study recommends for appropriate reforms in financial market to attain sustainable human development in India. The findings will be useful for India’s policy makers, in order to maintain the parallel expansion of financial development and human development.

Originality/value

This paper is first of its kind to empirically examine the casual relationship between financial development indicators and human capital development proxied by HDI in India by using modern econometric techniques.

Details

International Journal of Social Economics, vol. 41 no. 12
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 4 December 2017

Necati Aydin

Given the fact that the Islamic economic paradigm differs from the secular capitalist paradigm in terms of its emphasis on morality and spirituality, the author thinks…

Abstract

Purpose

Given the fact that the Islamic economic paradigm differs from the secular capitalist paradigm in terms of its emphasis on morality and spirituality, the author thinks that the current Human Development Index (HDI) does not capture human development from an Islamic perspective. The purpose of this paper is twofold: first, to provide a paradigmatic, theoretical, and conceptual model for the suggested Islamic HDI (iHDI) and second, to present several proxy variables for multi-dimensional iHDI and test the proposed index through empirical data for ten Muslim countries.

Design/methodology/approach

The author developed eight-dimensional composite iHDIs based on the understanding of human nature from the Tawhidi anthropology. These dimensions included physical, reasoning, spiritual, ethical, animal, social, deciding, and oppressive selves. The author measured them using nine different indices, three of which came from the conventional HDI (cHDI). The author then compared the rankings of those Muslim countries in iHDI to those in cHDI.

Findings

The iHDI rankings for all Muslim countries except two differed from those in cHDI. The difference was more substantial for countries with higher economic development. Thus, improved cHDI rankings for Muslim countries based on their economic development do not necessarily mean that they move toward ideal human development. This finding confirms the need for an alternative human development indexing approach from an Islamic perspective.

Research limitations/implications

The paper is likely to initiate movement to develop an alternative HDI from Islamic perspective.

Practical implications

The paper findings have important policy implications for Muslim countries.

Originality/value

It is the first empirical paper showing how to develop an alternative HDI from an Islamic perspective.

Details

International Journal of Social Economics, vol. 44 no. 12
Type: Research Article
ISSN: 0306-8293

Keywords

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