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Impact of Social and Institutional Quality Capital on Total Factor Productivity and Economic Growth

유태환|Shahzad Saeed
산업개발연구소 (kyungsung university)|2018.09|산업혁신연구 (Journal of Industrial Innovation)|제34권 제3호|pp. 29-65|DOI 10.22793/indinn.2018.34.3.002

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참고문헌

키워드

Social capital사회적 자본총요소생산성경제성장Economic growthTotal factor productivity제도적 자본Institutional quality capitalCross-sectional and Pooled Time Series Analysis결합횡단면 시계열 분석

초록

This study examines whether economic growth is affected by social and institutional quality capital directly or indirectly via total factor productivity (TFP). Based on the fifth-wave data of the World Values Survey conducted during 1995–2014 (2005–2009 for short-run analysis), we adopt a cross-sectional and pooled time series regression framework to investigate the role of social and institutional quality capital on economic growth and TFP changes for 12 high-income and 15 low- and middle-income countries (24 high-income and 25 low- and middle-income countries for the short-run), respectively. The research extrapolates that there are considerable differences in the strength of impact for social and institutional quality capital in the countries with different income levels over different time horizons. Specifically, social capital explicates a positive effect on economic growth only for high-income countries in the long-run. While having both direct and indirect effects, the institutional quality capital affects economic growth indirectly via TFP with a higher magnitude, except for low- and middle-income countries in the long-run, compared to the short-run with regard to other income groups.

Abstract

This study examines whether economic growth is affected by social and institutional quality capital directly or indirectly via total factor productivity (TFP). Based on the fifth-wave data of the World Values Survey conducted during 1995–2014 (2005–2009 for short-run analysis), we adopt a cross-sectional and pooled time series regression framework to investigate the role of social and institutional quality capital on economic growth and TFP changes for 12 high-income and 15 low- and middle-income countries (24 high-income and 25 low- and middle-income countries for the short-run), respectively. The research extrapolates that there are considerable differences in the strength of impact for social and institutional quality capital in the countries with different income levels over different time horizons. Specifically, social capital explicates a positive effect on economic growth only for high-income countries in the long-run. While having both direct and indirect effects, the institutional quality capital affects economic growth indirectly via TFP with a higher magnitude, except for low- and middle-income countries in the long-run, compared to the short-run with regard to other income groups.

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