金融发展能否促进新兴经济体的全要素生产率增长?性别人力资本的作用

IF 2.7 Q2 PUBLIC ADMINISTRATION
Shreya Pal, Mantu Kumar Mahalik, Hrushikesh Mallick, Almas Heshmati
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引用次数: 0

摘要

本研究借鉴新古典增长理论,探讨了印度金融发展、特定性别人力资本和全要素生产率(TFP)增长之间的相互作用,通过研究它们对新兴经济体生产率轨迹的交互影响,填补了以往文献的空白。我们采用 ARDL 约束检验模型,利用 1980 年至 2019 年的年度数据估算了生产率增长方程。政府教育支出和外国直接投资等变量是全要素生产率增长框架中的关键控制变量。我们的研究结果揭示了微妙的动态变化:在不考虑特定性别人力资本因素的情况下,金融发展会提高生产率增长,但在纳入男性和女性教育水平的情况下,金融发展的影响会有很大不同。值得注意的是,当男性教育水平较高时,金融发展会对生产率增长产生积极影响。令人惊讶的是,当女性教育水平高时,金融发展会阻碍生产力的增长。这些见解突出表明,在印度,男性教育对生产力增长的影响与女性教育不成比例。本研究强调了在特定性别人力资本存在的情况下,金融发展对印度生产力增长的不同影响,为相关文献做出了贡献。这项分析强调了性别动态在教育程度中的作用,有助于决策者利用金融发展作为生产力增长的催化剂。此外,还敦促印度的政策制定者不要低估男性教育在促进金融发展和提高生产力增长方面的重要性。此外,还建议决策者在女性接受高等教育的背景下,仔细研究金融发展对生产力增长的不利影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

Does Financial Development Induce Total Factor Productivity Growth in an Emerging Economy? The Role of Gender Human Capital

Does Financial Development Induce Total Factor Productivity Growth in an Emerging Economy? The Role of Gender Human Capital

Drawing from neoclassical growth theories, this study explores the interplay between financial development, gender-specific human capital, and total factor productivity (TFP) growth in India, addressing a gap in prior literature by examining their interactive effects on emerging economies' productivity trajectories. Employing the ARDL Bound test model, we estimate the productivity growth equation using annual data from 1980 to 2019. Variables such as government spending on education and foreign direct investment serve as crucial control variables in the TFP growth framework. Our findings reveal nuanced dynamics: while financial development enhances productivity growth in the absence of gender-specific human capital considerations, its impact varies significantly with the inclusion of male and female education levels. Notably, financial development positively influences productivity growth when male education levels are high. Surprisingly, financial development hampers productivity growth when female education level is high. These insights underscore the disproportionate influence of male education on productivity growth vis-à-vis female education in India. This study contributes to the literature by highlighting the differential impacts of financial development on India's productivity growth in the presence of gender-specific human capital. This analysis emphasizes the role of gender dynamics in educational attainment for policymakers aiming to leverage financial development as a catalyst for productivity growth. In addition, the policymakers in India are urged not to downplay the significance of male education in fostering financial development and augmenting productivity growth. Furthermore, the policymakers are advised to scrutinize the adverse repercussions of financial development on productivity growth within the context of female education at higher levels.

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来源期刊
Journal of Public Affairs
Journal of Public Affairs PUBLIC ADMINISTRATION-
CiteScore
7.10
自引率
3.80%
发文量
41
期刊介绍: The Journal of Public Affairs provides an international forum for refereed papers, case studies and reviews on the latest developments, practice and thinking in government relations, public affairs, and political marketing. The Journal is guided by the twin objectives of publishing submissions of the utmost relevance to the day-to-day practice of communication specialists, and promoting the highest standards of intellectual rigour.
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