Does financial development improve human capital accumulation in the Southeast Asian countries?

Financial development and human capital’s crucial roles in economic growth have been widely recognized in the literature. However, a direct link between financial development and human capital, in the long run, has not been investigated, in particular in emerging markets in Asia. This study investig...

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Autores principales:	Duc Hong Vo, Ngoc Phu Tran, Ha Minh Nguyen
Formato:	article
Lenguaje:	EN
Publicado:	Taylor & Francis Group 2021
Materias:	financial development economic growth human capital fmols dols asian emerging markets Business HF5001-6182 Management. Industrial management HD28-70
Acceso en línea:	https://doaj.org/article/3a5965dac033459b8428502428ce0946
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spelling	oai:doaj.org-article:3a5965dac033459b8428502428ce09462021-12-02T15:59:53ZDoes financial development improve human capital accumulation in the Southeast Asian countries?2331-197510.1080/23311975.2021.1932245https://doaj.org/article/3a5965dac033459b8428502428ce09462021-01-01T00:00:00Zhttp://dx.doi.org/10.1080/23311975.2021.1932245https://doaj.org/toc/2331-1975Financial development and human capital’s crucial roles in economic growth have been widely recognized in the literature. However, a direct link between financial development and human capital, in the long run, has not been investigated, in particular in emerging markets in Asia. This study investigates the nexus between financial development and human capital for a group of nine emerging markets in the Southeast Asian region over the period 1990–2018. Econometric techniques allowing for cross-sectional dependence and panel co-integration, such as the dynamic least squares (DOLS) and fully modified least squares (FMOLS), are used. We also use three indicators as the proxies for financial development: broad money supply, bank credit, and private sector credit. Empirical findings from this paper indicate that financial development contributes positively and significantly to human capital accumulation. We also find that economic growth enhances the formation of human capital. Results from our Granger causality tests confirm a bi-directional relationship between financial development and human capital. Policymakers from the Southeast Asian emerging markets may need to enhance and extend financial development which is closely linked with human capital accumulation.Duc Hong VoNgoc Phu TranHa Minh NguyenTaylor & Francis Grouparticlefinancial developmenteconomic growthhuman capitalfmolsdolsasian emerging marketsBusinessHF5001-6182Management. Industrial managementHD28-70ENCogent Business & Management, Vol 8, Iss 1 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	financial development economic growth human capital fmols dols asian emerging markets Business HF5001-6182 Management. Industrial management HD28-70
spellingShingle	financial development economic growth human capital fmols dols asian emerging markets Business HF5001-6182 Management. Industrial management HD28-70 Duc Hong Vo Ngoc Phu Tran Ha Minh Nguyen Does financial development improve human capital accumulation in the Southeast Asian countries?
description	Financial development and human capital’s crucial roles in economic growth have been widely recognized in the literature. However, a direct link between financial development and human capital, in the long run, has not been investigated, in particular in emerging markets in Asia. This study investigates the nexus between financial development and human capital for a group of nine emerging markets in the Southeast Asian region over the period 1990–2018. Econometric techniques allowing for cross-sectional dependence and panel co-integration, such as the dynamic least squares (DOLS) and fully modified least squares (FMOLS), are used. We also use three indicators as the proxies for financial development: broad money supply, bank credit, and private sector credit. Empirical findings from this paper indicate that financial development contributes positively and significantly to human capital accumulation. We also find that economic growth enhances the formation of human capital. Results from our Granger causality tests confirm a bi-directional relationship between financial development and human capital. Policymakers from the Southeast Asian emerging markets may need to enhance and extend financial development which is closely linked with human capital accumulation.
format	article
author	Duc Hong Vo Ngoc Phu Tran Ha Minh Nguyen
author_facet	Duc Hong Vo Ngoc Phu Tran Ha Minh Nguyen
author_sort	Duc Hong Vo
title	Does financial development improve human capital accumulation in the Southeast Asian countries?
title_short	Does financial development improve human capital accumulation in the Southeast Asian countries?
title_full	Does financial development improve human capital accumulation in the Southeast Asian countries?
title_fullStr	Does financial development improve human capital accumulation in the Southeast Asian countries?
title_full_unstemmed	Does financial development improve human capital accumulation in the Southeast Asian countries?
title_sort	does financial development improve human capital accumulation in the southeast asian countries?
publisher	Taylor & Francis Group
publishDate	2021
url	https://doaj.org/article/3a5965dac033459b8428502428ce0946
work_keys_str_mv	AT duchongvo doesfinancialdevelopmentimprovehumancapitalaccumulationinthesoutheastasiancountries AT ngocphutran doesfinancialdevelopmentimprovehumancapitalaccumulationinthesoutheastasiancountries AT haminhnguyen doesfinancialdevelopmentimprovehumancapitalaccumulationinthesoutheastasiancountries
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Does financial development improve human capital accumulation in the Southeast Asian countries?

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