Determinants of human capital development in Africa: a panel data analysis
DOI:
https://doi.org/10.12775/OeC.2016.030Keywords:
human capital, Africa, health, education, panel data analysisAbstract
Africa is regarded as the least developed continent in terms of overall development and specifically in terms of human capital development (HCD) efforts. Research on the determinants of HCD in Africa is scanty, as the literature is dominated by country-specific studies as well as group of country studies that primarily focus on the effect of human capital on growth and other economic development parameters. Therefore, this paper investigates the determinants of human capital development in 33 African countries over a 14-year period from 2000 to 2013. The empirical analysis is predicated on Sen?s capability approach that was modified following Binder and Georgiadis (2011) in order to explicitly account for the role of health, infrastructure and institutions as potential drivers of HCD. This is a departure from previous studies that focused primarily on the role of education. In addition to preliminary tests such as line plot, descriptive statistics and correlation analysis carried out, the data is analysed using panel unit root, co-integration and causality techniques. Findings show that all the variables are integrated of order one while HCD and its determinants have a stable long-run equilibrium relationship. Specifically, all the variables significantly influence HCD in the long run, whereas the contemporaneous models suggest that only institutions matter. Utilizing alternative estimators as well as estimation of subsamples, robustness tests reinforce our findings. Therefore, African governments may consider supporting HCD through sustained investment in the education and health sectors. At the same time, short-term gains may be attained through enhanced institutional quality and infrastructure development.
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References
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Balcerzak, A. P. (2009). Effectiveness of the Institutional System Related to the Potential of the Knowledge Based Economy. Ekonomista, 6.
Balcerzak, A. P. (2016). Multiple-criteria Evaluation of Quality of Human Capital in the European Union Countries. Economics & Sociology, 9(2). DOI: 10.14254/2071-789X.2016/9-2/1.
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Barro, R. J., & Sala-i-Martin, X. (1995). Technological Diffusion, Convergence and Growth. Journal of Economic Growth, 2(1).
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Guisan, M-C., & Exposito, P. (2005). Human Capital and Development in Africa: Econometric Models and Evolution 1950-2002. Euro-American Association of Economic Development Studies, 5(1).
Hanushek, E. (2013). Economic Growth in Developing Countries: The Role of Human Capital. Journal of Economic Growth, 17(4).
Kao, C. D. (1999). Spurious Regression and Residual-Based Tests for Co-integration in Panel Data. Journal of Econometrics, 90(1).
Kern, A. (2009). Human Capital Development Theory: Implications for Education-Comparison of Influential Twenty-First Century Economists Samuel Bowles and Gary S. Becker. Retrieved from http://www.personal.psu.edu/afk119/ blogs/career_tech_ed/2009/12/human-capital-development-theory.html.
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Maazouz, M. (2013). Return to Investment in Human Capital and Policy of Labour Market: Empirical Analysis of Developing Countries. Procedia Economic and Finance, 5(1).
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Maurizio, C., & Giovanni, S. (2016). Human Capital, Employment Protection and Growth in Europe. Journal of Comparative Economics, 44(2). DOI:10.1016/j. jce.2015.01.007.
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Oketch, M. (2006). Determinants of Human Capital Formation and Economic Growth of African Countries. Economics of Education Review, 25(5). DOI:10.1016/j.econedurev.2005.07.003.
Omar, A. (2007). Policies for the Accumulation of Human Capital in Latin America and the Caribbean, Social Cohesion and Reforms in Latin America. Barcelone Spain. October 26-27.
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Pedroni, P. (2004). Panel Cointegration; Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the PPP Hypothesis. Econometric Theory, 20(3). DOI: http://dx.doi.org/10.1017/S0266466604203073.
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Rastogi, P. N. (2002). Knowledge Management and Intellectual Capital as a Paradigm of Value Creation. Human Systems Management, 21(4).
Robeyns, I. (2003). The Capability Approach: A Theoretical Survey. Journal of Human Development, 6(1). DOI:10.1080/146498805200034266.
Romer, P. M. (1990). Endogenous Technological Change. Journal of Political Economy, 98(5).
Ross, M. L. (1999). The Political Economy of the Resource Curse. World Politics, 51(2).
Sapkota, J. B. (2014). Access to Infrastructure and Human Development: Cross-country Evidence. In H. Kato (Ed). Perspectives on the Post-2015 Development Agenda. Tokyo: JICA Research Institute.
Schultz, T. W. (1961). Investment in Human Capital. American Economic Review, 51.
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Sen, A. (1985). Well-being, Agency and Freedom. Journal of Philosophy, 531(4).
Schultz, T. P. (1999). The Formation of Human Capital and the Economic Development of African: Returns to Health and Schooling Investments. African Development Bank Economic Research Paper, 37.
Sharpe, A. (2001). The Development of Indicators for Human Capital Sustainability, Centre for the Study of Living Standard. Retrieved from http://www.csls.ca/events/cea01/sharpe.pdf.
Solow, R. M. (1956). A Contribution to the Theory of Economic Growth. Quarterly Journal of Economics, 70(1).
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Wigley, S., & Akkyoyunlu-Wigley, A. (2006). Human Capabilities Versus Human Capital: Gauging the Value of Education in Developing Countries. Social Indicator Research, 78(2).
World Bank (2010). Knowledge, Productivity and Innovation in Nigeria: Creating a New Economy. Washington D.C. The World Bank.
Alexander, K. (1996). The Value of an Education, MA: Simon & Schuster.
Appleton, S., & Teal, F. (1998). Human Capital and Economic Development, Background Paper for the African Development Report. Retrieved from http://www.afdb.org/fileadmin/uploads/afdb/Documents/Publications/00157612-FR-ERP-39.PDF.
Asaju, K, Kajang, T., & Anyio, S. (2013). Human Resource Development and Educational Standard in Nigeria. Global Journal of Human Social Science, 13(7).
Atalay, R. (2015). The Education and the Human Capital to Get Rid of the Middle-income Trap and to Provide the Economic Development. Procedia-Social and Behavioural Sciences, 174.
Awad, A., & Youssof, I. (2013). Africa?s Economic Regionalism: Is There any Other Obstacle? Africa Economic Conference, October 28-30 Johannesburg, South Africa. Retrieved from http://www.uneca.org/sites/default/files/ uploaded-documents/AEC/2013/africas_economic_regionalism.pdf
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Baah-Bonteng, W. (2013). Human Capital Development: The Case of Education as a Vehicle for Africa?s Economic Transformation. Legion Journal of International Affairs and Diplomacy, 7(1).
Balcerzak, A. P. (2009). Effectiveness of the Institutional System Related to the Potential of the Knowledge Based Economy. Ekonomista, 6.
Balcerzak, A. P. (2016). Multiple-criteria Evaluation of Quality of Human Capital in the European Union Countries. Economics & Sociology, 9(2). DOI: 10.14254/2071-789X.2016/9-2/1.
Balcerzak, A. P., & Pietrzak, M. B. (2016). Quality of Institutions for Knowledge-based Economy within New Institutional Economics Framework. Multiple Criteria Decision Analysis for European Countries in the Years 2000?2013. Economics & Sociology, 9(4). DOI: 10.14254/2071-789X.2016/9-4/4.
Baltagi, B. (2008). Econometrics Analysis of Panel Data, John Wiley and Sons Press.
Bankole, O. (2010). ICT and Human Capital Development: A Critical Factor for National Development. Social Science Research Network. Retrieved from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1604432.
Barro, R. J., & Sala-i-Martin, X. (1995). Technological Diffusion, Convergence and Growth. Journal of Economic Growth, 2(1).
Becker, G. (1964). Human Capital: Theoretical and Empirical Analysis. University of Chicago Press.
Binder, M., & Geogiadis, G. (2011). Determinants of Human Development: Capturing the Role of Institutions. Cesinfo Working Paper. 3397.
Bildirici, M., Orcan, M., Sunal, S., & Aykac, E. (2005). Determinants of Human Capital theory, Growth and Brain Drain: An Econometric Analysis for 77 Countries. Applied Econometrics and International Development, 5(2).
Blackburne, E. F., & Frank, M. W. (2007). Estimation of Non-Stationary Heterogeneous Panels. Stata Journal, 7(2).
Dae-Bong, K. (2009). Human Capital and Its Measurement. Organization for Economic Cooperation and Development OECD World Forum on Statistics, Knowledge and Policy 27-30 October, Busan South Korea. Retrived from http://www.oecd.org/site/progresskorea/44109779.pdf.
De Muro, P., & Tridico, P. (2008). The Role of Institutions for Human Development. Retrieved from https://www.researchgate.net/publication/228430665_ The_role_of_institutions_for_human_development.
Didenko, A. Y. (2007). Educational Reforms in Spain and Estonia and Their Impact on Human Capital Growth, Master Thesis of Comparative and International Education, Faculty of Education University of Oslo. Retrived from https://www.duo.uio.no/bitstream/handle/10852/30940/master_thesis.pdf?sequence=1.
Eigbiremolen, G. O., & Anaduaka, U. S. (2014). Human Capital Development and Economic Growth: The Nigerian Experience. International Journal of Academic Research in Business and Social Sciences, 4(4).
Erich, G. (1996). Human Capital and Economic Development: A Macroeconomic Assessment. Kieler Arberitspapiere, 778.
Frank, R. H., & Bernanke, B. S. (2007). Principles of Microeconomics. New York: McGraw-Hill/Irwin.
Fitzsimons, P. (1999). Human Capital Theory and Education. The Encyclopedia of Education. London: Macmillan Press.
Galama, T., & Hans, K. (2013). Health Inequalities Through the Lens of Health Capital Theory. Research on Economic Inequality, 21. DOI: 10.1108/S1049-2585(2013)0000021013.
Grossman, M. (1972). The Demand for Health: A Theoretical and Empirical Investigation. New York: National Bureau of Economic Research.
Grubb, W. N., & Marvin, L. (2004). The Education Gospel: The Economic Power of Schooling. MA: Harvard University Press.
Guisan, M-C., & Exposito, P. (2005). Human Capital and Development in Africa: Econometric Models and Evolution 1950-2002. Euro-American Association of Economic Development Studies, 5(1).
Hanushek, E. (2013). Economic Growth in Developing Countries: The Role of Human Capital. Journal of Economic Growth, 17(4).
Kao, C. D. (1999). Spurious Regression and Residual-Based Tests for Co-integration in Panel Data. Journal of Econometrics, 90(1).
Kern, A. (2009). Human Capital Development Theory: Implications for Education-Comparison of Influential Twenty-First Century Economists Samuel Bowles and Gary S. Becker. Retrieved from http://www.personal.psu.edu/afk119/ blogs/career_tech_ed/2009/12/human-capital-development-theory.html.
Law, I., & Widdows, H. (2008). Conceptualizing Health: Insights from the Capability Approach. Health Care Analysis, 16(4).
Lucas, R. (1988). On the Mechanics of Economic Development. Journal of Monetary Economics, 22(1).
Maazouz, M. (2013). Return to Investment in Human Capital and Policy of Labour Market: Empirical Analysis of Developing Countries. Procedia Economic and Finance, 5(1).
Mankiw, N. G., Romer, D., & Weil, D. N. (1992). A Contribution to the Empirics of Economic Growth. Quarterly Journal of Economics, 107(2).
Maurizio, C., & Giovanni, S. (2016). Human Capital, Employment Protection and Growth in Europe. Journal of Comparative Economics, 44(2). DOI:10.1016/j. jce.2015.01.007.
McMahon, W. W. (2004). The Social and External Benefits of Education. In J. Geraint & J. Jill (Eds.). International Handbook on The Economics of Education. Cheltenham: Edward Elgar Press
Ndulu, B. J. (2014). Human Capital Flight: Stratification, Globalization and The Challenges to Tertiary Education in Africa. Washington, DC: World Bank Group.
Nelson, R., & Phelps, E. (1966). Investment in Humans, Technological Diffusion and Economic Growth. American Economic Review, 52(1/2).
Odia, L. O., & Omofonmwan, S. I. (2010). Education System in Nigeria: Problems and Prospects. Journal of Social Sciences, 14(1).
Ogunade, A. (2011). Human Capital Investment in the Developing World: An Analysis of Praxis. Schmidt Labour Research Center Seminar Series. Retrieved from http://web.uri.edu/lrc/files/Ogunade_Workforce_Development.pdf.
Oketch, M. (2006). Determinants of Human Capital Formation and Economic Growth of African Countries. Economics of Education Review, 25(5). DOI:10.1016/j.econedurev.2005.07.003.
Omar, A. (2007). Policies for the Accumulation of Human Capital in Latin America and the Caribbean, Social Cohesion and Reforms in Latin America. Barcelone Spain. October 26-27.
Omojimite, B. U. (2011). Building Human Capital for Sustainable Economic Development in Nigeria. Journal of Sustainable Development, 4(4).
Oster, E., Shoulson, I., & Dorsey, E. R. (2013). Limited Life Expectancy, Human Capital and Health Investments. American Economic Review, 103(5). DOI: 10.1257/aer.103.5.1977.
Pedroni, P. (2004). Panel Cointegration; Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the PPP Hypothesis. Econometric Theory, 20(3). DOI: http://dx.doi.org/10.1017/S0266466604203073.
Pedroni, P. (1999). Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors. Oxford Bulletin of Economics and Statistics, 61(S1).
Pesaran, M. H., Shin, Y., & Smith, R. P. (1997). Estimating Long-Run Relationships in Dynamic Heterogeneous Panels, DAE Working Papers Amalgamated Series, 9721. Retrieved from http://www.econ.cam.ac.uk/people/emeritus /mhp1/jasaold.pdf.
Pesaran, M. H., Shin, Y., & Smith. R. P. (1999). Pooled Mean Group Estimation of Dynamic Heterogeneous Panels. Journal of the American Statistical Association, 94(446).
Pesaran, M. H., & Smith, R.P. (1995). Estimating Long-Run Relationships from Dynamic Heterogeneous Panels. Journal of Econometrics, 68(1). DOI: 10.1016/0304-4076(94)01644-F.
Pelineseu, E. (2015). The Impact of Human Capital on Economic Growth. Procedia Economics and Finance, 22(1). DOI:,10.1016/S2212-5671(15)00258-0.
Ranis, G. (2004). Human Development and Economic Growth. Economic Growth Center Yale University Discussion Paper, 887. Retrieved from http://www.eco n.yale.edu/growth_pdf/cdp887.pdf.
Rastogi, P. N. (2002). Knowledge Management and Intellectual Capital as a Paradigm of Value Creation. Human Systems Management, 21(4).
Robeyns, I. (2003). The Capability Approach: A Theoretical Survey. Journal of Human Development, 6(1). DOI:10.1080/146498805200034266.
Romer, P. M. (1990). Endogenous Technological Change. Journal of Political Economy, 98(5).
Ross, M. L. (1999). The Political Economy of the Resource Curse. World Politics, 51(2).
Sapkota, J. B. (2014). Access to Infrastructure and Human Development: Cross-country Evidence. In H. Kato (Ed). Perspectives on the Post-2015 Development Agenda. Tokyo: JICA Research Institute.
Schultz, T. W. (1961). Investment in Human Capital. American Economic Review, 51.
Sen, A. (1999). Development as Freedom. New York: Anchor Books Press.
Sen, A. (1979). Equality of What?, Tanner Lecture on Human Values delivered on May 22 at Stanford University. Retrieved from http://tannerlectures.utah.edu/ _documents/a-to-z/s/sen80.pdf.
Sen, A. (1985). Well-being, Agency and Freedom. Journal of Philosophy, 531(4).
Schultz, T. P. (1999). The Formation of Human Capital and the Economic Development of African: Returns to Health and Schooling Investments. African Development Bank Economic Research Paper, 37.
Sharpe, A. (2001). The Development of Indicators for Human Capital Sustainability, Centre for the Study of Living Standard. Retrieved from http://www.csls.ca/events/cea01/sharpe.pdf.
Solow, R. M. (1956). A Contribution to the Theory of Economic Growth. Quarterly Journal of Economics, 70(1).
Sweetland, S. R. (1996). Human Capital Theory: Foundations of a Field of Inquiry. Review of Educational Research, 66(3).
United Nations Development Programme (UNDP) (1990). Human Development Report 1990: Concept and Measurement of Human Development. New York: Oxford University Press.
Waema, T. M. (2002). ICT Human Resource Development in African: Challenges and Strategies. ATPS Special Paper, 10.
Wigley, S., & Akkyoyunlu-Wigley, A. (2006). Human Capabilities Versus Human Capital: Gauging the Value of Education in Developing Countries. Social Indicator Research, 78(2).
World Bank (2010). Knowledge, Productivity and Innovation in Nigeria: Creating a New Economy. Washington D.C. The World Bank.
