Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2023.2171453
Analysis of the V.A.R. as a tool to investigate the impact of higher education on economic growth in Macau in the period 2000–2019
Xining Liu
Dong Li
Sažetak
This article employs the panel data model to investigate the influence
of both higher education scale and quality on economic
growth in Macau from 2000–2019 and constructs a V.A.R. model
to examine the impact of the higher education scale on economic
growth. The model is constructed based on the Cobb–Douglas
production function with an alteration derived from existing relevant
studies to include enrolled university students as one of the
variables. It is found that all-time series are stationary; through
the pairwise Granger Causality test, it is observed that the number
of students enrolled in the Granger cause of G.D.P. Study
results show a high level of a statistically significant relationship
in the positive direction between higher education and economic
growth, while a 1% increase in enrolled students will lead to a
0.5547% increase in G.D.P. Moreover, in general, higher education
exerts a significant positive effect on economic growth in Macau,
while the effect of fixed capital formation appears insignificant. In
addition, the labour force plays a remarkably positive role in the
economic growth of Macau.
Ključne riječi
V.A.R. model; Cobbs- Douglas production function; higher education marketisation; Macau economic growth
Hrčak ID:
306831
URI
Datum izdavanja:
30.4.2023.
Posjeta: 173 *