Human Capital Accumulation and Economic Growth—From the Perspective of Investment Flow Effect and Population Aging Stock Effect

ZHAO Bin

Volume 34 Issue 1

May 2021

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ZHAO Bin. Human Capital Accumulation and Economic Growth—From the Perspective of Investment Flow Effect and Population Aging Stock Effect[J]. Journal of Guangdong University of Finance & Economics, 2019, 34(1): 14-24.

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ZHAO Bin. Human Capital Accumulation and Economic Growth—From the Perspective of Investment Flow Effect and Population Aging Stock Effect[J]. Journal of Guangdong University of Finance & Economics, 2019, 34(1): 14-24.

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Human Capital Accumulation and Economic Growth—From the Perspective of Investment Flow Effect and Population Aging Stock Effect

ZHAO Bin

Chinese Academy of Fiscal Sciences, Beijing 10042, China

Received Date: 2018-08-15
Available Online: 2021-05-31
Publish Date: 2019-01-28

Abstract

Abstract

Using provincial panel data of 1995-2016 and 1998-2015 and system-GMM, this paper analyzes the influences of investment flow effect and population aging stock effect of human capital accumulation on economic growth based on the three sectors' OLG growth model driven by human capital. The findings are as follows: the improvement of old people's survival rate or life expectancy would stimulate the economic growth; both current and lagged ratio of private human capital investment and GDP or income have positive influence on economic growth; the current ratio of GDP in public human capital investment or that of income is negatively correlated with economic growth; the lagged ratio of GDP in public human capital investment and or that of income is positively correlated with economic growth. This shows that population aging has positive effect on economy; there is lagged effect of public human capital investment, and the government should make decision for the long run. The special economic stimulus policy in crisis would impose inverse impacts on the transition driven from physical capital investment to human capital investment. Therefore, the government should think it over when enacting stimulus policy.
- human capital,
- population aging,
- economic growth,
- investment flow effect,
- population aging stock effect,
- capital accumulation

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References(16)

References

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