The macroeconomic impact of school enrolments: time-series evidence from Greece Online publication date: Wed, 07-Sep-2022
by Georgios Garafas; Ioannis Sotiropoulos; Nikolaos Arnis; Georgios Kolias
International Journal of Education Economics and Development (IJEED), Vol. 13, No. 4, 2022
Abstract: This paper explores the impact of human capital on economic growth. For this purpose, it employs data for Greece concerning enrolment rates in each level of the formal educational system as a proxy for human capital. It is of particular importance that the impact of vocational education is being distinguished. By applying Johansen's approach, two cointegrating vectors were identified summarising the positive long-run relationship between enrolment rates and gross domestic product (GDP). Whereas, in the short run a unidirectional Granger causality was found running from GDP to general secondary education which is an indication of the Greek household preference for general education instead of vocational training.
Online publication date: Wed, 07-Sep-2022
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