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Financial Development, Human Capital and Economic Growth: The Indian Case
Jalilian, Hossein
Jalilian, Hossein
Publication Date
2020-07
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(c) 2020 College Press. Full-text reproduced with publisher permission.
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Yes
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openAccess
Accepted for publication
23/03/2018
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Abstract
Although at the national level the relationship between financial development, human capital and economic growth has received some attention, this is largely an under-researched area at the sub-national level. Human capital may impact economic growth through the channel of innovation and along with financial development could be complementary or substitute in their relationship to economic growth. Also, human capital investment, enabled by the financial sector development, not only affects growth but also directly and indirectly affects poverty reduction through the channel of growth. In this study we examine the interaction between financial development, human capital and economic growth at the sub-national level using panel datasets covering 23 states of India for the period 1999-2013. Our analysis suggests that there is evidence of positive relationship between human capital and financial development to economic growth.
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Accepted manuscript
Citation
Arora R and Jalilian H (2020) Financial Development, Human Capital and Economic Growth: The Indian Case. Journal of Banking, Finance and Sustainable Development. 1(1): 69-83.
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Article