The Impact of Higher Education on Economic Growth in ASEAN-5 Countries
Abstract
:1. Introduction
2. Literature Review
2.1. Human Capital, Education, and Higher Education: A Measurement Issue
2.2. Education and Economic Growth: Modeling Issue
3. Methodology
3.1. Kink Regression
3.2. Ridge Kink Regression Estimator
3.3. Testing for the Time Series Kink Effect
4. Data
5. Empirical Results and Discussion
5.1. Results of the Kink Effect Test
5.2. Main Results of Kink Ridge Kink Regression
5.3. Result at the ASEAN-5 Region Level
6. Conclusions
Policy Recommendations
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Acknowledgments
Conflicts of Interest
Appendix A
Statistic | lnGDP | lnEXPSTU | lnPrimary | lnSecondary | lnTertiary | lnUNEM | lnWORK | lnOPEN | FDI | RD | INF | lnK |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Thailand | ||||||||||||
Mean | 9.523 | 6.627 | 4.642 | 4.406 | 3.921 | 0.102 | 10.521 | 0.081 | 0.934 | −1.054 | 2.089 | 13.493 |
Maximum | 9.803 | 7.355 | 4.663 | 4.484 | 4.135 | 0.475 | 10.582 | 0.196 | 1.480 | 0.098 | 5.469 | 13.984 |
Minimum | 9.192 | 5.925 | 4.619 | 4.283 | 3.709 | −0.357 | 10.404 | −0.013 | −0.474 | −1.605 | −0.900 | 12.816 |
Std. Dev. | 0.185 | 0.498 | 0.013 | 0.066 | 0.119 | 0.261 | 0.054 | 0.075 | 0.577 | 0.549 | 1.769 | 0.421 |
ADF-Level | 0.985 | 0.984 | 0.112 | 0.999 | 0.813 | 0.865 | 0.898 | 0.101 | 0.307 | 0.912 | 0.277 | 0.999 |
ADF-1st diff | 0.000 | 0.099 | 0.000 | 0.021 | 0.001 | 0.094 | 0.040 | 0.000 | 0.000 | 0.084 | 0.000 | 0.071 |
Singapore | ||||||||||||
Mean | 11.212 | 9.033 | 4.594 | 4.643 | 4.161 | 0.970 | 6.216 | 0.997 | 2.899 | 0.726 | 1.623 | 13.142 |
Maximum | 11.490 | 9.139 | 4.624 | 4.683 | 4.494 | 1.423 | 6.735 | 1.239 | 3.364 | 0.954 | 6.628 | 13.747 |
Minimum | 10.896 | 8.762 | 4.558 | 4.585 | 3.807 | 0.086 | 5.500 | 0.682 | 1.895 | 0.597 | −0.532 | 12.459 |
Std. Dev. | 0.189 | 0.095 | 0.024 | 0.036 | 0.258 | 0.385 | 0.373 | 0.172 | 0.404 | 0.078 | 1.971 | 0.473 |
ADF-Level | 0.999 | 0.639 | 0.893 | 0.977 | 0.999 | 0.941 | 0.999 | 0.303 | 0.903 | 0.690 | 0.109 | 0.990 |
ADF-1st diff | 0.020 | 0.000 | 0.000 | 0.000 | 0.021 | 0.006 | 0.074 | 0.000 | 0.000 | 0.000 | 0.000 | 0.089 |
Malaysia | ||||||||||||
Mean | 9.923 | 7.155 | 4.613 | 4.388 | 3.536 | 1.038 | 7.860 | 0.411 | 0.943 | −0.135 | 2.240 | 12.978 |
Maximum | 10.223 | 7.703 | 4.663 | 4.448 | 3.845 | 1.459 | 8.391 | 0.653 | 1.624 | 0.457 | 5.441 | 13.584 |
Minimum | 9.659 | 6.731 | 4.571 | 4.332 | 3.219 | 0.337 | 7.232 | 0.175 | −2.870 | −0.757 | 0.583 | 12.212 |
Std. Dev. | 0.178 | 0.260 | 0.031 | 0.042 | 0.201 | 0.419 | 0.372 | 0.153 | 1.030 | 0.398 | 1.196 | 0.506 |
ADF-Level | 0.999 | 0.801 | 0.995 | 0.800 | 0.990 | 0.861 | 1.000 | 0.142 | 0.157 | 0.999 | 0.637 | 0.978 |
ADF-1st diff | 0.094 | 0.000 | 0.015 | 0.002 | 0.006 | 0.000 | 0.100 | 0.008 | 0.000 | 0.009 | 0.000 | 0.100 |
Indonesia | ||||||||||||
Mean | 9.039 | 6.341 | 4.679 | 4.312 | 3.202 | 2.065 | 9.161 | −0.903 | 0.325 | −2.180 | 3.925 | 14.327 |
Maximum | 9.339 | 6.772 | 4.700 | 4.488 | 3.596 | 2.653 | 9.681 | −0.655 | 1.070 | −0.355 | 8.200 | 14.914 |
Minimum | 8.699 | 5.753 | 4.660 | 4.046 | 2.695 | 1.435 | 8.491 | −1.202 | −2.602 | −2.996 | 0.700 | 13.057 |
Std. Dev. | 0.199 | 0.328 | 0.014 | 0.145 | 0.315 | 0.392 | 0.365 | 0.152 | 0.928 | 0.730 | 1.905 | 0.615 |
ADF-Level | 0.999 | 0.987 | 0.498 | 0.999 | 0.999 | 0.186 | 0.925 | 0.951 | 0.126 | 0.123 | 0.170 | 0.981 |
ADF-1st diff | 0.075 | 0.003 | 0.000 | 0.003 | 0.016 | 0.000 | 0.015 | 0.000 | 0.000 | 0.000 | 0.000 | 0.098 |
Philippines | ||||||||||||
Mean | 8.677 | 5.296 | 4.686 | 4.421 | 3.426 | 2.335 | 9.213 | −0.518 | 0.356 | −1.982 | 3.908 | 12.905 |
Maximum | 9.050 | 5.844 | 4.728 | 4.483 | 3.573 | 2.708 | 9.267 | −0.124 | 1.185 | −1.492 | 8.260 | 13.332 |
Minimum | 8.402 | 4.904 | 4.644 | 4.291 | 3.315 | 1.988 | 9.155 | −0.869 | −0.623 | −2.207 | 0.674 | 12.295 |
Std. Dev. | 0.205 | 0.310 | 0.024 | 0.052 | 0.087 | 0.208 | 0.037 | 0.301 | 0.554 | 0.232 | 1.824 | 0.403 |
ADF-Level | 0.845 | 0.918 | 0.680 | 0.987 | 0.925 | 0.230 | 0.613 | 0.815 | 0.528 | 0.976 | 0.272 | 0.980 |
ADF-1st diff | 0.054 | 0.000 | 0.023 | 0.012 | 0.000 | 0.006 | 0.000 | 0.007 | 0.000 | 0.002 | 0.000 | 0.008 |
Statistic | lnGDP | lnEXPSTU | lnPrimary | lnSecondary | lnTertiary | lnUNEM | lnWORK | lnOPEN | lnFDI | lnRD | INF | lnK |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Mean | 9.695 | 6.908 | 4.642 | 4.438 | 3.664 | 1.277 | 8.576 | 0.043 | 1.117 | −0.884 | 2.719 | 13.338 |
Median | 9.578 | 6.790 | 4.647 | 4.432 | 3.604 | 1.308 | 9.146 | 0.098 | 1.055 | −0.968 | 2.591 | 13.315 |
Maximum | 11.490 | 9.139 | 4.728 | 4.683 | 4.494 | 2.708 | 10.582 | 1.239 | 3.364 | 0.954 | 8.260 | 14.914 |
Minimum | 8.402 | 4.904 | 4.558 | 4.046 | 2.695 | −0.357 | 5.500 | −1.202 | −2.870 | −2.996 | −0.900 | 12.212 |
Std. Dev. | 0.908 | 1.293 | 0.042 | 0.134 | 0.400 | 0.880 | 1.511 | 0.689 | 1.191 | 1.184 | 1.964 | 0.690 |
Skewness | 0.609 | 0.441 | −0.177 | −0.089 | 0.040 | −0.070 | −0.411 | −0.040 | −0.256 | 0.039 | 0.534 | 0.520 |
Kurtosis | 2.276 | 2.212 | 2.190 | 3.508 | 2.783 | 1.815 | 2.074 | 1.918 | 4.150 | 1.645 | 2.997 | 2.834 |
LLC-Level | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) |
Variable | lnEXPSTU | lnPrimary | lnSecondary | lnTertiary | lnUNEM | lnWORK | lnOPEN | lnFDI | lnRD | INF | lnK |
---|---|---|---|---|---|---|---|---|---|---|---|
lnEXPSTU | 1.000 | ||||||||||
lnPrimary | −0.820 | 1.000 | |||||||||
lnSecondary | 0.911 | −0.861 | 1.000 | ||||||||
lnTertiary | −0.048 | −0.023 | 0.166 | 1.000 | |||||||
lnUNEM | 0.925 | −0.939 | 0.918 | −0.032 | 1.000 | ||||||
lnWORK | 0.845 | −0.714 | 0.943 | 0.219 | 0.781 | 1.000 | |||||
lnOPEN | −0.078 | 0.134 | 0.113 | 0.291 | −0.159 | 0.264 | 1.000 | ||||
lnFDI | −0.601 | 0.458 | −0.462 | 0.211 | −0.600 | −0.373 | 0.227 | 1.000 | |||
lnRD | 0.758 | −0.845 | 0.647 | −0.229 | 0.860 | 0.447 | −0.431 | −0.487 | 1.000 | ||
lnINF | −0.289 | 0.283 | −0.110 | 0.401 | −0.348 | −0.011 | 0.843 | 0.401 | −0.447 | 1.000 | |
lnK | 0.956 | −0.817 | 0.974 | 0.080 | 0.900 | 0.950 | 0.121 | −0.493 | 0.647 | −0.111 | 1.000 |
Variable | lnEXPSTU | lnPrimary | lnSecondary | lnTertiary | lnUNEM | lnWORK | lnOPEN | lnFDI | lnRD | INF | lnK |
---|---|---|---|---|---|---|---|---|---|---|---|
lnEXPSTU | 1.000 | ||||||||||
lnPrimary | 0.215 | 1.000 | |||||||||
lnSecondary | 0.187 | 0.966 | 1.000 | ||||||||
lnTertiary | 0.106 | 0.933 | 0.981 | 1.000 | |||||||
lnUNEM | 0.176 | 0.621 | 0.668 | 0.678 | 1.000 | ||||||
lnWORK | 0.131 | 0.876 | 0.949 | 0.967 | 0.796 | 1.000 | |||||
lnOPEN | 0.523 | −0.507 | −0.617 | −0.663 | −0.313 | −0.618 | 1.000 | ||||
lnFDI | 0.119 | 0.409 | 0.501 | 0.462 | 0.373 | 0.466 | −0.352 | 1.000 | |||
lnRD | 0.224 | −0.126 | −0.085 | −0.044 | 0.332 | 0.056 | 0.362 | −0.297 | 1.000 | ||
INF | 0.454 | 0.256 | 0.112 | 0.067 | 0.101 | 0.059 | 0.446 | −0.258 | 0.339 | 1.000 | |
lnK | 0.121 | 0.920 | 0.968 | 0.988 | 0.741 | 0.979 | −0.635 | 0.421 | 0.033 | 0.140 | 1.000 |
Variable | lnEXPSTU | lnPrimary | lnSecondary | lnTertiary | lnUNEM | lnWORK | lnOPEN | lnFDI | lnRD | INF | lnK |
---|---|---|---|---|---|---|---|---|---|---|---|
lnEXPSTU | 1.000 | ||||||||||
lnPrimary | 0.393 | 1.000 | |||||||||
lnSecondary | 0.073 | 0.719 | 1.000 | ||||||||
lnTertiary | 0.535 | 0.859 | 0.591 | 1.000 | |||||||
lnUNEM | 0.687 | 0.749 | 0.331 | 0.868 | 1.000 | ||||||
lnWORK | 0.568 | 0.889 | 0.568 | 0.975 | 0.911 | 1.000 | |||||
lnOPEN | −0.654 | −0.806 | −0.444 | −0.955 | −0.897 | −0.947 | 1.000 | ||||
lnFDI | 0.017 | 0.075 | 0.117 | 0.082 | 0.162 | 0.102 | 0.027 | 1.000 | |||
lnRD | 0.487 | 0.896 | 0.536 | 0.966 | 0.862 | 0.973 | −0.947 | 0.010 | 1.000 | ||
INF | 0.005 | 0.057 | 0.063 | 0.065 | 0.337 | 0.144 | −0.057 | 0.371 | 0.054 | 1.000 | |
lnK | 0.678 | 0.859 | 0.466 | 0.932 | 0.959 | 0.974 | −0.939 | 0.142 | 0.931 | 0.181 | 1.000 |
Variable | lnEXPSTU | lnPrimary | lnSecondary | lnTertiary | lnUNEM | lnWORK | lnOPEN | lnFDI | lnRD | INF | lnK |
---|---|---|---|---|---|---|---|---|---|---|---|
lnEXPSTU | 1.000 | ||||||||||
lnPrimary | −0.505 | 1.000 | |||||||||
lnSecondary | 0.963 | −0.627 | 1.000 | ||||||||
lnTertiary | 0.947 | −0.696 | 0.976 | 1.000 | |||||||
lnUNEM | −0.822 | 0.719 | −0.824 | −0.900 | 1.000 | ||||||
lnWORK | 0.792 | −0.604 | 0.837 | 0.860 | −0.687 | 1.000 | |||||
lnOPEN | −0.724 | 0.599 | −0.807 | −0.808 | 0.704 | −0.787 | 1.000 | ||||
lnFDI | 0.674 | −0.414 | 0.676 | 0.612 | −0.452 | 0.432 | −0.442 | 1.000 | |||
lnRD | 0.211 | −0.372 | 0.304 | 0.304 | −0.136 | 0.196 | −0.077 | 0.213 | 1.000 | ||
INF | −0.433 | 0.208 | −0.458 | −0.445 | 0.449 | −0.493 | 0.746 | −0.170 | 0.305 | 1.000 | |
lnK | 0.977 | −0.608 | 0.985 | 0.959 | −0.816 | 0.777 | −0.757 | 0.729 | 0.312 | −0.380 | 1.000 |
Variable | lnEXPSTU | lnPrimary | lnSecondary | lnTertiary | lnUNEM | lnWORK | lnOPEN | lnFDI | lnRD | INF | lnK |
---|---|---|---|---|---|---|---|---|---|---|---|
lnEXPSTU | 1.000 | ||||||||||
lnPrimary | 0.628 | 1.000 | |||||||||
lnSecondary | 0.758 | 0.343 | 1.000 | ||||||||
lnTertiary | 0.809 | 0.692 | 0.561 | 1.000 | |||||||
lnUNEM | −0.803 | −0.405 | −0.445 | −0.733 | 1.000 | ||||||
lnWORK | 0.037 | 0.024 | 0.032 | −0.053 | −0.249 | 1.000 | |||||
lnOPEN | −0.878 | −0.601 | −0.782 | −0.669 | 0.764 | −0.123 | 1.000 | ||||
lnFDI | 0.400 | 0.018 | 0.239 | 0.548 | −0.599 | 0.180 | −0.192 | 1.000 | |||
lnRD | 0.610 | 0.310 | 0.403 | 0.829 | −0.639 | −0.091 | −0.351 | 0.788 | 1.000 | ||
INF | −0.363 | −0.525 | −0.308 | −0.438 | 0.294 | 0.121 | 0.333 | −0.293 | −0.351 | 1.000 | |
lnK | 0.904 | 0.461 | 0.843 | 0.719 | −0.818 | 0.144 | −0.955 | 0.357 | 0.482 | −0.277 | 1.000 |
Variable | lnEXPSTU | lnPrimary | lnSecondary | lnTertiary | lnUNEM | lnWORK | lnOPEN | lnFDI | lnRD | INF | lnK |
---|---|---|---|---|---|---|---|---|---|---|---|
lnEXPSTU | 1.000 | ||||||||||
lnPrimary | −0.944 | 1.000 | |||||||||
lnSecondary | 0.935 | −0.888 | 1.000 | ||||||||
lnTertiary | −0.261 | 0.242 | −0.073 | 1.000 | |||||||
lnUNEM | 0.474 | −0.379 | 0.643 | −0.016 | 1.000 | ||||||
lnWORK | −0.812 | 0.876 | −0.649 | 0.290 | 0.078 | 1.000 | |||||
lnOPEN | 0.792 | −0.842 | 0.672 | −0.204 | −0.089 | −0.966 | 1.000 | ||||
lnFDI | 0.717 | −0.814 | 0.568 | −0.225 | −0.196 | −0.966 | 0.944 | 1.000 | |||
lnRD | 0.928 | −0.963 | 0.822 | −0.355 | 0.384 | −0.856 | 0.782 | 0.781 | 1.000 | ||
INF | −0.292 | 0.272 | −0.189 | 0.425 | −0.334 | 0.160 | 0.052 | −0.062 | −0.361 | 1.000 | |
lnK | −0.083 | 0.251 | 0.158 | 0.234 | 0.742 | 0.637 | −0.568 | −0.686 | −0.274 | 0.012 | 1.000 |
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Variable | Variable | Description | Source |
---|---|---|---|
Dependent variable | GDP | Real GDP per capita | CEIC |
Education variable | EXPSTU | Education expenditure per student refers to the average annual goverment expenditure per student in the tertiary level. It is calculated by dividing the total government expenditure on tertiary education by the number of students at the tertiry level (unit: US dollar) | National Statistical Office of Thailand; Department of statistics Singapore; Department of statistics Malaysia; Philippines Statistics Authority; the Central Bureau of Statistics, Indonesia; and International Labour Organization |
Primary Secondary Tertiary | Primary, Secondary, and Tertiary stand for the enrollment rate of primary, secondary, and tertiary levels, respectively. The enrollment rate is measured by the ratio of total enrollment to the population having the age officially corresponds to the level of education (unit: % gross). | ||
WORK | Workforce with education refers to the working-age population with a higher level of education (or university degree) who are in the labor force, that is, the number of a highly educated workforce (unit: thousand persons). | ||
UNEM | Unemployment with higher education refers to the labor force with an advanced level of education who are unemployed. Advanced education consists of bachelor’s degree, master’s degree, and doctoral degree (unit: % of total unemployment). | World Bank | |
Control variable | OPEN | Trade openness measures how much a country is engaged in the world trade. It is measured by the ratio of the sum of exports and imports to GDP (unit: times of GDP). | |
FDI | Foreign direct investment (unit: % of GDP). | ||
RD | Research and Development expenditure refers to gross domestic expenditure on research and development of, for example, business, non-profit organization, government, and education sector (unit: % of GDP). | CEIC | |
INF | Inflation rate (unit: %). | ||
K | Capital stock refers to the net capital stock, the market value of total fixed assets in the economy, reflecting the country’s overall wealth (unit: thousand US dollars). |
Country | lnEXPSTU | lnPrimary | lnSecondary | lnTertiary | lnUNEM | lnWORK |
---|---|---|---|---|---|---|
Thailand | 1.783 (0.491) | 8.540 (0.031) | 9.368 (0.021) | 19.496 (0.000) | 13.253 (0.000) | 7.2680 (0.110) |
Singapore | 4.402 (0.766) | 0.825 (0.994) | 1.614 (0.584) | 12.886 (0.000) | 8.623 (0.021) | 1.012 (0.854) |
Malaysia | 10.043 (0.541) | 10.354 (0.515) | 6.578 (0.744) | 6.610 (0.761) | 15.702 (0.051) | 2.886 (1.000) |
Indonesia | 10.517 (0.261) | 5.861 (0.755) | 22.497 (0.021) | 27.494 (0.000) | 26.964 (0.000) | 5.548 (0.767) |
Philippines | 0.942 (0.961) | 3.664 (0.641) | 12.139 (0.023) | 5.709 (0.343) | 15.348 (0.000) | 6.333 (0.294) |
lnOPEN | lnFDI | lnRD | INF | lnK | ||
Thailand | 1.598 (0.231) | 0.144 (0.911) | 6.423 (0.051) | 1.378 (0.522) | 21.033 (0.000) | |
Singapore | 0.912 (0.999) | 0.386 (1.000) | 0.511 (1.000) | 0.645 (1.000) | 1.458 (0.601) | |
Malaysia | 4.027 (0.866)) | 6.397 (0.735) | 9.949 (0.573) | 7.587 (0.675) | 12.511 (0.361) | |
Indonesia | 3.762 (0.843) | 7.221 (0.643) | 10.588 (0.253) | 6.492 (0.658) | 29.739 (0.000) | |
Philippines | 7.679 (0.197) | 8.020 (0.140) | 7.261 (0.211) | 4.133 (0.487) | 19.379 (0.000) |
Variable | Thailand | Singapore | Malaysia | Indonesia | Philippines |
---|---|---|---|---|---|
Estimate | |||||
intercept | 1.872 *** (0.125) | 4.713 *** (1.202) | 3.451 *** (1.311) | 10.370 *** (2.112) | 8.544 *** (2.184) |
lnEXPSTU | 0.150 *** (0.036) | 0.059 (0.042) | 0.090 *** (0.026) | 0.033 (0.057) | 0.107 ** (0.044) |
lnPrimary | −0.023 (0.035) | 0.065 (0.052) | 0.129 *** (0.035) | −0.061 (0.045) | −0.091 *** (0.031) |
lnSecondary | 0.179 *** (0.042) | 0.078 ** (0.038) | 0.029 (0.026) | 0.280 *** (0.064) | 0.179 *** (0.036) |
lnTertiary | 0.036 * (0.019) | 0.115 ** (0.047) | 0.079 ** (0.034) | 0.175 *** (0.059) | 0.091 ** (0.042) |
lnUNEM | 0.191 *** (0.039) | −0.039 (0.049) | 0.179 *** (0.028) | −0.102 (0.064) | −0.2007 *** (0.034) |
lnWORK | 0.180 *** (0.035) | 0.246 *** (0.052) | 0.078 ** (0.035) | 0.088 * (0.049) | −0.006 (0.023) |
lnOPEN | −0.060 *** (0.022) | −0.013 (0.057) | −0.043 (0.036) | −0.101 (0.068) | −0.024 (0.415) |
lnFDI | 0.027 (0.018) | 0.103 ** (0.040) | 0.014 (0.021) | 0.011 (0.042) | 0.024 (0.031) |
lnRD | 0.090 ** (0.038) | 0.032 (0.039) | 0.134 *** (0.032) | 0.051 (0.041) | 0.218 *** (0.036) |
INF | 0.036 (0.030) | 0.010 (0.039) | 0.003 (0.023) | 0.059 (0.046) | 0.003 (0.026) |
lnK | 0.181 *** (0.039) | 0.157 *** (0.042) | 0.112 *** (0.022) | 0.139 *** (0.047) | 0.158 *** (0.030) |
EBIC | −91.141 | −109.957 | −126.293 | −114.201 | −123.421 |
0.9874 | 0.9352 | 0.9665 | 0.9514 | 0.9689 | |
McKinnon ADF test | 0.0211 | 0.0000 | 0.0001 | 0.0031 | 0.0000 |
Thailand | Singapore | Malaysia | Indonesia | Philippines | |||||
---|---|---|---|---|---|---|---|---|---|
Variable | Estimate | Variable | Estimate | Variable | Estimate | Variable | Estimate | Variable | Estimate |
intercept | 4.929 *** (1.166) | intercept | 6.148 *** (2.255) | intercept | 3.581 *** (1.010) | intercept | 12.725 *** (1.194) | intercept | 12.694 *** (2.113) |
lnEXPSTU | 0.174 *** (0.022) | lnEXPSTU | −0.057 (0.031) | lnEXPSTU | 0.092 *** (0.026) | lnEXPSTU | 0.041 (0.046) | lnEXPSTU | 0.100 *** (0.024) |
−0.015 (0.026) | lnPrimary | 0.061 * (0.033) | lnPrimary | 0.127 *** (0.031) | lnPrimary | −0.055 (0.033) | lnPrimary | −0.079 *** (0.016) | |
−0.020 (0.023) | lnSecondary | 0.071 *** (0.023) | lnSecondary | 0.034 (0.026) | 0.171 *** (0.043) | 0.093 *** (0.017) | |||
0.097 *** (0.022) | −0.019 (0.037) | lnTertiary | 0.079 ** (0.031) | 0.188 *** (0.045) | 0.061 *** (0.023) | ||||
0.081 *** (0.026) | 0.160 *** (0.033) | 0.061 *** (0.029) | 0.003 *** (0.001) | lnTertiary | 0.079 *** (0.021) | ||||
0.001 (0.024) | −0.126 *** (0.033) | −0.058 ** (0.025) | 0.171 *** (0.042) | −0.201 *** (0.022) | |||||
0.044 ** (0.022) | −0.016 (0.028) | lnWORK | 0.167 *** (0.023) | −0.024 (0.050) | −0.055 (0.015) | ||||
0.077 *** (0.023) | lnWORK | 0.156 *** (0.026) | lnOPEN | −0.044 (0.034) | −0.018 (0.018) | lnWORK | 0.017 (0.017) | ||
−0.095 *** (0.022) | lnOPEN | −0.024 (0.033) | lnFDI | 0.015 (0.019) | lnWORK | 0.042 (0.048) | lnOPEN | −0.052 * (0.020) | |
lnWORK | 0.098 *** (0.015) | lnFDI | 0.093 *** (0.029) | lnRD | 0.130 *** (0.029) | lnOPEN | −0.094 * (0.054) | lnFDI | 0.002 (0.021) |
lnOPEN | −0.054 ** (0.024) | lnRD | 0.029 (0.027) | INF | 0.002 (0.021) | lnFDI | 0.006 (0.035) | lnRD | 0.127 *** (0.018) |
lnFDI | 0.026 * (0.015) | INF | 0.048 * (0.028) | lnK | 0.103 *** (0.019) | lnRD | 0.041 (0.036) | INF | 0.011 (0.018) |
0.003 (0.028) | lnK | 0.133 *** (0.023) | INF | 0.067 * (0.039) | 0.125 *** (0.012) | ||||
0.065 ** (0.026) | 0.150 *** (0.033) | 0.109 *** (0.014) | |||||||
INF | 0.037 (0.024) | 0.087 * (0.045) | |||||||
0.131 *** (0.018) | |||||||||
0.106 ** (0.026) | |||||||||
EBIC | −132.882 | −115.463 | −132.551 | −122.991 | 132.229 | ||||
0.9952 | 0.9878 | 0.9987 | 0.9854 | 0.9913 | |||||
McKinnon ADF test | [0.0015] | [0.0000] | [0.0020] | [0.0051] | [0.0000] |
lnEXPSTU | lnPrimary | lnSecondary | lnTertiary | UNEM | lnWORK | |
---|---|---|---|---|---|---|
ASEAN-5 | 6.380 (0.091) | 4.612 (0.231) | 8.263 (0.000) | 6.131 (0.055) | 14.181 (0.000) | 3.421 (0.544) |
lnOPEN | lnFDI | lnRD | INF | lnK | ||
ASEAN-5 | 12.980 (0.000) | 12.988 (0.000) | 7.340 (0.000) | 5.327 (0.451) | 4.597 (0.511) |
Panel Kink Regression | Panel Linear Regression | ||||||
---|---|---|---|---|---|---|---|
Variable | Ridge-Fixed Effect | Fixed Effect | Pooled OLS | Ridge-Fixed Effect | Fixed Effect | Pooled OLS | |
intercept | 8.947 ** (0.981) | 6.311 ** (1.235) | 7.554 ** (1.556) | intercept | 7.183 *** (1.244) | 5.5241 *** (2.1254) | 6.351 *** (2.3121) |
0.066 *** (0.027) | 0.031 (0.031) | 0.022 (0.004) | lnEXPSTU | 0.038 * (0.015) | 0.042 * (0.016) | 0.040 * (0.017) | |
0.186 *** (0.031) | 0.201 *** (0.038) | 0.239 *** (0.054) | lnPrimary | 0.443 *** (0.156) | 0.459 *** (0.211) | 0.598 ** (0.306) | |
lnPrimary | 0.059 (0.140) | 0.024 (0.145) | 0.022 (0.137) | lnSecondary | 0.058 (0.216) | 0.097 (0.331) | 0.066 (0.354) |
0.128 (0.174) | 0.094 (0.201) | 0.084 (0.214) | lnTertiary | 0.685 *** (0.031) | 0.703 *** (0.058) | 0.689 *** (0.042) | |
0.894 *** (0.130) | 0.944 *** (0.208) | 0.997 *** (0.258) | lnUNEM | 0.579 *** (0.218) | 0.504 ** (0.225) | 0.588 ** (0.301) | |
0.051 *** (0.011) | 0.031 *** (0.014) | 0.028 * (0.017) | lnWORK | 0.256 *** (0.026) | 0.121 *** (0.043) | 0.116 ** (0.053) | |
0.749 *** (0.020) | 0.541 *** (0.103) | 0.587 *** (0.233) | lnOPEN | 0.459 (0.341) | 0.368 (0.368) | 0.549 (0.401) | |
0.874 (0.753) | 0.778 (0.711) | 0.651 (0.783) | lnFDI | 0.148 (0.161) | 0.012 (0.222) | 0.034 (0.235) | |
−1.265 *** (0.194) | −1.002 *** (0.201) | −1.115 ** (0.241) | lnRD | 1.443 *** (0.254) | 1.511 *** (0.268) | 1.124 *** (0.254) | |
lnWORK | 0.301 *** (0.021) | 0.416 *** (0.103) | 0.497 *** (0.201) | INF | −0.001 (0.002) | −0.001 (0.003) | −0.001 (0.002) |
−0.402 * (0.231) | −0.398 * (0.264) | −0.518 * (0.298) | lnK | 0.031 (0.035) | 0.026 (0.042) | 0.013 (0.051) | |
0.738 ** (0.326) | 0.722 ** (0.268) | 0.601 (0.401) | |||||
0.048 (0.084) | 0.059 (0.089) | 0.068 (0.101) | |||||
0.756 ** (0.251) | 0.561 ** (0.259) | 0.439 (0.278) | |||||
0.405 * (0.199) | 0.428 * (0.214) | 0.305 (0.206) | |||||
0.958 *** (0.215) | 1.205 *** (0.365) | 1.358 *** (0.554) | |||||
INF | −0.089 (0.100) | −0.115 (0.121) | −0.126 (0.189) | ||||
lnK | 0.395 * (0.235) | 0.348 * (0.254) | 0.331 (0.267) | ||||
EBIC | −439.350 | −412.896 | −359.35 | −408.880 | −398.684 | −304.68 | |
0.9944 | 0.9901 | 0.9899 | 0.9874 | 0.9887 | 0.9543 |
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Maneejuk, P.; Yamaka, W. The Impact of Higher Education on Economic Growth in ASEAN-5 Countries. Sustainability 2021, 13, 520. https://doi.org/10.3390/su13020520
Maneejuk P, Yamaka W. The Impact of Higher Education on Economic Growth in ASEAN-5 Countries. Sustainability. 2021; 13(2):520. https://doi.org/10.3390/su13020520
Chicago/Turabian StyleManeejuk, Paravee, and Woraphon Yamaka. 2021. "The Impact of Higher Education on Economic Growth in ASEAN-5 Countries" Sustainability 13, no. 2: 520. https://doi.org/10.3390/su13020520