Description
Title: Transitional Countries’ Financial Development, Human Resources, and Economic Growth
Abstract: This study looked at the relationships between economic growth, human resources, and financial development in a group of 25 transitioning nations between 1995 and 2019. In order to estimate the empirical research model, the author used a variety of estimation techniques, including Ordinary Least Squares (OLS), fixed effects models, and two-step GMM methods. In contrast to earlier research, the level of outcomes of financial institutions and the financial market in three aspects—depth, access, and efficiency—was assessed in this paper as a proxy variable. The human development index and the labor force participation rate were also used as comprehensive proxies for human resources. In general, human resources and financial development have a positive influence on economic growth. While financial depth has no effect on economic growth, financial access and financial efficiency do. Economic growth was also shown to be fueled by human development. Additionally, the relationship between the human development index and overall financial development showed a significant acceleration of economic growth. These findings add to the body of knowledge on economic growth and have significant policy-making ramifications in transition economies.
Keywords: financial development; human resources; economic growth; transition countries
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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