Purpose

This research aims to explain the effect of financial indicators and economic growth on human capital in low-income countries.

Design/methodology/approach

We gathered balanced panel data from 1980 to 2016 over a sample of 12 low-income countries categorized by World Development Indicators. The data stationary properties were analyzed by unit root test while the existence of a long-run relationship among the variables was confirmed by cointegration test. We performed Hausman test to differentiate between the fixed effect and random effect model. The sensitivity analysis confirmed the robustness of the results.

Findings

Our findings indicated that broad money supply and private sector credit has a positive and significant impact on human capital. Interestingly, bank credit showed a negative and significant effect on human capital. We also found a significant positive relationship between human capital and economic growth in the study sample.

Originality/value

This is a preliminary study using financial development and human capital in low-income countries with panel econometric techniques as an analysis tool. Overall, we suggest a policy to focus on the financial sector development and economic growth to produce sustainable human capital.

中文翻译：

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金融发展和经济增长如何影响低收入国家的人力资本

目的

本研究旨在解释金融指标和经济增长对低收入国家人力资本的影响。

设计/方法/方法

我们收集了从 1980 年到 2016 年的平衡面板数据，其中包括按世界发展指标分类的 12 个低收入国家的样本。通过单位根检验分析数据的平稳性，而通过协整检验确认变量之间存在长期关系。我们进行了 Hausman 检验以区分固定效应和随机效应模型。敏感性分析证实了结果的稳健性。

发现

我们的研究结果表明，广义货币供应量和私营部门信贷对人力资本具有积极而显着的影响。有趣的是，银行信贷对人力资本有显着的负面影响。我们还在研究样本中发现人力资本与经济增长之间存在显着的正相关关系。

原创性/价值

这是一项初步研究，使用低收入国家的金融发展和人力资本，以面板计量经济学技术作为分析工具。总体而言，我们建议制定一项政策，将重点放在金融部门的发展和经济增长上，以产生可持续的人力资本。