Purpose

The purpose of this study is to explore the relationship among financial development (FD), economic growth, urbanization and human capital (HC) in Vietnam.

Design/methodology/approach

This study uses various wavelet tools, including wavelet coherence, wavelet correlation and scale-by-scale Granger causality test, to re-visit the lead–lag structure among economic growth, FD, urbanization and HC in Vietnam from 1980 to 2017.

Findings

The main findings indicate that economic growth and urbanization improve HC at the medium and low frequencies, whereas FD negatively affects HC from 1989 to 2017. Furthermore, the scale-by-scale Granger causality results confirm a uni-directional causality relationship between economic growth to HC at low and high frequencies. In contrast, a bi-directional causality relationship between urbanization and HC is found in the long run.

Research limitations/implications

Policy implications have emerged based on the empirical results from this study. The Vietnamese Government should continue supporting economic integration, implementing investment promotion policies and focussing on foreign direct investment using green technologies.

Originality/value

The impact of FD on HC at different time scales has largely been ignored in Vietnam. This study substantially contributes to the existing literature regarding HC and FD. This analysis is one of the earliest attempts to examine the effects of economic indicators on HC in the time-frequency analysis.

中文翻译：

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金融发展影响人力资本吗？来自越南的证据

目的

本研究的目的是探讨越南金融发展（FD）、经济增长、城市化和人力资本（HC）之间的关系。

设计/方法论/途径

本研究使用各种小波工具，包括小波相干性、小波相关性和逐尺度格兰杰因果检验，重新审视1980年至2017年越南经济增长、FD、城市化和HC之间的超前滞后结构。

发现

主要研究结果表明，1989年至2017年，经济增长和城市化以中低频改善HC，而FD对HC产生负面影响。此外，逐尺度格兰杰因果关系结果证实了经济增长与HC之间的单向因果关系。低频和高频下的 HC。相比之下，从长远来看，城市化与人力资本之间存在双向因果关系。

研究局限性/影响

政策影响是根据本研究的实证结果得出的。越南政府应继续支持经济一体化，实施投资促进政策，重点关注利用绿色技术的外国直接投资。

原创性/价值

在越南，不同时间尺度的 FD 对 HC 的影响在很大程度上被忽略了。这项研究对有关 HC 和 FD 的现有文献做出了重大贡献。该分析是在时频分析中考察经济指标对HC影响的最早尝试之一。