International Journal of Cognitive Research in Science, Engineering and Education (IJCRSEE)

IJCRSEE Editorial Team; Goran  Popović; Ognjen  Erić; Jelena  Bjelić

doi:10.5937/IJCRSEE2002059P

Authors

Goran Popović University of Banja Luka, Faculty of Economics, Bosnia and Herzegovina https://orcid.org/0000-0003-4649-8302
Ognjen Erić University of Banja Luka, Faculty of Economics, Bosnia and Herzegovina https://orcid.org/0000-0002-5318-9543
Jelena Bjelić Indirect Taxation Authority, Bosnia and Herzegovina https://orcid.org/0000-0001-9412-2006

DOI:

https://doi.org/10.5937/IJCRSEE2002059P

Keywords:

Education system, institutions, budget, Southeast Europe, Economic growth, GDP

Abstract

This research covers an evaluation of the impact of education system, educational, scientific and other institutions on the economic growth in nine countries of Southeast Europe (SEE). The main hypothesis is the following: GDP pc growth is significant and positively correlates with the indicators of the state of education system. In addition to educational institutions, there are other social and economic indicators on which education and science depend, namely the budget and fiscal system, corruption and protection of intellectual property rights, which also have positive and significant impact on GDP pc. The stated fields are interactive. Besides GDP pc, the analysis includes another 11 variables. Factor analysis for the variables grouped into two factors shows high significance. The F-test result shows significance of the regression model. ANOVA test, too, confirms the aforementioned significance. Both variables (the first and second factor) have positive direction with GDP pc. The results show significance of the institutional-educational variable, while the impact of educational population in the model is not sufficiently significant. Econometric analysis has mainly confirmed the initial hypotheses.

Downloads

Download data is not yet available.

References

Astakhova, K. V., Korobeev, A. I., Prokhorova, V. V., Kolupaev, A. A., Vorotnoy, M. V., & Kucheryavaya, E. R. (2016). The role of education in economic and social development of the country. International Review of Management and Marketing, 6(1S). Available at: https://www.econjournals.com/index.php/irmm/article/view/1865/pdf

Benos, N. (2010). Education policy, growth and welfare. Education Economics, 18(1), 33-47. https://doi.org/10.1080/09645290802500263

Bouhajeb, M., Mefteh, H., & Ammar, R. B. (2018). Higher education and economic growth: the importance of innovation. Atlantic Review of Economics: Revista Atlántica de Economía, 1(2), 4. Available at: http://aroec.org/ojs/index.php/ARoEc/article/view/58

David, H., Goldin, C., & Katz, L. F. (2020). Extending the Race between Education and Technology. NBER Working Paper, (w26705). https://doi.org/10.3386/w26705

Gouveia, S., & Santos, M. (2018). Export Performance of Southeastern European Countries. In Economy, Finance and Business in Southeastern and Central Europe (pp. 195-211). Springer, Cham. https://doi.org/10.1007/978-3-319-70377-0_14

Hanushek, E. A. (2016). Will more higher education improve economic growth?. Oxford Review of Economic Policy, 32(4), 538-552. https://doi.org/10.1093/oxrep/grw025

Hanushek, E. A., & Woessmann, L. (2020a). Education, knowledge capital, and economic growth. In The Economics of Education (pp. 171-182). Academic Press. https://doi.org/10.1016/B978-0-12-815391-8.00014-8

Hanushek, E. A., & Woessmann, L. (2020b). A quantitative look at the economic impact of the European Union’s educational goals. Education Economics, 1-20. https://doi.org/10.1080/09645292.2020.1719980

Kochetkov, D. M., Larionova, V. A., & Vukovic, D. B. (2017). Entrepreneurial capacity of universities and its impact on regional economic growth. Economy of Region/Ekonomika Regiona, 13(2), 477-488 https://doi.org/10.17059/2017-2-13

Lilles, A., & Rõigas, K. (2017). How higher education institutions contribute to the growth in regions of Europe?. Studies in Higher Education, 42(1), 65-78. https://doi.org/10.1080/03075079.2015.1034264

Milićević, S., & Petrović, J. (2018). Human resources in the function of European Union competitiveness as tourism destination. BizInfo (Blace) Journal of Economics, Management and Informatics, 9(2), 53-63. https://doi.org/10.5937/bizinfo1802053M

Nistor, S., Mera, V. I., & Pop Silaghi, M. I. (2018). Is education important in assessing the impact of institutions on economic growth in emerging economies?. Applied Economics, 50(34-35), 3840-3854. https://doi.org/10.1080/00036846.2018.1436149

Petrović, J., Milićević, S., & Djeri, L. (2017). The information and communications technology as a factor of destination competitiveness in transition countries in European Union. Tourism Economics, 23(6), 1353-1361. https://doi.org/10.1177/1354816616653529

Popović, G., & Erić, O. (2018). Economic development of the Western Balkans and European Union investments. Economic research-Ekonomska istraživanja, 31(1), 1539-1556. https://doi.org/10.1080/1331677X.2018.1498009

Popović, G., Erić, O., Stanić, S. & Krajišnik, M. (2019). Education, technological changes and economic development of Bosnia and Herzegovina, International Journal of Cognitive Research in Science, Engineering and Education (IJCRSEE), 7(2), 77-86. https://doi.org/10.5937/IJCRSEE1902077P

Saviotti, P. P., Pyka, A., & Jun, B. (2016). Education, structural change and economic development. Structural Change and Economic Dynamics, 38, 55-68. https://doi.org/10.1016/j.strueco.2016.04.002

Simionescu, M., Ciuiu, D., Bilan, Y., & Strielkowski, W. (2016). GDP and net migration in some eastern and south-eastern countries of Europe. A panel data and Bayesian approach. Montenegrin Journal of Economics, 12(2), 161-175. https://doi.org/10.14254/1800-5845.2016/12-2.10

Stock, J. H., & Watson, M. W. (1998). Median unbiased estimation of coefficient variance in a time-varying parameter model. Journal of the American Statistical Association, 93(441), 349-358. https://doi.org/10.1080/01621459.1998.10474116

Stock, J. H., & Watson, M. W. (2002). Macroeconomic forecasting using diffusion indexes. Journal of Business & Economic Statistics, 20(2), 147-162. https://doi.org/10.1198/073500102317351921

Tache, I., Bratucu, G., Chitu, I. B., & Dovleac, L. (2017). Improving the relationship between higher education institutions and business environment in South-Eastern Europe: a case study. International Journal of Economics and Business Administration, 5(2), 3-13. Available at: https://www.um.edu.mt/library/oar/handle/123456789/43214

Vidal, R., Ma, Y., & Sastry, S. S. (2016). Principal component analysis. In Generalized principal component analysis (pp. 25-62). Springer, New York, NY. https://doi.org/10.1007/978-0-387-87811-9_2

Visvizi, A., Lytras, M. D., & Daniela, L. (2018). Education, innovation and the prospect of sustainable growth and development. In The future of innovation and technology in education: Policies and practices for teaching and learning excellence. Emerald Publishing Limited, pp. 297-305. https://doi.org/10.1108/978-1-78756-555-520181015

Vuković, D. B., Shpak, N. A., Radovanović, M. M., Portugal Duarte, A., & Radulović, D. (2015). The role of human resources on the economy: a study of the balkan EU member states. Journal of the Geographical Institute ‘Jovan Cvijic ‘SASA, 65(2). pp.253–268. https://doi.org/10.2298/IJGI1502123V

World Economic Forum (2020). The global competi¬tiveness reports 2019. World Economic Forum Geneva. Retrieved from: http://www3.weforum.org/docs/WEF_TheGlobalCompetitivenessReport2019.pdf