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Full-Text Articles in Social and Behavioral Sciences
The Effects Of Human Capital Composition On Technological Convergence, James B. Ang
The Effects Of Human Capital Composition On Technological Convergence, James B. Ang
James B Ang
This paper empirically investigates whether the contribution of human capital to productivity growth depends on the composition of human capital and proximity to the technology frontier in a panel of 87 sample countries over the period 1970-2004. It tests the hypothesis that primary and secondary education is more suitable for imitation whereas tertiary education is more appropriate for innovation. The results show that the growth enhancing effects of higher education increase with proximity to the technology frontier only for high and medium income countries.
Financial Development, Liberalization And Technological Deepening, James B. Ang
Financial Development, Liberalization And Technological Deepening, James B. Ang
James B Ang
This paper focuses on examining the effects of financial development and liberalization on knowledge accumulation. The results consistently show that while financial development facilitates the accumulation of new ideas, the implementation of financial reform policies is negatively associated with it. The undesirable effects of financial liberalization are found to operate through the triggering of crises and volatility in the financial system. There is also evidence supporting the hypothesis that financial liberalization reallocates talent from the innovative sector to the financial system, thus retarding technological deepening. Moreover, the findings also suggest that increased R&D activity and the presence of a stronger …
Savings Mobilization, Financial Development And Liberalization: The Case Of Malaysia, James B. Ang
Savings Mobilization, Financial Development And Liberalization: The Case Of Malaysia, James B. Ang
James B Ang
This paper attempts to identify the key factors behind Malaysia’s remarkable savings performance. Drawing on the life cycle theory, the saving function is estimated by incorporating other relevant structural features and institutional settings of the Malaysian economy into the specification. Particular emphasis has been placed on the roles of financial factors in mobilizing funds in the private sector. The results suggest that financial deepening and increased banking density tend to encourage private savings. Development of insurance markets and liberalization of the financial system, however, tend to exert a dampening effect on private savings.
Finance And Consumption Volatility: Evidence From India, James B. Ang
Finance And Consumption Volatility: Evidence From India, James B. Ang
James B Ang
The main objective of this paper is to explore the determinants of private consumption growth volatility in India, focusing on the role of financial sector policies. Using data for India over the period 1950-2005, the results show that the implementation of financial repressionist policies is strongly associated with lower consumption volatility. The results remain robust after controlling for a wide range of macroeconomic shocks and variables. The presence of a threshold effect implies that the benefits of financial reforms in reducing consumption volatility can only be reaped when the financial system becomes sufficiently liberalized. The results also indicate that the …