Abstract
Using a sample of 237 estimates drawn from 29 primary studies, we conduct a hierarchical meta-regression analysis that examines the association between economic growth and government expenditure on education. We find that the effect of government education expenditure on growth is positive for developed countries. However, when the evidence pertains to less developed countries (LDCs), we find a statistically insignificant association. We also examine the heterogeneity in empirical results and found that factors such as econometric specifications, publication characteristics as well as data characteristics explain the heterogeneity in the literature. We find no evidence of publication selectivity.
A Appendix Table
MRA Variables.
| Variables | Definition | Mean | S.D. |
|---|---|---|---|
| t-value | t-statistics reported in primary studies | 1.17 | 2.39 |
| Precision | Inverse of standard error of the partial correlation coefficient | 4.28 | 2.01 |
| SEri | Standard errors of the partial correlation coefficients | 0.11 | 0.05 |
| OECD | Takes value 1 if the primary study data is from OECD countries, otherwise 0 | 0.19 | 1.48 |
| LDCs | Takes value 1 if the primary study data is from LDCs, otherwise 0 | 2.21 | 5.86 |
| Sample size | Log of number of observations in primary study | 12.67 | 4.63 |
| Cross-section | Takes value 1 if cross-section data is used by primary study, 0 if panel is used | 3.54 | 6.74 |
| Panel data | Takes value 1 if panel data is used by primary study, otherwise 0 | 7.54 | 7.74 |
| Control for endogeneity | Takes value 1 if primary study controls for endogeneity, otherwise 0 | 1.72 | 3.84 |
| Endogenous growth model | Takes value 1 if the model is based on endogenous growth model, otherwise 0. | 5.11 | 8.67 |
| Data average (=> 5) | Takes value 1 if data averaging period is => 5 otherwise 0 | 6.26 | 6.10 |
| Data average* panel data | Takes value 1 if study used panel data and averaging period is => 5 otherwise 0 | 3.75 | 6.25 |
| Data period (1970+) | Takes value 1 if data year >= 1970, otherwise 0 | 7.93 | 8.18 |
| Data period (1980+) | Takes value 1 if data year >= 1980, otherwise 0 | 2.66 | 5.79 |
| Data period (1990+) | Takes value 1 if data year >= 1990, otherwise 0 | 2.40 | 5.54 |
| Data period (2000+) | Takes value 1 if data year >= 2000, otherwise 0 | 2.40 | 5.54 |
| Initial GDP | Takes value 1 if the primary study control for initial per capita GDP, otherwise 0 | 5.73 | 7.98 |
| Population | Takes value 1 if the primary study control for population, otherwise 0 | 2.55 | 4.32 |
| Private investment | Takes value 1 if the primary study control for private investment, otherwise 0 | 4.31 | 7.78 |
| Tax | Takes value 1 if the primary study control for taxes, otherwise 0 | 5.51 | 9.41 |
| Openness | Takes value 1 if the primary study control for openness indicators, otherwise 0 | 3.42 | 6.06 |
| Inflation | Takes value 1 if the primary study control for inflation, otherwise 0 | 2.64 | 5.82 |
| Journal rank | Takes value 1 if the primary study is published in high-ranked journal, otherwise 0 | 6.48 | 7.75 |
| Journal | Takes value 1 if the primary study is published in a journal, otherwise 0 | 9.72 | 8.15 |
| Publication year (1990+) | Takes value 1 if publication year >= 1990, otherwise 0 | 9.68 | 7.24 |
| Publication year (2000+) | Takes value 1 if publication year >= 2000, otherwise 0 | 6.39 | 7.27 |
| Publication year (2010+) | Takes value 1 if publication year >= 2010, otherwise 0 | 3.69 | 7.01 |
MRA dummy variables are divided by SEri.
Robustness Check with alternate measure of journal quality.
| Variables | Specific model | |
|---|---|---|
| CDA (1) | HLM (2) | |
| Precision | 0.2456 | 0.1824 |
| (0.1559) | (0.1370) | |
| Cross section | 0.4212*** | 0.4727*** |
| (0.0838) | (0.0929) | |
| Endogenous growth model | −0.1785*** | −0.1054** |
| (0.0605) | (0.0531) | |
| Data average (=> 5) | 0.2656*** | 0.2737*** |
| (0.0867) | (0.0843) | |
| Data period (1990+) | −0.3012*** | −0.2637*** |
| (0.1004) | (0.0817) | |
| Population | −0.3108*** | −0.3060*** |
| (0.0600) | (0.0589) | |
| Tax | −0.1171** | −0.1309*** |
| (0.0481) | (0.0495) | |
| Political instability | −0.1419 | −0.2133*** |
| (0.0838) | (0.0784) | |
| Life expectancy | 0.3219*** | 0.4173*** |
| (0.0958) | (0.0961) | |
| Government quality | −0.2169** | −0.3400*** |
| (0.0871) | (0.1036) | |
| Inflation | −0.0219 | 0.0598 |
| (0.0793) | (0.0768) | |
| Journal rank | −0.1854* | −0.1431* |
| (0.0771) | (0.0782) | |
| Journal | 0.2229** | 0.2531** |
| (0.0848) | (0.0995) | |
| Publication year (1990+) | −0.3662*** | −0.3302*** |
| (0.1119) | (0.0958) | |
| Publication year (2000+) | 0.1591*** | 0.1270** |
| (0.0384) | (0.0591) | |
| Constant | 0.1467 | 0.0267 |
| (0.4631) | (0.5109) | |
| Observations | 237 | 237 |
Robust standard errors in parentheses.
***p < 0.01, **p < 0.05, *p < 0.1.
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