The Impact of Human Capital and Innovation Output on Economic Growth: Comparative Analysis of Malaysia and Turkey

Abstract

The objective of this paper is to examine the impact of human capital and innovation output on economic growth in Malaysia and Turkey, over the period 1988-2013. The conventional Unit Root Tests reveal that all the variables are stationary after taking the first difference, and the Johansen Tests of Co-Integration demonstrate that the variables are co-integrated. Specifically, we find that in both countries, human capital, innovation output and physical capital have a significant positive effect on economic growth. The Causality tests indicate two unidirectional causalities that run from human capital and innovation to economic growth and a bidirectional causality between physical capital and innovation in Malaysia.

Keywords

• Human Capital,Innovation Output,Economic Growth,VECM,Malaysia,Turkey

Beşeri Sermaye ve İnovasyon Çıktısı’nın Ekonomik Büyümeye Etkisi: Malezya ile Türkiye’nin Karşılaştırmalı Analizi

Öz

Bu makalenin amacı, 1988-2013 dönemi, Malezya ve Türkiye’de beşeri sermaye ve inovasyon çıktısının ekonomik büyümeye etkisini incelemektir. Geleneksel Birim Kök Testleri, değişkenlerinin birinci farkı alındıktan sonra durağan olduğunu göstermektedir, Johansen Eş-Bütünleşme Testleri tüm değişkenlerin uzun dönemde eş-bütünleşik olduğunu göstermektedir. Özellikle, her iki ülkede, uzun dönemde beşeri sermaye, inovasyon çıktısı ve fiziki sermaye ekonomik büyümeye anlamlı ve pozitif etkisi olduğunu bulduk. Nedensellik Testi, Malezya değişkenlerinde beşeri sermaye ve inovasyon çıktısından ekonomik büyümeye iki tek yönlü nedensellik ilişki ve fiziki sermaye ile inovasyon çıktısı arasında çift yönlü nedensellik ilişkisi bulunduğunu göstermektedir.

Anahtar Kelimeler

• Beşeri Sermaye,İnovasyon Çıktısı,Ekonomik Büyüme,VECM,Malezya,Türkiye

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