Cover IMF Working Papers
The Role of Human Capital in Economic Growth: The Case of Spain
Author: Mr. Paolo Mauro and Mr. Enric Fernandez
Series:
IMF Working Papers
Volume/Issue:
Volume 2000: Issue 008
Language:
English
Publication Date:
01 Jan 2000
DOI:
https://doi.org/10.5089/9781451842500.001
ISBN:
9781451842500
ISSN:
1018-5941
Pages:
27
Keywords:
WP; sc; Human capital; economic growth; Spain; capital accumulation; accumulation to economic growth; learning by doing; production function; physical capital; contribution to economic growth; Labor force; Aging; Labor force participation
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This study constructs an index of human capital for the Spanish labor force over the past two decades and projects it over the next decade on the basis of likely demographic developments. The methodology considers both educational attainment resulting from formal schooling and improvements in workers’ productivity resulting from experience, or “learning by doing.” Furthermore, it allows for the fact that people with higher education accumulate human capital through learning by doing at a faster pace than less educated workers or, in other words, that the full returns to formal schooling are realized with a lag of many years. Using this index, a growth accounting exercise is conducted to estimate the impact of human capital accumulation on economic growth over the past two decades. Finally, potential output growth is projected over the next few years, taking into account the impact of human capital accumulation.
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund

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