Title: The macroeconomic impact of school enrolments: time-series evidence from Greece

Authors: Georgios Garafas; Ioannis Sotiropoulos; Nikolaos Arnis; Georgios Kolias

Addresses: Department of Accounting and Finance, University of Ioannina, Preveza, Greece ' Department of Accounting and Finance, University of Ioannina, Preveza, Greece ' Department of Accounting and Finance, University of Ioannina, Preveza, Greece ' Department of Accounting and Finance, University of Ioannina, Preveza, Greece

Abstract: This paper explores the impact of human capital on economic growth. For this purpose, it employs data for Greece concerning enrolment rates in each level of the formal educational system as a proxy for human capital. It is of particular importance that the impact of vocational education is being distinguished. By applying Johansen's approach, two cointegrating vectors were identified summarising the positive long-run relationship between enrolment rates and gross domestic product (GDP). Whereas, in the short run a unidirectional Granger causality was found running from GDP to general secondary education which is an indication of the Greek household preference for general education instead of vocational training.

Keywords: enrolment rates; human capital; economic growth; VAR.

DOI: 10.1504/IJEED.2022.125322

International Journal of Education Economics and Development, 2022 Vol.13 No.4, pp.316 - 329

Received: 08 Apr 2021
Accepted: 04 May 2021
Published online: 07 Sep 2022 *

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