1- Assistant Professor, Department of Economics, Faculty of Literature and Humanities, Ilam University, Ilam, Iran , a.azadi@ilam.ac.ir
2- Master's degree, Department of Economics, Faculty of Literature and Humanities, University of Ilam, Ilam, Iran
2- Master's degree, Department of Economics, Faculty of Literature and Humanities, University of Ilam, Ilam, Iran
Abstract: (704 Views)
Physical and human capital in promoting growth and productivity are among the most important issues that have received the attention of economists. Achieving economic growth has been one of the main concerns of economists in recent decades and requires more attention to special mechanisms such as quantitative and qualitative indicators, physical and human capital, and globalization. Globalization and human capital can promote growth and productivity if used correctly. In view of this, the aim of this study is to examine the impact of physical, human, and globalization capitals on total factor productivity growth in Iran by examining two regression approaches (ARDL) and quantile regression during the period 1978-2023. The findings of this study showed that globalization and physical and human capital had a positive and significant effect on productivity growth in the short and long run and different quantiles. Also, in the ARDL model, short-term imbalances in productivity growth move towards long-term equilibrium with an adjustment of 0.61%. Globalization in the upper quantiles has a decreasing effect, and physical and human capital have an increasing effect on productivity growth. In addition to the main research variables, the effect of the financial development index, exchange rate, and labor force on productivity growth was also examined, and the effect of the financial index was not significant, and an increase in the reinforcing exchange rate had a negative effect on productivity growth, and the effect of the labor force on productivity growth had a positive and significant effect. Finally, the Newey and Powell test was used to examine the impact of productivity growth on independent variables, and it was concluded that there is two-way symmetry.
References
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72. Aghion, P., Bacchetta, P., Ranciere, R., & Rogoff, K. (2009). Exchange rate volatility and productivity growth: The role of financial development. Journal of monetary economics, 56(4), 494-513. [DOI:10.1016/j.jmoneco.2009.03.015]
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81. Chang, C.-F. (2017). Knowledge spillovers, human capital and productivity. Journal of Macroeconomics, 1-19.
82. Chang, C; Lee, L. (2010). Globalization and economic growth: A political economy analysis for OECD countries, Global Economic Review, 39 (2) (2010), pp. 151-173. [DOI:10.1080/1226508X.2010.483835]
83. Clerides, S. K., Lach, S., & Tybout, J. R. (1998). Is learning by exporting important? Micro-dynamic evidence from Colombia, Mexico, and Morocco. Quarterly Journal of Economics, 113(3), 903-947.
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84. Coe, D. T., & Helpman, E. (1995). International R&D spillovers. European Economic Review, 39(5), 859-887. [DOI:10.1016/0014-2921(94)00100-E]
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86. Cohen, W. M., & Levinthal, D. A. (1990). Absorptive capacity: A new perspective on learning and innovation. Administrative Science Quarterly, 35(1), 128-152. [DOI:10.2307/2393553]
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93. Dreher, Axel; Noel, G; Pim M. (2008). Measuring Globalization - Gauging its Consequence, New York: Springer.
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96. Greenwood, J., Hercowitz, Z., & Krusell, P. (1997). Long-run implications of investment-specific technological change. American Economic Review, 87(3), 342-362.
97. Grossman, G. M., & Helpman, E. (1991). Innovation and growth in the global economy. MIT Press.
98. Gygli, S., Haelg, F., Potrafke, N., & Sturm, J. E. (2019). The KOF Globalisation Index - revisited. Review of International Organizations, 14(3), 543-574. [DOI:10.1007/s11558-019-09344-2]
99. Hashemi Dizaj, A., & Mohammad Obaid, M. (2025). Investigating the Nonlinear Effects of Globalization on Labor Productivity in Iraq country. Journal of Sustainable Urban & Regional Development Studies (JSURDS), 6(3), 19-36.
100. Hashemi Dizaj, A. , Hassanzadeh, M. and Meysam Javad, M. S. (2025). Studying the Impact of Human Capital on Economic Development in Iraq. Journal of Sustainable Urban & Regional Development Studies (JSURDS), 6(3), 186-198.
101. Hulten, C. R. (2001). Total factor productivity: A short biography. In C. R. Hulten, E. R. Dean, & M. J. Harper (Eds.), New developments in productivity analysis (pp. 1-54). University of Chicago Press. [DOI:10.7208/chicago/9780226360645.003.0001]
102. Ibrahim, M., Ibrahim, O. A., & Sare, Y. A. (2019). Networking for foreign direct investment in Africa: How important are ICT environment and financial sector development? Journal of Economic Integration, 34(2), 141-164. [DOI:10.11130/jei.2019.34.2.346]
103. Koenker, R; and Bassett, Jr. (1978). Regression Quantiles, Econometrica, 46(1), 33-50. [DOI:10.2307/1913643]
104. Koenker, R; Machado, F. (1999). "Goodness of Fit and Related Inference Processes for Quantile Regression," Journal of the American Statistical Association, 94(448), 1296-1310. [DOI:10.1080/01621459.1999.10473882]
105. King, R. G., & Levine, R. (1993). Finance and growth: Schumpeter might be right. Quarterly Journal of Economics, 108(3), 717-737. [DOI:10.2307/2118406]
106. Levine, R. (2005). Finance and growth: Theory and evidence. In P. Aghion & S. N. Durlauf (Eds.), Handbook of economic growth (Vol. 1A, pp. 865-934). Elsevier. [DOI:10.1016/S1574-0684(05)01012-9]
107. Lucas, R. E. (1988). On the mechanics of economic development. Journal of Monetary Economics, 22(1), 3-42. [DOI:10.1016/0304-3932(88)90168-7]
108. Lucas, R. (1988). On the mechanism of economic development. Journal of Monetary Economics, 22, 3-42. [DOI:10.1016/0304-3932(88)90168-7]
109. Mankiw, N. G., Romer, D., & Weil, D. N. (1992). A contribution to the empirics of economic growth. Quarterly Journal of Economics, 107(2), 407-437. [DOI:10.2307/2118477]
110. Melitz, M. J. (2003). The impact of trade on intra-industry reallocations and aggregate industry productivity. Econometrica, 71(6), 1695-1725. [DOI:10.1111/1468-0262.00467]
111. Newey, K, Powel, H. (1987). The Asymptotic Variance of Semiparametric Estimators, Econometrica, Econometric Society, vol. 62(6), PP: 1349-1382. [DOI:10.2307/2951752]
112. Nelson, R. R., & Phelps, E. S. (1966). Investment in humans, technological diffusion, and economic growth. American Economic Review, 56(1/2), 69-75.
113. Okunade, S. O. (2022). Institutional threshold in the nexus between financial openness and TFP in Africa. Social Sciences and Humanities Open, 5(1), 1-10. [DOI:10.1016/j.ssaho.2021.100245]
114. Pesaran, H. Shin, Y. and Smith, R. (2001). Bound Testing Approaches to the Analysis of Level Relationships. Journal of Applied Econometric.16, 289-326. [DOI:10.1002/jae.616]
115. Procedia Economics and Finance, 12 (2014), pp. 85-92. [DOI:10.1016/S2212-5671(14)00323-2]
116. Rodrik, D. (2007). One economics, many recipes: Globalization, institutions, and economic growth. Princeton University Press. [DOI:10.1515/9781400829354]
117. Rodrik, D. (2008). The real exchange rate and economic growth. Brookings papers on economic activity, 2008(2), 365-412. [DOI:10.1353/eca.0.0020]
118. Pindyck, R. S. (1991). Irreversibility, uncertainty, and investment. Journal of Economic Literature, 29(3), 1110-1148.
119. Psacharopoulos, G., & Patrinos, H. A. (2018). Returns to investment in education: A decennial review of the global literature. Education Economics, 26(5), 445-458.
https://doi.org/10.1080/09645292.2018.1484426 [DOI:10.1080/09645292.2018.1484426.]
120. Romer, P. M. (1986). Increasing returns and long-run growth. Journal of Political Economy, 94(5), 1002-1037. [DOI:10.1086/261420]
121. Solomon, O; Ahmed, A; Alimi, Abiodun, O. (2022). Do human capital development and globalization matter for productivity growth? New Evidence from Africa, Social Sciences & Humanities, Vol(6); PP: 1-9. [DOI:10.1016/j.ssaho.2022.100291]
122. Swiss Economic Institute. (2022). KOF Globalisation Report 2020 and 2021.
123. Sachs, J. D., & Warner, A. M. (1995). Natural resource abundance and economic growth. NBER Working Paper No. 5398. National Bureau of Economic Research. [DOI:10.3386/w5398]
124. Solow, R. M. (1957). Technical change and the aggregate production function. Review of Economics and Statistics, 39(3), 312-320. [DOI:10.2307/1926047]
125. Uddin, M. R., Sadik, N., & Rahman, M. M. (2025). Globalization, physical capital, and human capital nexus with economic growth: evidence from BIMSTEC. Research in Globalization, 100284. [DOI:10.1016/j.resglo.2025.100284]
126. Uddin, I., & Azam Khan, M. (2024). Global evidence on the impact of globalization, governance, and financial development on economic growth. Journal of the Knowledge Economy, 15(3), 14546-14577. [DOI:10.1007/s13132-023-01656-4]
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