( ISSN 2277 - 9809 (online) ISSN 2348 - 9359 (Print) ) New DOI : 10.32804/IRJMSH

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GOVERNMENT EXPENDITURE ON EDUCATION AND ECONOMIC GROWTH: A PANEL COINTEGRATION ANALYSIS FOR 33 OECD COUNTRIES

    1 Author(s):  DR. NAGARAJU PATHA

Vol -  7, Issue- 5 ,         Page(s) : 367 - 374  (2016 ) DOI : https://doi.org/10.32804/IRJMSH

Abstract

The present study examines the long run Relationship between Government Expenditure on Education and Economic Growth for a panel of 33 OECD Countries for the period of 1995- 2015. The study was based on the panel unit root tests, panel cointegration tests and fully modified ordinary least squares (FMOLS) estimator and Dynamic Ordinary least squares (DOLS) estimator. The results show that the Government Expenditure on Education and Economic Growth are positively cointegrated and the FMOLS and DOLS tests also show that the relationship is positive and significant.

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