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Pandemic shocks disrupt human capital accumulation through schooling and work experience. This study quantifies the long-term economic impact of these disruptions in the case of COVID-19, focusing on countries at different levels of development and using returns to education and experience by college status that are globally estimated using 1,084 household surveys across 145 countries. The results show that both lost schooling and experience contribute to significant losses in global learning and output. Developed countries incur greater losses than developing countries, because they have more schooling to start with and higher returns to experience. The returns to education and experience are also separately estimated for men and women, to explore the differential effects by gender of the COVID-19 pandemic. Surprisingly, while the study uncovers gender differences in returns to education and schooling, gender differences in the impact of COVID-19 are small and short-lived, with a loss in female relative income of only 2.5 percent or less, mainly due to the greater severity of the employment shock on impact. These findings might challenge some of the ongoing narratives in policy circles. The methodology employed in this study is easily implementable for future pandemics.
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The benefits from financial development are known to vary across industries. However, no systematic effort has been made to determine the technological characteristics that are shared by industries that tend to grow relatively faster in more financially developed countries. This paper explores a range of technological characteristics that might underpin differences across industries in the need or the ability to raise external funding. The main finding is that industries that grow faster in more financially developed countries tend to display greater R&D intensity or investment lumpiness, indicating that well-functioning financial markets direct resources towards industries that grow by performing R&D.
Industries --- Technology --- Industrialization --- Finance --- Econometric models. --- Economic aspects --- Industrial development --- Applied science --- Arts, Useful --- Science, Applied --- Useful arts --- Industrial production --- Industry --- Economic development --- Economic policy --- Deindustrialization --- Science --- Industrial arts --- Material culture --- Economics --- Industries, Primitive --- Finance: General --- Labor --- Public Finance --- Industries: Financial Services --- Financial Markets and the Macroeconomy --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Labour --- income economics --- general issues --- Public finance & taxation --- Financial sector development --- Human capital --- Collateral --- Capital spending --- Financial services industry --- Loans --- Capital investments --- United States --- General issues --- Income economics
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This paper develops a multi-industry growth model in which firms require external funds to conduct productivity-enhancing R&D. The cost of research is industry-specific. The tightness of financing constraints depends on the level of financial development and on industry characteristics. Over time, a financially constrained economy may converge to the growth path of a frictionless economy, so long as an industry with the fastest expanding technological frontier does not permanently fall behind due to low R&D. The model’s industry dynamics map into a differences-in-differences regression, in which industry growth depends on the interaction between financial development and industry level R&D intensity.
Business & Economics --- Economic Theory --- Economic development. --- Convergence (Economics) --- Economic convergence --- Development, Economic --- Economic growth --- Growth, Economic --- Economics --- Economic policy --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Finance: General --- Labor --- Macroeconomics --- Production and Operations Management --- Macroeconomics: Production --- Financial Markets and the Macroeconomy --- Labor Demand --- Labor Economics: General --- Finance --- Labour --- income economics --- Financial sector development --- Productivity --- Industrial productivity --- Self-employment --- Financial services industry --- Self-employed --- Labor economics --- United States --- Income economics
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In this paper, the authors: (i) study wage-experience profiles and obtain measures of returns to potential work experience using data from about 24 million individuals in 1,084 household surveys and census samples across 145 countries; (ii) show that returns to work experience are strongly correlated with economic development-workers in developed countries appear to accumulate twice more human capital at work than workers in developing countries; (iii) use a simple accounting framework to find that the contribution of work experience to human capital accumulation and economic development might be as important as the contribution of education itself; and (iv) employ panel regressions to investigate how changes in the returns over time correlate with several factors such as economic recessions, transitions, and human capital stocks.
Development Accounting --- Economic Development --- Economics of Education --- Education --- Educational Sciences --- Employment and Unemployment --- Human Capital --- Labor Market --- Returns To Education --- Returns To Experience --- Social Protections and Labor
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