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Role of Human Capital Accumulation and Avoiding the Middle I Income Trap in Thailand

NIDA Economic Review Journal

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Title Role of Human Capital Accumulation and Avoiding the Middle I Income Trap in Thailand
 
Creator Wongpunya, Nipit
 
Description This paper investigates the role of human capital accumulation to avoid the middle incometrap in Thailand using the dynamic stochastic general equilibrium approachwith theendogenous growth driven by human accumulation based on the Uzawa-Lucas framework. Itis a two sector model with two production functions devoted respectively to produce humancapital and physical capital. The model is calibrated for the Thai economy during 2005-2012.The transitional dynamics is the main feature to study the possibility of the Thai economy toescape from the middle income trap. The paper shows that output performs monotonicallyincreasing when there are favorable disturbances in two sectors. It asserts that the three timeconsistent increases in standard deviation ofthe disturbancesfor 60 quarters in the educationalsector and production sector could possibly move the Thai economy above the middleincome level in 16 years. The model also predicts that the growth rate of Thai economy is3.2 percent per year in the first quarter and it continuously rises to 10 percent per year in the60th quarter. Then the growth rate of the Thai economy quickly declines to a constant levelafter 80 quarters.
 
Publisher Development Economic Review (พัฒนาการเศรษฐกิจปริทรรศน์)
 
Date 2015-01-01
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://tci-thaijo.org/index.php/NER/article/view/31769
 
Source Development Economic Review (พัฒนาการเศรษฐกิจปริทรรศน์); Vol 9 No 1 (2558): NIDA Economic Review Journal; 99
1906-2540
 
Language eng
 
Relation http://tci-thaijo.org/index.php/NER/article/view/31769/27274
 
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