Human Capital and Saving RelationshipMurat İstekli, Alihan Serdengeçti
Human capital which can be expressed as the accumulation of knowledge and skills needed in producing economic value is one of the basic production factors of a country. Saving is an economic indicator that is generally explained based on consumption behavior. Various income hypotheses have developed different approaches to saving. Based on this, it is thought that there may be a relationship between the acceptance that human capital influences the income of the individual and human capital and savings. To demonstrate that human capital has a significant effect on saving rates, these two variables need to be analyzed. In this study, annual saving rates and human capital data of developing OECD countries such as South Africa, China, Hungary, Chile, Costa Rica, Mexico, Poland, Russia were analyzed using panel data analysis method. In these countries, the effect of the independent variable human capital on saving rates, which is the dependent variable, between 1996 and 2015 was examined. There is no other study examining the relationship between human capital and saving in terms of these countries in this period. As a result of the analysis, it was determined that the independent variable explained the dependent variable by 13%, and an increase of 1% in human capital increased savings by 8,36%. Developing countries should take human capital seriously to approach developed countries. To increase human capital, education policies should be reviewed seriously. The increase in human capital brings along economic development. Thus, positive results can be obtained in income distribution.
Beşerî Sermaye ve Tasarruf İlişkisiMurat İstekli, Alihan Serdengeçti
İktisadi değer üretme aşamasında ihtiyaç duyulan bilgi ve beceri birikimi olarak ifade edilebilecek beşerî sermaye, bir ülkenin temel üretim faktörlerindendir. Tasarruf ise genellikle tüketim davranışlarına dayanarak açıklanan bir iktisadi göstergedir. Çeşitli gelir hipotezleri tasarrufa dair farklı yaklaşımlar geliştirmiştir. Buradan hareketle beşerî sermayenin bireyin gelirleri üzerinde etkili olduğu kabulü ile beşerî sermaye ve tasarruf arasında bir ilişki olabileceği düşünülür. Beşerî sermayenin tasarruf oranları üzerinde anlamlı bir etkiye sahip olduğunu ortaya koyabilmek için bu değişkenlerin analiz edilmesi gerekir. Bu çalışmada gelişmekte olan OECD ülkelerinden Güney Afrika, Çin, Macaristan, Şili, Kosta Rika, Meksika, Polonya ve Rusya’nın yıllık tasarruf oranları ve beşerî sermaye verileri panel veri analizi yöntemi ile incelenmiştir. Bahsedilen ülkelerde 1996-2015 yılları arasında, bağımsız değişken beşerî sermayenin, bağımlı değişken olan tasarruf oranlarına etkisi incelenmiştir. Beşerî sermaye ile tasarruf arasındaki ilişkiyi bu zaman aralığında bu ülkeler açısından inceleyen başka bir çalışma yoktur. Analiz sonucunda bağımsız değişkenin bağımlı değişkeni %13 oranında açıkladığı ve beşerî sermayede gerçekleşen %1’lik artışın tasarrufları %8,36 oranında artırdığı tespit edilmiştir. Gelişmekte olan ülkelerin gelişmiş ülkelere yaklaşabilmesi için beşerî sermayeyi önemle ele alması gerekmektedir. Beşerî sermayeyi artırmak için ise eğitim politikaları ciddi manada gözden geçirilmelidir. Beşerî sermayenin artışı ekonomik gelişimi de beraberinde getirmektedir. Böylece gelir dağılımında da olumlu sonuçlar elde edilebilecektir.
The concept of human capital, whose origins are based on the Classical Economics school, emerged in the last quarter of the 18th century. One of the most important indicators of the welfare of a society is the quality of the people belonging to that society. This quality level can be measured with the concept of human capital. Human capital is defined as the reflection of the increase in knowledge and skills of society. When considered personally, it would not be wrong to express it as an investment made by the individual. Therefore, human capital is also a critical element showing the development level of a country.
Saving is one of the most fundamental factors in the basic economy and represents the non-consumable part of income. On the other hand, saving is the restriction of spending and the creation of money for new investments. Countries with high savings have an advantage over countries with low savings. Because savings will be able to provide freedom of movement to that country in difficult times. At the same time, savings generate capital accumulation, and thus countries invest in increasing the welfare of society. Thanks to the capital obtained from savings, countries increase their human capital investments and contribute to the welfare of society. These investments increase the level of knowledge and skills and increase productivity in society. This situation ensures the development of the country’s economy, increases the level of welfare and human capital.
Human capital and saving are frequently emphasized concepts and have been the subject of many comparisons and relationships in economics. However, these two concepts, whose relationships have been examined in different studies, have never been directly associated. In this study, the relationship between human capital and saving has been examined, considering developing countries to fill this gap in the literature. The study aims to examine the relationship between human capital increase and saving rates in developing countries. There are studies in the literature analyzing the importance of human capital. Most studies have already dealt with the relationship of human capital with growth in different ways. There are also studies linking human capital with income distribution, income level, and population structure. However, there is no study that both associates human capital with saving and examines this relationship in developing countries.
The analysis made by considering the recent data aims to contribute to the literature by using the panel data method. In addition, in the study, an analysis was made using the data of eight developing countries between 1996-2015. South Africa, China, Hungary, Chile, Costa Rica, Mexico, Poland, and Russia were considered as developing countries in the OECD database. No studies examine the relationship between human capital and saving rate for these countries and developing countries in the OECD database. Saving rates are considered as dependent variables and human capital as independent variables. Savings rate data are taken from the OECD database; human capital data are taken from Penn World Table, Version 9.1. The data were considered annually, and the years 1996-2015 were included in the study.
According to the analysis results, the F test, which is the general significance test of the model, was found to be significant. This situation shows that the model is also meaningful. The independent variable in the model explains the dependent variable at the level of 13%. Looking at the variables in the model, the 1% change in human capital in the country group under consideration affects the savings rates by 8.36%. At the same time, while other variables are constant, the saving rate in these countries is at the level of -9.39%. According to the results obtained, the increase in human capital in developing countries drives the saving rates upwards. For this reason, raising awareness of the societies on this issue will bring an increase in the saving rate.