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This paper examines the causal relationship between four different measures of education and income in Turkey using time series data for the period 1971-2013. The four measures are: (a) gross primary-school enrolment, (b) gross secondary-school enrolment, (c) gross higher-school enrolment and (d) government expenditure on education relative to total government expenditure. The analysis employs a Toda and Yamamoto (1995) approach to Granger non-causality. The empirical findings indicate evidence of a unidirectional causality running from secondary-school enrolment to GDP per capita and higher-school enrolment to GDP per capita. The results also indicate that primary education and government spending on education do not Granger cause economic growth and vice versa.
This study contributes in the existing literature on the relationship between education and growth. This study is one of very few studies which have investigated the causal relationship between four different measures of education and GDP per capita in Turkey using time series data for the period 1971-2013.
The Investment Performance of Socially Responsible Investment in Japan
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This paper examines the performance and risk sensitivities of Japanese ethical mutual funds vis-à-vis their conventional peers between 2005 and 2014, focusing upon the impact of the recent financial crisis. More specifically, in doing so, I investigate the aggregated performance and investment style of ethical and conventional mutual funds and allow for time variation in the funds’ systematic risk. The empirical results are consistent with the evidence of asymmetric performance before-and-after the structural change, which is identified by Bai and Perrons’ structural break test. The Japanese evidence supports the conjecture that any performance differential between ethical mutual funds and their conventional peers is statistically insignificant.