A panel regression analysis of the relationship between human capital and economic growth in terms of institutional factors

In this study, the relationship between human capital and economic growth is examined from an institutional perspective.As Health and education factors are examined in the development of the individual that creates human capital, The structure of the society in which the individual lives is evaluated from an institutional perspective. institutional structures are examined in terms of democratic structure, legal structure and anti-corruption situation of the society. In this study, two groups called as developed and developing countries are formed. The study covers the period from 2002 to 2016 .Panel regression analysis method is used in the study. Gross national product per capita,education indext as an independent variable,healt expenditure per capita,index of rule of law,democracy index and anti-corruption index are used ın regression models for different countries. In this study, it is decided that the fixed effects model for the developed country group should be estimated with the classical model for the developing country group. In this study, in order to obtain effective and consistent results, estimation is made with Driscoll and Kraay resistant estimators. According to the findings of the analysis, there is a positive relationship between economic growth and the variables of education, health, law, democracy, anti-corruption in developed countries. In the model established for the developing country, the relationship between education, health, anti-corruption and economic growth is positive, whereas the relationship between democracy and law and economic growth is meaningless.