Abstract
This paper aims to examine the factors affecting the level of development of countries using various regression models for limited dependent variables including binary logit, probit and Tobit analyses. In this manner, the paper may suggest a road map for high developed countries to achieve very high developed levels. For this purpose, Human Development Indices of 84 countries were involved in the analysis with respect to nine independent variables. The results of the all regression models indicates that determinants including life expectancy at birth, expected years of schooling, labour force participation rate (female-male ratio), and GDP per capita have statistically significant effects on the level of development.
Highlights
IntroductionThe concept of development has been in greater need of analysis and clarification and the word has come to be extraordinarily widely used in public discourse probably more so than ever before in its history (Payne & Phillips, 2010)
In the contemporary era, the concept of development has been in greater need of analysis and clarification and the word has come to be extraordinarily widely used in public discourse probably more so than ever before in its history (Payne & Phillips, 2010)
This paper aims to examine the factors affecting the level of development of countries using various regression models for limited dependent variables including binary logit, probit and Tobit analyses
Summary
The concept of development has been in greater need of analysis and clarification and the word has come to be extraordinarily widely used in public discourse probably more so than ever before in its history (Payne & Phillips, 2010). Economists use the terms developing and transitional rather than growing to underline that the goals of these countries involve more than an increase in output. Development refers to an increase in productive capacity and output by means of a change in the underlying institutions (Colander, 1998). Development should include increasingly effective institutions in all sectors of society, at economic, social, political, national, regional, and local levels. It should comprise increasing participation of individuals and groups when making decisions which effect their lives economically and politically (Spalding, 1990). Development of a country is principally associated with both the improvement in basic human needs (health, sanitation, education, etc.) and the growth of per capita income (Mazumdar, 2003; Streeten, 1981), while the main objective of development is to create an enabling environment for better life (UNDP, 1990)
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