Does graduate human capital production increase local economic development? An instrumental variable approach
利用意大利毕业生调查数据，以大学获得的全球一次性转移支付为工具变量，控制学生流动后，发现大学学位生产通过人力资本积累促进了地方经济发展。
Abstract Using a survey on Italian graduates, we investigate whether universities' degree production affects the economic development of the regions where academic institutions are located. To deal with suspected endogeneity between human capital development and economic growth, we employ an instrumental variable approach, using a global lump sum transferred to each university as an instrument for human capital production. Once we control for the regional flow of mobile students and graduates, the findings reveal the beneficial effect of the university system on local economic development through the gain in human capital.