The nexus between economic globalization and human development in Asian countries: an empirical investigation

In recent years, countries both developed and developing ones have experienced a rapid economic globalization expanding economic activities. Although this economic globalization process is fruitful for the economy; however, what role it plays in the promotion of the human development index is still unknown. To this end, the study tries to explore the linkage among economic globalization, real income, and human development index in Asian countries from 1990 to 2015. The advanced econometric techniques that allow dependencies across countries are employed. The panel cointegration approach, Westerlund (2007) panel cointegration test, confirms the cointegration relationship among study variables, and the study estimates long-run cointegration parameters. Results reveal that economic globalization has not a significant impact on human development. However, real income promotes human development in Asian countries.