Universities Country Rankings and Human Development Index: A Panel Causality Analysis

Abstract

As globalization is on the rise, education sector has evolved in the context of competition as well. In this sense, universities not only compete within the country they are being established, but also they pay the most attention in benchmarking themselves with universities worldwide, thereby improving their scientific advancement while contributing to regional economies. In this globe, Human Development Index analyzes a country?s development in terms of economic and social factors. In this study, a panel causality test (introduced by Dumitrescu and Hurlin in 2012) is being analyzed between ?scores for countries where most successful universities are located? and ?Human Development Index. This study includes 14 countries while usimg the data set between the years of 2013-2015. At the end of this study, two sided causality has been detected in regards to ?country?s economic and sociological advancement levels? and ?the advancement of universities?.