The role of knowledge accumulation in economic growth has been well discussed in the literature. By assuming the possibility of knowledge import by study abroad, this paper presents a growth model of knowledge creation and import. This paper also derives testable implications in three aspects of foreign education: the choice of host countries by foreign studients, the number of students abroad from one origin country, and the growth effect of foreign education. In all these aspects, empirical observations agree well with the predictions of the model.
ASJC Scopus subject areas
- Economics and Econometrics