How much do Educational Outcomes Matter in OECD Countries?



Table 11: Summary of projection results

Scenario I:

Increase avg. performance
by ¼ std. dev.

__________O)___________

Scenario II:

Bring each country to Finish level
of 546 points on PISA

______æ_______

Scenario III:
Bring all to minimum
of 400 points on PISA

_____æ______

“Endogenous-growth” specification

in billion $

123,108

275,429

226,333

in o∕o of discounted future GDP______

___________________6.2o∕o______________________

__________________________13.8o∕o___________________________

____________________ll,3o∕o_______________________

“Neoclassical” specification

in billion $

90,031

179,655

187,191

in % of discounted future GDP

___________________4.3o∕o______________________

__________________________8.5o∕o___________________________

_____________________8.9o∕o________________________

Notes'. Discounted value of future increases in OECD GDP until 2090, expressed in billion $ (PPP) and as percentage of discounted value of all annual projected OECD
GDPs until 2090.

Source: Authors’ calculations.

Table 12: Educational spending and student achievement

PISA 2000                PISA 2003                PISA 2006            FD         FE

Sample:

all

exp>S25,000

all

exp>S25,000

all

exp>S25,000

all

all

(ɪ)

(2)

(3)

(4)

(5)

(6)

(?)

(8)

Expenditure per student

1.079

0.069

0.670

0.203

0.697

0.097

-0.260

-0.125

(2.76)

(0-13)

(2.06)

(0.58)

(2.70)

(0.33)

(0.44)

(0.35)

No. of countries

24

19

26

23

28

25

23

29 (78)

R2 (adj.)____________________

0.224

-0.058

0.114

-0.031

0.189

-0.039

-0.038

0.027

Notes: Dependent variable: PISA math test score. Expenditure per student = cumulative expenditure on educational institutions per student between age 6 and 15,
measured in 1,000 US dollars, converted by purchasing power parities. Sample: all = all OECD countries with available data; exp>S25,000 = countries with cumulative
expenditure per student above $25,000. FD = fist differences, 2006-2000. FE = fixed effects, pooling all three PISA tests, model contains time dummies (A2 of FE model
refers to within/?2), /-statistics in parentheses.

Source: Authors’ calculations based on Organisation for Economic Co-operation and Development (2003, 2004, 2007).



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