Journal of Scientific Papers

ECONOMICS & SOCIOLOGY


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ISSN 2071-789X

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    Centre of Sociological Research

     

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Social capital and economic performance for South America: A panel data analysis

Vol. 17, No 4, 2024

Patricia Hernández-Medina

 

Universidad Nacional de Chimborazo,

Ecuador

patricia.hernandez@unach.edu.ec

ORCID 0000-0001-8527-5158 

 

Social capital and economic performance for South America: A panel data analysis

 

José Gurría-Gascón

 

Universidad de Extremadura,

Spain

E-mail: jlgurria@unex.es

ORCID 0000-0003-1881-5585


Juan Cabrera-Becerra

 

Investigador Independiente

cabrerajuanjose2403@gmail.com

ORCID 0009-0002-5974-2570


Luis Morales-La Paz

 

Universidad de Católica Andrés Bello,

Venezuela

E-mail: lmorales@ucab.edu.ve

ORCID 0000-0003-2524-8187


 

Abstract. This research focused on determining the impact of social capital on economic growth in South American countries based on data associated with the prosperity index generated by the Legatum Institute from 2007 to 2023. The relationship was analysed by estimating both static and dynamic panel data models, considering aggregate social capital and its components. The results indicate that while the prosperity index at the aggregate level has a positive and significant effect on GDP per capita, this is not the case for all dimensions. In the static approach, all the components of the economic and people empowerment dimensions are significant, while in the institutional component, social capital was not statistically significant, which is corroborated by the dynamic results. While the disaggregation of social capital reveals some elements that have a positive effect on economic performance, such as personal and family relationships and personal trust, civic participation shows an inverse relationship with GDP per capita. These findings confirm the existence of strong bonding personal and family relationships that influence territorial performance yet require the strengthening of bridging and linking ties.

 

Received: November, 2023

1st Revision: August, 2024

Accepted: December, 2024

 

DOI: 10.14254/2071-789X.2024/17-4/12

JEL ClassificationC22, C23, O15

Keywords: social capital, economic growth, panel data, cointegration