Journal of Scientific Papers


© CSR, 2008-2019
ISSN 2071-789X

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  • General Founder and Publisher:

    Centre of Sociological Research


  • Publishing Partners:

    University of Szczecin (Poland)

    Széchenyi István University, (Hungary)

    Mykolas Romeris University (Lithuania)

    Alexander Dubcek University of Trencín (Slovak Republic)

  • Membership:

    American Sociological Association

    European Sociological Association

    World Economics Association (WEA)




Causations or payoffs? The interaction between countries’ economic results and competing proxies of social capital

Vol. 15, No 2, 2022

Liana Isayan*


Armenian State University of Economics, 

Yerevan, Armenia


OCRID 0000-0003-0091-645X

*Corresponding author


Causations or payoffs? The interaction between countries’ economic results and competing proxies of social capital


Firuza Mayilyan


Armenian State University of Economics, 

Moscow State University named after M.V. Lomonosov, 

Yerevan branch, Armenia


OCRID 0000-0003-0655-6176


Abstract. The repository of literature studying the relationship between economic indicators and social capital through traditional surveys data is growing. At the same time, the emergence of social networks has created competing big data that require in-depth analysis and comparison of results. The aim of this research is to analyze the interaction between countries’ economic outcomes and proxy indicators of social capital, considering and comparing the traditional data of surveys and Facebook’s data of social connectedness index. Correlation analysis, Granger and Dumitrescu Hurlin Panel Causality tests, Ordinary Least Squares (OLS) regression methods of analysis on panel and cross-country data are used to show that countries’ GDP per capita indicator is a cause for higher social capital, while social connectedness indicators explain only a very small part of the GDP per capita indicator. It is also shown that institutional trust and networks elements of social capital are the most influential and statistically significant explaining variables of GDP per capita (in case of the latter variable, the connection is two-sided). The scientific contribution of this study is that it brings research growing in two different directions into one dimension. The results of the analysis are also of practical importance for public policy development, social media companies and the buyers-users of their data.


Received: June, 2021

1st Revision: April, 2022

Accepted: May, 2022


DOI: 10.14254/2071-789X.2022/15-2/4

JEL ClassificationA13, Z13

Keywords: social capital, social connectedness, economic growth, GDP per capita, Granger Causality, Dumitrescu-Hurlin Panel Causality, OLS