Social Protection as a Strategy for Global Economic Growth: An Empirical Analysis

https://doi.org/10.35912/jakman.v5i4.3419
Published: Sep 27, 2024

Abstract:

Abstract

Purpose: This study aims to empirically test the role of social protection on economic growth internationally.

Methodology: The sample used was 71 countries worldwide. Data were gathered from the International Monetary Fund (IMF) database and analysed with Ordinary Least Square (OLS) analysis.

Results: A significant positive effect of social protection aspects on economic growth was found.

Limitations: This study is limited to 71 countries because of the data limitation. Future researches are expected to expand the sample and observation period.

Contribution: This study provides a comprehensive understanding of social protection's role in fostering an environment conducive to economic growth, while ensuring equitable resource distribution and sustainable accounting practices. The results of this study are expected to be used as a basis for formulating regulations and compiling policies for harmonization of accounting regulations at the international level.

Keywords:
1. Social Protection
2. Economic Growth
3. Harmonization of Social Protection Regulations
4. Accounting Theory
5. Sustainability Accounting
Authors:
Ratna Septiyanti
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Septiyanti, R. (2024). Social Protection as a Strategy for Global Economic Growth: An Empirical Analysis. Jurnal Akuntansi, Keuangan, Dan Manajemen, 5(4), 427–437. https://doi.org/10.35912/jakman.v5i4.3419
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Vol. 5 No. 4 (2024): September
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References

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    Alhassan, G. N., Adedoyin, F. F., Bekun, F. V., & Agabo, T. J. (2021). Does life expectancy, death rate and public health expenditure matter in sustaining economic growth under COVID?19: Empirical evidence from Nigeria? Journal of Public Affairs, 21(4), e2302.

    Béland, D., Dinan, S., Rocco, P., & Waddan, A. (2021). Social policy responses to COVID?19 in Canada and the United States: Explaining policy variations between two liberal welfare state regimes. Social Policy & Administration, 55(2), 280-294.

    Berhane Weldegebriel, Z. Social protection and regime stability in Ethiopia: the merits of integrating formal and informal social protection systems.

    Bilal, U., Cooper, R., Abreu, F., Nau, C., Franco, M., & Glass, T. A. (2017). Economic growth and mortality: do social protection policies matter? International journal of epidemiology, 46(4), 1147-1156.

    Bonoli, G., & Natali, D. (2011). The politics of the new welfare states in Western Europe.

    Brooks, S. M. (2023). The politics of social protection in the global South Handbook on social protection and social development in the global south (pp. 44-62): Edward Elgar Publishing.

    Candy, C., Robin, R., Sativa, E., Septiana, S., Can, H., & Alice, A. (2022). Fintech in the time of COVID-19: Conceptual Overview. Jurnal Akuntansi, Keuangan, Dan Manajemen, 3(3), 253-262.

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    Dinçer, H., & Yuksel, S. (2019). Identifying the causality relationship between health expenditure and economic growth: An application on E7 countries. Journal of health systems and policies, 1(1), 5-23.

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    Gerard, F., Imbert, C., & Orkin, K. (2020). Social protection response to the COVID-19 crisis: options for developing countries. Oxford Review of Economic Policy, 36(Supplement_1), S281-S296.

    Halaskova, R. (2018). Structure of general government expenditure on social protection in the EU member states. Montenegrin Journal of Economics, 14(4), 7-21.

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    Lafleur, J.-M., & Vintila, D. (2020). Migration and social protection in Europe and beyond (volume 3): A focus on non-EU sending states: Springer Nature.

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    Santi, N. R., & Afif, F. Y. (2021). The impact of the quality of democracy on the economic growth of provinces in Indonesia. Journal of Governance and Accountability Studies, 1(2), 121-132.

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    Stoica, O., Roman, A., & Rusu, V. D. (2020). The nexus between entrepreneurship and economic growth: A comparative analysis on groups of countries. Sustainability, 12(3), 1186.

    Tombs, S. (2021). Reframing Regulation:‘Privatisation’, De-democratisation and the End of Social Protection? Revue Française de Civilisation Britannique. French Journal of British Studies, 26(XXVI-2).

    Wang, Z., Asghar, M. M., Zaidi, S. A. H., & Wang, B. (2019). Dynamic linkages among CO 2 emissions, health expenditures, and economic growth: empirical evidence from Pakistan. Environmental Science and Pollution Research, 26, 15285-15299.

    Waqas, M., Awan, M. S., & Sánchez-Juárez, I. (2022). Social protection expenditures, poverty, inequality, and economic growth in Pakistan. Paradigma económico. Revista de economía regional y sectorial, 14(1), 57-75.

    Yang, X. (2020). Health expenditure, human capital, and economic growth: an empirical study of developing countries. International journal of health economics and management, 20(2), 163-176.

    Zhuchenko, S., Kubaš?ikova, Z., Samoilikova, A., Vasylieva, T., & D’yakonova, I. (2023). Economic growth and housing spending within social protection: Correlation and causal study. Public and Municipal Financethis link is disabled, 12(1), 73-85.

  1. Afolabi, H., Ram, R., & Rimmel, G. (2022). Harmonization of sustainability reporting regulation: Analysis of a contested arena. Sustainability, 14(9), 5517.
  2. Alhassan, G. N., Adedoyin, F. F., Bekun, F. V., & Agabo, T. J. (2021). Does life expectancy, death rate and public health expenditure matter in sustaining economic growth under COVID?19: Empirical evidence from Nigeria? Journal of Public Affairs, 21(4), e2302.
  3. Béland, D., Dinan, S., Rocco, P., & Waddan, A. (2021). Social policy responses to COVID?19 in Canada and the United States: Explaining policy variations between two liberal welfare state regimes. Social Policy & Administration, 55(2), 280-294.
  4. Berhane Weldegebriel, Z. Social protection and regime stability in Ethiopia: the merits of integrating formal and informal social protection systems.
  5. Bilal, U., Cooper, R., Abreu, F., Nau, C., Franco, M., & Glass, T. A. (2017). Economic growth and mortality: do social protection policies matter? International journal of epidemiology, 46(4), 1147-1156.
  6. Bonoli, G., & Natali, D. (2011). The politics of the new welfare states in Western Europe.
  7. Brooks, S. M. (2023). The politics of social protection in the global South Handbook on social protection and social development in the global south (pp. 44-62): Edward Elgar Publishing.
  8. Candy, C., Robin, R., Sativa, E., Septiana, S., Can, H., & Alice, A. (2022). Fintech in the time of COVID-19: Conceptual Overview. Jurnal Akuntansi, Keuangan, Dan Manajemen, 3(3), 253-262.
  9. Chika, O. V., Oshiogwemoh, D., & Promise, E. (2022). Impact of tax reforms on economic growth of Nigeria (2000-2021). Goodwood Akuntansi dan Auditing Reviu, 1(1), 79-95.
  10. Dinçer, H., & Yuksel, S. (2019). Identifying the causality relationship between health expenditure and economic growth: An application on E7 countries. Journal of health systems and policies, 1(1), 5-23.
  11. Dipayani, N. S., & Hidayah, N. (2023). Analysis of Factors Influencing Economic Growth in Central Java Province in 2017-2021. Paper presented at the Proceedings International Economics and Business Conference.
  12. Ebbinghaus, B. (2021). Inequalities and poverty risks in old age across Europe: The double?edged income effect of pension systems. Social Policy & Administration, 55(3), 440-455.
  13. Galor, O. (2011). Unified growth theory: Princeton University Press.
  14. Galor, O., & Moav, O. (2002). Natural selection and the origin of economic growth. The Quarterly Journal of Economics, 117(4), 1133-1191.
  15. Galor, O., & Weil, D. N. (2000). Population, technology, and growth: From Malthusian stagnation to the demographic transition and beyond. American Economic Review, 90(4), 806-828.
  16. Gassmann, F. (2011). Protecting vulnerable families in Central Asia: Poverty, vulnerability and the impact of the economic crisis.
  17. Gerard, F., Imbert, C., & Orkin, K. (2020). Social protection response to the COVID-19 crisis: options for developing countries. Oxford Review of Economic Policy, 36(Supplement_1), S281-S296.
  18. Halaskova, R. (2018). Structure of general government expenditure on social protection in the EU member states. Montenegrin Journal of Economics, 14(4), 7-21.
  19. Hoelscher, P., & Alexander, G. (2010). Social protection in times of crisis: experiences in Eastern Europe and Central Asia. Journal of Poverty and Social Justice, 18(3), 255-268.
  20. Ivanovi?-Djuki?, M., Lepojevi?, V., Stefanovi?, S., van Stel, A., & Petrovi?, J. (2018). Contribution of Entrepreneurship to Economic Growth: A Comparative Analysis of South-East Transition and Developed European Countries. International Review of Entrepreneurship, 16(2).
  21. Khan, S. A. R., Zhang, Y., Kumar, A., Zavadskas, E., & Streimikiene, D. (2020). Measuring the impact of renewable energy, public health expenditure, logistics, and environmental performance on sustainable economic growth. Sustainable Development, 28(4), 833-843.
  22. Komlos, J. (2003). The Industrial Revolution as the escape from the Malthusian trap.
  23. Lafleur, J.-M., & Vintila, D. (2020). Migration and social protection in Europe and beyond (volume 3): A focus on non-EU sending states: Springer Nature.
  24. Pigou, A. (2017). The economics of welfare: Routledge.
  25. Raghupathi, V., & Raghupathi, W. (2020). Healthcare expenditure and economic performance: insights from the United States data. Frontiers in public health, 8, 156.
  26. Raworth, K. (2017). Doughnut economics: Seven ways to think like a 21st-century economist: Chelsea Green Publishing.
  27. Renevey, B. (2012). Social Protection in Western Europe as an expression of civilizational characteristics: from industrial societies to “because I’m worth it” Societies. ?????? ?????????? ? ?????????? ????????????(6), 242-246.
  28. Santi, N. R., & Afif, F. Y. (2021). The impact of the quality of democracy on the economic growth of provinces in Indonesia. Journal of Governance and Accountability Studies, 1(2), 121-132.
  29. Spicker, P. (2014). Social policy: Theory and practice: Policy Press.
  30. Stoica, O., Roman, A., & Rusu, V. D. (2020). The nexus between entrepreneurship and economic growth: A comparative analysis on groups of countries. Sustainability, 12(3), 1186.
  31. Tombs, S. (2021). Reframing Regulation:‘Privatisation’, De-democratisation and the End of Social Protection? Revue Française de Civilisation Britannique. French Journal of British Studies, 26(XXVI-2).
  32. Wang, Z., Asghar, M. M., Zaidi, S. A. H., & Wang, B. (2019). Dynamic linkages among CO 2 emissions, health expenditures, and economic growth: empirical evidence from Pakistan. Environmental Science and Pollution Research, 26, 15285-15299.
  33. Waqas, M., Awan, M. S., & Sánchez-Juárez, I. (2022). Social protection expenditures, poverty, inequality, and economic growth in Pakistan. Paradigma económico. Revista de economía regional y sectorial, 14(1), 57-75.
  34. Yang, X. (2020). Health expenditure, human capital, and economic growth: an empirical study of developing countries. International journal of health economics and management, 20(2), 163-176.
  35. Zhuchenko, S., Kubaš?ikova, Z., Samoilikova, A., Vasylieva, T., & D’yakonova, I. (2023). Economic growth and housing spending within social protection: Correlation and causal study. Public and Municipal Financethis link is disabled, 12(1), 73-85.