DRIVERS OF TOTAL FACTOR PRODUCTIVITY: EVIDENCE FROM THE GREAT SILK ROAD REGION

The study examines how health, human capital, exports, imports, and energy influence total factor productivity (TFP) using panel data from 86 countries in the historical Great Silk Road region, covering the years 1991 to 2019. The analysis is conducted in two phases: first, TFP is estimated through a regression of the Cobb-Douglas function; second, the factors affecting TFP are analyzed, emphasizing health and human capital. The results indicate that health, human capital and exports significantly enhance TFP, while imports and energy consumption have a significant negative impact on TFP.