By employing a multivariate time series model, this study advances theoretical and empirical research on the role of economic reforms and human capital accumulation in the post-reform economic growth. We construct two indexes －a human capital index and a composite economic reform index－ and perform a cointegration analysis of a long-run equilibrium growth path in India and South Korea twelve years after the implementation of reform. The significant positive effect of human capital accumulation is revealed in both India and South Korea. The impact of economic reforms is found to be heterogeneous across countries: the effect is positive, significant, and sizable in South Korea, while it is negative and relatively small in India. This result is suggestive of different degrees of efficiency of reform measures implementation in two countries.