INVESTIGATING THE IMPACT OF HUMAN CAPITAL DEVELOPMENT ON BRAZIL'S ECONOMIC GROWTH

This study contributes to the existing literature by exploring the relationship between human capital development and economic growth in Brazil. The study employs the Johansen Cointegration approach, the Grangercausality test according to Toda and Yamamoto (1995), and the Fully Modified Ordinary Least Square (FMOLS) method. The analysis is based on time series data extracted from the World Development Indicator (WDI) and the Pen World Table 9.1 database, covering the period from 1980 to 2017. The findings suggest that, in the long term, economic growth in Brazil is primarily influenced by human and physical capital as well as trade openness. Furthermore, both human and physical capital exhibit a positive and significant impact on short-term growth.