Human Capital Development and Economic Growth in BRICS Countries: Controlling for Country Differences
Keywords:
Human Capital Development, Economic Growth, OLS, GMM, BRICS Economies.
Abstract
This paper investigates the effect of human capital development on economic growth, as well as controlling for country differences, in the BRICS economies – from 1990 to 2017. Ordinary Least Square (OLS) and Generalized Method of Moments (GMM) were used as the estimation techniques. We use one-way ANOVA and Scheffe pairwise comparison tests to understand how human capital development differed between each pair of countries. Findings suggest that the effect of human capital development on economic growth, though significant, was limited in these countries. A comparative analysis of results showed that China, Brazil and Russia were able to utilise their human capital to enhance economic growth more efficiently than South Africa and India. Consequently, this study observed that a 1% increase in government expenditure on education would result in a 0.13% increase in GDP for China, a 0.06% increase in Russia, a 0.07% increase in Brazil, a 0.04% increase in South Africa, and a 0.01% increase in GDP in India. In addition, the study concluded that human capital development practices differ in all the countries. Although this result was previously implied in the literature, comparison of a comprehensive list of human capital development practices among countries was lacking. Overall, the paper argues that the classical theory of economic growth, in combination with the new theory, and also the theory of market value, will not only help sustain a strategy tripod, but also shed significant light on the most fundamental questions confronting human capital development and economic growth in many developing economies.
Downloads
Download data is not yet available.
References
Abramowitz, M. (1981). Welfare quandaries and productivity concerns, American Economic Review, 71(7), 1-17.
Adelakun, O. J. (2011). Human capital development and economic growth in Nigeria, European Journal of Business and Management, 3(9), 29-38.
Agarwal, G. & Khan, M. A. (2011). Impact of FDI on GDP: A comparative study of China and India, International Journal of Business and Management, 6(10), 71-79.
Ahmad, S. & Schroeder, R. G. (2003). The impact of human resource management practices on operational performance: Recognizing country and industry differences, Journal of Operations Management, 21(2), 19–43.
Akinlo, A. E. (2004). Foreign direct investment and growth in Nigeria An empirical investigation, Journal of Policy Modeling, 26(3), 627-639.
Anyanwu, J. C. (2011). Determinants of foreign direct investment inflows to Africa, 1980-2007, Working Paper No. 136, African Development Bank, Tunis.
Anyanwu, J. C. (2012). Why does foreign direct investment go where it goes? New evidence from African countries, Annals of Economics and Finance, 13(2), 433-470.
Anyanwu, J. C. & Yameogo, N. D. (2015). What drives foreign direct investments into West Africa? An Empirical investigation, African Development Review, 27(3), 199-215
Appleton, S. & Teal, F. (1998). Human capital and economic development. ADB Economic Research paper, 39(4), 1-17.
Aregbesola, A. R. (2014). Foreign direct investment and institutional adequacy: New Granger causality evidence from African countries, South African Journal of Economic and Management Sciences, 17(5), 557-568.
Asika, N. & Awolusi, O. D. (2013). Modeling Critical Success Factors of Business Process Re-Engineering and Business Performance of Nigerian Oil and Gas Companies, International Journal of Services and Operations Management, 15(1), 28–43.
Asikhia, U. O. & Awolusi, O. D. (2015). Assessment of Critical Success Factors of Business Process Re-engineering in the Nigerian Oil and Gas Industry, South African Journal of Business Management, 46(2), 1-14.
Awan, A. G. (2013). Diverging trends of human capital in BRICS countries, International Journal of Asian Social Science, 2(12), 2195-2219.
Awolusi, O. D. (2013a). Effects of motivation on employees’ job commitment in the Nigerian banking industry: an empirical analysis, International Journal of Business and Innovation Research, 1(3), 1–17.
Awolusi, O. D. (2013b). The effects of total quality management on customer service management in the Nigerian banking industry: an empirical analysis, International Journal of Management and Network Economics, 3(1), 57–77.
Barro, R. (1991). Economic growth in a cross-section of countries, Quarterly Journal of Economics, 106(2), 407-443.
Barro, R. J. & Lee, J. W. (1993). International comparisons of educational attainment, Journal of Monetary Economics, 32(3), 363-394.
Barro, R. J. & Sala-i-Martin, X. (1995). Economic growth. New York: McGraw-Hill.
Benhabib, J. & Spiegel, M. M. (1994). The role of human capital in economic development. Evidence from aggregate cross-country time, Journal of Monetary Economics, 34(3), 143-173.
Bhagwati, J. N. (1978). Anatomy and consequences of exchange control regimes. New York: Balinger Publishing.
Bhagwati, J. N. (1985). Investing abroad: Esmée Fairbairn Lecture. Lancaster: Lancaster University Press.
Bhagwati, J. N. (1994). Free trade: Old and new challenges, Economic Journal, 104(3), 231-246.
Bils, M. & Klenow, P. J. (2000). Does schooling cause growth? American Economic Review, 90(5), 1160-1183.
Blomstrom, M. & Kokko, A. (1998). Multinational corporations and spillovers, Journal of Economic Surveys, 12(3), 247-277.
Blomstrom, M., Lipsey, R. E. & Zejan, M. (1996). Is fixed investment the key to economic growth, Quarterly Journal of Economics, 111(3), 269-276.
Brecher, R. A. & Findlay, R. (1983). Tariff, foreign capital and national welfare with sector specific factors, Journal of International Economics, 14(3), 277-288.
Bundell, R., Dearden, L., Meghir, C. & Barbara, S. (1999). Human capital investment: The returns from education and training to the individual, the firm and the economy, Fiscal Studies, 20(1), 1-23.
Canton, E., Minne, A., Nieuwenhuis, B. & Marc-van der Steeg, S. (2005). Human capital, R & D and competition in macroeconomic analysis, Working Paper No. 38 ENEPRI /August 2005.
Cleeve, E. (2008). How effective are fiscal incentives to attract FDI to sub-Saharan Africa. The Journal of Developing Areas, 42(1), 135-153.
Coe, D. T. & Helpman, E. (1995). International R&D spillovers, European Economic Review, 39(5), 859-887.
De La Fuente, Á. & Domenéch, A. (2000). Human capital in growth regressions: how much difference does data quality make? Economic Department Working Paper No262, Paris: OECD 35.
De La Fuente, Á. & Domenéch, A. (2006). Human capital in growth regressions: how much difference does data quality make? Journal of the European Economic Association, 4(1), 1-36.
De Mello, L. R. (1996). Foreign direct investment, international knowledge transfers, endogenous growth: Time series evidence. Department of Economics, University of Kent, 234-240.
De Mello, L. R. (1997). Foreign direct investment in developing countries and growth: A selective survey, Journal of Development Studies, 34(3), 1-34.
De Mello, L. R. (1999). Foreign direct investment-led growth: Evidence from time series and panel data, Oxford Economic Papers, 51(2), 133-151.
Durham, B. (2004). Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio investment on economic growth, European Economic Review, 48(2), 285-306.
Eaton, J. & Kortum, S. (1999). International technology diffusion: Theory and Measurement, International Economic Review, 40(3), 537-570.
El-Wassal, K. A. (2012). Foreign direct investment and economic growth in Arab Countries (1970-2008): An inquiry into determinants of growth benefits, Journal of Economic Development, 37(4), 79-100.
Fedderke, J. & Romm, A. T. (2005). Growth impact and determinants of foreign direct investment into South Africa, 1956-2003. Economic Modelling, 23(2), 738-760.
Felipe, J. (1997). Total factor productivity growth in East Asia: A critical survey, Economics and Development Research Center Report Series No. 65, Asian Development Bank, 233-235.
Filmer, D. & Pritchett, L. H. (2001). Estimating wealth effects without expenditure data or tears: An application to educational enrollments of India, Demography, 38(1), 115-132.
Frenkel, M., Funke, K. & Stadtmann, G. (2004). A panel analysis of bilateral FDI flows to emerging economies, Economic System, 28(3), 281-300.
Funke, M. & Strulik, H. (2000). On endogenous growth with physical capital, human capital and product variety, European Economic Review, 44 (2), 491-515.
Goldman Sachs. (2001). Building better global economic BRICs.
Grammy, A. P. & Assane, D. (1996). New evidence on the effect of human capital on economic Growth, Applied Economic Letters, 3(3), 121-124.
Grossman, G. M. & Helpman, E. (1990). Trade, innovation, and growth, The American Economic Review, 80(2), 86-91.
Gustav, R. & Stewart, F. (2001). Growth and human development; comparative Latin American Experience, Center Discussion Paper, No. 826.
Hailu, Z. A. (2010). Demand side factors affecting the inflow of foreign direct investment to African Countries: Does capital market matter? International Journal of Business and Management, 5(5), 104-116.
Hair, J. F., Anderson, R. E., Tatham, R. L. & Black, W. C. (1998). Multivariate analysis, 5th ed. Englewood Cliffs, NJ: Prentice-Hall.
Hanushek, E. A. & Kimko, D. D. (2000). Schooling, labour force quality, and the growth of nations, American Economic Review, 90(5), 1184-1208.
Hanushek, E. A. & Shultz, G. P. (2012). Education is the key to a healthy economy, The Wall Street Journal, 30 April.
Hanushek, E. A. & Woessmann, L. (2007). The role of education quality for economic growth, World Bank Policy Research Working Paper, No. 4122, February.
Harbison, F. H. (1962). Human resources development planning in modernizing economies, International Labor Review, 21(3), 453-458.
Horwitz, F. (2005). Human resources and competitiveness, Executive Business Brief, 10(3), 50-52.
Ikiara, M. M. (2003). Foreign Direct Investment (FDI), technology transfer, and poverty alleviation: Africa’s hope and dilemma, ATPS Special Paper Series No. 16, Nairobi: African Technology Policy Studies Network, 1-38.
Islam, N. (1995). Growth empirics: A panel data approach, Quarterly Journal of Economics, 110(3), 1127-1170.
Johnson, A. (2006). The Effects of FDI inflows on host country economic growth.
Keller, W. (2001). The geography and channels of diffusion at the world's technology frontier, NBER Working Paper 8150, NBER, MA: Cambridge.
Keller, W. (2002). Trade and the transmission of technology, Journal of Economic Growth, 7(3), 5-21.
Lucas, R. (1988). On the mechanics of economic development, Journal of Monetary Economics, 22(3), 30-42.
Madsen, J. B. (2007). Technology spillover through trade and TFP convergence: 135 years of evidence for the OECD countries, Journal of International Economics, 72(3), 464-480.
Mahe, S. A. (2005). Is globalisation capable of raising living standards, through international trade in Nigeria? Downloaded from http://www.hollerafrica.com/showArticle.php?artId=143&catId=2 on 21 July 2008.
Mankiw, N. G., Romer, D. & Weil, D. N. (1992). Contribution to the empirics of economic growth, The Quarterly Journal of Economics, 107(2), 407-437.
Murthy, N. R. & Chien, I. S. (1997). The empirics of economic growth for OECD countries: Some new findings, Economic Letters, 55(3), 425-429.
Mustapha, A. M., Fakokunde, T. O. & Awolusi, O. D. (2014). The Quick Service Restaurant Business in Nigeria: Exploring the Emerging Opportunity for Entrepreneurial Development and Growth, Global Journal of Commerce and Management Perspective, 3(3), 8-14.
Ncube, M. (1999). Is human capital important for economic growth in Zimbabwe? African Journal of Economic Policy, 7(3), 1-14.
Nonneman, V. & Vandhoult, P. (1996). A further augmentation of the Solow model and the empirics of economic growth for OECD countries, Quarterly Journal of Economics, 111(3), 943-953.
Odusola, A. F. (1998). Human investment and the empirics of economic growth, Selected papers for the NES Annual Conference, Ibadan.
OECD. (2010). The high cost of low educational performance. Paris: OECD Publishing.
Ogutcu, M. (2002). Foreign direct investment and regional development: Sharing experiences from Brazil, China, Russia and Turkey. OECD Paper, Paris.
Okojie, C. E. E. (1995). Human capital formation for productivity growth in Nigeria, The Nigerian Economic and Financial Review, 32(3), 44-54.
Ozturk, I. (2007). Foreign direct investment-growth nexus: A review of the recent literature, International Journal of Applied Econometrics and Quantitative Studies, 4(2), 79-98.
Pelinescu, E. (2015). The impact of human capital on economic growth, Procedia Economics and Finance, 22(1), 184-190.
Pistorius, C. (2004).The competitiveness and innovation, Elektron, 2(3), 234-245.
Riley, G. (2012). Economic growth - the role of human & social capital, competition & innovation.
Romer, P. (1986). Increasing returns and long-run growth, Journal of Political Economy, 94(3), 1002-1037.
Romer, P. (1990). Human capital and growth: Theory and evidence, Carnegie Rochester Conference Series on Public Policy, 32(3), 251-286.
RSA. (2013). South Africa’s positions in BRICS, Quarterly Bulletin- January to March, 2013. Gauteng Provincial Treasury, Republic of South Africa.
Saggi, K. (2002). Trade, foreign direct investment and international technology transfer: A survey, The World Bank Research Observer, 17(2), 191-235.
Schultz, T. P. (1992). The role of education and human capital on economic development. An Empirical Assessment Center Discussion Paper, Economic Growth Center, Yale University
Serena, M. & Freire, J. (2001). Human capital accumulation and economic growth, Investigations Economics, 25(3), 585-602.
Siggel, E. (2000). Uganda's policy reforms, competitiveness and regional integration industry: A comparison with Kenya. African Economic Policy, Discussion paper 24. Washington: United States Agency for International Development: Bureau for Africa.
Siggel, E. (2001). India's trade policy reforms and competitiveness industry in the 1980s, World Economy, 322(3), 159-183.
Temple, J. (1999). A positive effect of human capital on growth, Economics Letters, 65(3), 131-134
UNCTAD. (2013). World investment report: Global value chains: Investment and trade for development. New Geneva: United Nations.
UNCTAD. (2015). World investment report. New York: United Nations.
UNDP. (2014). United Nations Development Programme, Human Development Report
UNESCO. (2005). World report: Towards knowledge societies. New York: UNESCO Publishing.
Wyk, J. V. & Lal, A. K. (2008). Risk and FDI flows to developing countries, South African Journal of Economic and Management Sciences, 11(4), 511-528.
Young, A. (1991). Learning by doing and the dynamic effects of international trade, The Quarterly Journal of Economics, 106(2), 369-405.
Adelakun, O. J. (2011). Human capital development and economic growth in Nigeria, European Journal of Business and Management, 3(9), 29-38.
Agarwal, G. & Khan, M. A. (2011). Impact of FDI on GDP: A comparative study of China and India, International Journal of Business and Management, 6(10), 71-79.
Ahmad, S. & Schroeder, R. G. (2003). The impact of human resource management practices on operational performance: Recognizing country and industry differences, Journal of Operations Management, 21(2), 19–43.
Akinlo, A. E. (2004). Foreign direct investment and growth in Nigeria An empirical investigation, Journal of Policy Modeling, 26(3), 627-639.
Anyanwu, J. C. (2011). Determinants of foreign direct investment inflows to Africa, 1980-2007, Working Paper No. 136, African Development Bank, Tunis.
Anyanwu, J. C. (2012). Why does foreign direct investment go where it goes? New evidence from African countries, Annals of Economics and Finance, 13(2), 433-470.
Anyanwu, J. C. & Yameogo, N. D. (2015). What drives foreign direct investments into West Africa? An Empirical investigation, African Development Review, 27(3), 199-215
Appleton, S. & Teal, F. (1998). Human capital and economic development. ADB Economic Research paper, 39(4), 1-17.
Aregbesola, A. R. (2014). Foreign direct investment and institutional adequacy: New Granger causality evidence from African countries, South African Journal of Economic and Management Sciences, 17(5), 557-568.
Asika, N. & Awolusi, O. D. (2013). Modeling Critical Success Factors of Business Process Re-Engineering and Business Performance of Nigerian Oil and Gas Companies, International Journal of Services and Operations Management, 15(1), 28–43.
Asikhia, U. O. & Awolusi, O. D. (2015). Assessment of Critical Success Factors of Business Process Re-engineering in the Nigerian Oil and Gas Industry, South African Journal of Business Management, 46(2), 1-14.
Awan, A. G. (2013). Diverging trends of human capital in BRICS countries, International Journal of Asian Social Science, 2(12), 2195-2219.
Awolusi, O. D. (2013a). Effects of motivation on employees’ job commitment in the Nigerian banking industry: an empirical analysis, International Journal of Business and Innovation Research, 1(3), 1–17.
Awolusi, O. D. (2013b). The effects of total quality management on customer service management in the Nigerian banking industry: an empirical analysis, International Journal of Management and Network Economics, 3(1), 57–77.
Barro, R. (1991). Economic growth in a cross-section of countries, Quarterly Journal of Economics, 106(2), 407-443.
Barro, R. J. & Lee, J. W. (1993). International comparisons of educational attainment, Journal of Monetary Economics, 32(3), 363-394.
Barro, R. J. & Sala-i-Martin, X. (1995). Economic growth. New York: McGraw-Hill.
Benhabib, J. & Spiegel, M. M. (1994). The role of human capital in economic development. Evidence from aggregate cross-country time, Journal of Monetary Economics, 34(3), 143-173.
Bhagwati, J. N. (1978). Anatomy and consequences of exchange control regimes. New York: Balinger Publishing.
Bhagwati, J. N. (1985). Investing abroad: Esmée Fairbairn Lecture. Lancaster: Lancaster University Press.
Bhagwati, J. N. (1994). Free trade: Old and new challenges, Economic Journal, 104(3), 231-246.
Bils, M. & Klenow, P. J. (2000). Does schooling cause growth? American Economic Review, 90(5), 1160-1183.
Blomstrom, M. & Kokko, A. (1998). Multinational corporations and spillovers, Journal of Economic Surveys, 12(3), 247-277.
Blomstrom, M., Lipsey, R. E. & Zejan, M. (1996). Is fixed investment the key to economic growth, Quarterly Journal of Economics, 111(3), 269-276.
Brecher, R. A. & Findlay, R. (1983). Tariff, foreign capital and national welfare with sector specific factors, Journal of International Economics, 14(3), 277-288.
Bundell, R., Dearden, L., Meghir, C. & Barbara, S. (1999). Human capital investment: The returns from education and training to the individual, the firm and the economy, Fiscal Studies, 20(1), 1-23.
Canton, E., Minne, A., Nieuwenhuis, B. & Marc-van der Steeg, S. (2005). Human capital, R & D and competition in macroeconomic analysis, Working Paper No. 38 ENEPRI /August 2005.
Cleeve, E. (2008). How effective are fiscal incentives to attract FDI to sub-Saharan Africa. The Journal of Developing Areas, 42(1), 135-153.
Coe, D. T. & Helpman, E. (1995). International R&D spillovers, European Economic Review, 39(5), 859-887.
De La Fuente, Á. & Domenéch, A. (2000). Human capital in growth regressions: how much difference does data quality make? Economic Department Working Paper No262, Paris: OECD 35.
De La Fuente, Á. & Domenéch, A. (2006). Human capital in growth regressions: how much difference does data quality make? Journal of the European Economic Association, 4(1), 1-36.
De Mello, L. R. (1996). Foreign direct investment, international knowledge transfers, endogenous growth: Time series evidence. Department of Economics, University of Kent, 234-240.
De Mello, L. R. (1997). Foreign direct investment in developing countries and growth: A selective survey, Journal of Development Studies, 34(3), 1-34.
De Mello, L. R. (1999). Foreign direct investment-led growth: Evidence from time series and panel data, Oxford Economic Papers, 51(2), 133-151.
Durham, B. (2004). Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio investment on economic growth, European Economic Review, 48(2), 285-306.
Eaton, J. & Kortum, S. (1999). International technology diffusion: Theory and Measurement, International Economic Review, 40(3), 537-570.
El-Wassal, K. A. (2012). Foreign direct investment and economic growth in Arab Countries (1970-2008): An inquiry into determinants of growth benefits, Journal of Economic Development, 37(4), 79-100.
Fedderke, J. & Romm, A. T. (2005). Growth impact and determinants of foreign direct investment into South Africa, 1956-2003. Economic Modelling, 23(2), 738-760.
Felipe, J. (1997). Total factor productivity growth in East Asia: A critical survey, Economics and Development Research Center Report Series No. 65, Asian Development Bank, 233-235.
Filmer, D. & Pritchett, L. H. (2001). Estimating wealth effects without expenditure data or tears: An application to educational enrollments of India, Demography, 38(1), 115-132.
Frenkel, M., Funke, K. & Stadtmann, G. (2004). A panel analysis of bilateral FDI flows to emerging economies, Economic System, 28(3), 281-300.
Funke, M. & Strulik, H. (2000). On endogenous growth with physical capital, human capital and product variety, European Economic Review, 44 (2), 491-515.
Goldman Sachs. (2001). Building better global economic BRICs.
Grammy, A. P. & Assane, D. (1996). New evidence on the effect of human capital on economic Growth, Applied Economic Letters, 3(3), 121-124.
Grossman, G. M. & Helpman, E. (1990). Trade, innovation, and growth, The American Economic Review, 80(2), 86-91.
Gustav, R. & Stewart, F. (2001). Growth and human development; comparative Latin American Experience, Center Discussion Paper, No. 826.
Hailu, Z. A. (2010). Demand side factors affecting the inflow of foreign direct investment to African Countries: Does capital market matter? International Journal of Business and Management, 5(5), 104-116.
Hair, J. F., Anderson, R. E., Tatham, R. L. & Black, W. C. (1998). Multivariate analysis, 5th ed. Englewood Cliffs, NJ: Prentice-Hall.
Hanushek, E. A. & Kimko, D. D. (2000). Schooling, labour force quality, and the growth of nations, American Economic Review, 90(5), 1184-1208.
Hanushek, E. A. & Shultz, G. P. (2012). Education is the key to a healthy economy, The Wall Street Journal, 30 April.
Hanushek, E. A. & Woessmann, L. (2007). The role of education quality for economic growth, World Bank Policy Research Working Paper, No. 4122, February.
Harbison, F. H. (1962). Human resources development planning in modernizing economies, International Labor Review, 21(3), 453-458.
Horwitz, F. (2005). Human resources and competitiveness, Executive Business Brief, 10(3), 50-52.
Ikiara, M. M. (2003). Foreign Direct Investment (FDI), technology transfer, and poverty alleviation: Africa’s hope and dilemma, ATPS Special Paper Series No. 16, Nairobi: African Technology Policy Studies Network, 1-38.
Islam, N. (1995). Growth empirics: A panel data approach, Quarterly Journal of Economics, 110(3), 1127-1170.
Johnson, A. (2006). The Effects of FDI inflows on host country economic growth.
Keller, W. (2001). The geography and channels of diffusion at the world's technology frontier, NBER Working Paper 8150, NBER, MA: Cambridge.
Keller, W. (2002). Trade and the transmission of technology, Journal of Economic Growth, 7(3), 5-21.
Lucas, R. (1988). On the mechanics of economic development, Journal of Monetary Economics, 22(3), 30-42.
Madsen, J. B. (2007). Technology spillover through trade and TFP convergence: 135 years of evidence for the OECD countries, Journal of International Economics, 72(3), 464-480.
Mahe, S. A. (2005). Is globalisation capable of raising living standards, through international trade in Nigeria? Downloaded from http://www.hollerafrica.com/showArticle.php?artId=143&catId=2 on 21 July 2008.
Mankiw, N. G., Romer, D. & Weil, D. N. (1992). Contribution to the empirics of economic growth, The Quarterly Journal of Economics, 107(2), 407-437.
Murthy, N. R. & Chien, I. S. (1997). The empirics of economic growth for OECD countries: Some new findings, Economic Letters, 55(3), 425-429.
Mustapha, A. M., Fakokunde, T. O. & Awolusi, O. D. (2014). The Quick Service Restaurant Business in Nigeria: Exploring the Emerging Opportunity for Entrepreneurial Development and Growth, Global Journal of Commerce and Management Perspective, 3(3), 8-14.
Ncube, M. (1999). Is human capital important for economic growth in Zimbabwe? African Journal of Economic Policy, 7(3), 1-14.
Nonneman, V. & Vandhoult, P. (1996). A further augmentation of the Solow model and the empirics of economic growth for OECD countries, Quarterly Journal of Economics, 111(3), 943-953.
Odusola, A. F. (1998). Human investment and the empirics of economic growth, Selected papers for the NES Annual Conference, Ibadan.
OECD. (2010). The high cost of low educational performance. Paris: OECD Publishing.
Ogutcu, M. (2002). Foreign direct investment and regional development: Sharing experiences from Brazil, China, Russia and Turkey. OECD Paper, Paris.
Okojie, C. E. E. (1995). Human capital formation for productivity growth in Nigeria, The Nigerian Economic and Financial Review, 32(3), 44-54.
Ozturk, I. (2007). Foreign direct investment-growth nexus: A review of the recent literature, International Journal of Applied Econometrics and Quantitative Studies, 4(2), 79-98.
Pelinescu, E. (2015). The impact of human capital on economic growth, Procedia Economics and Finance, 22(1), 184-190.
Pistorius, C. (2004).The competitiveness and innovation, Elektron, 2(3), 234-245.
Riley, G. (2012). Economic growth - the role of human & social capital, competition & innovation.
Romer, P. (1986). Increasing returns and long-run growth, Journal of Political Economy, 94(3), 1002-1037.
Romer, P. (1990). Human capital and growth: Theory and evidence, Carnegie Rochester Conference Series on Public Policy, 32(3), 251-286.
RSA. (2013). South Africa’s positions in BRICS, Quarterly Bulletin- January to March, 2013. Gauteng Provincial Treasury, Republic of South Africa.
Saggi, K. (2002). Trade, foreign direct investment and international technology transfer: A survey, The World Bank Research Observer, 17(2), 191-235.
Schultz, T. P. (1992). The role of education and human capital on economic development. An Empirical Assessment Center Discussion Paper, Economic Growth Center, Yale University
Serena, M. & Freire, J. (2001). Human capital accumulation and economic growth, Investigations Economics, 25(3), 585-602.
Siggel, E. (2000). Uganda's policy reforms, competitiveness and regional integration industry: A comparison with Kenya. African Economic Policy, Discussion paper 24. Washington: United States Agency for International Development: Bureau for Africa.
Siggel, E. (2001). India's trade policy reforms and competitiveness industry in the 1980s, World Economy, 322(3), 159-183.
Temple, J. (1999). A positive effect of human capital on growth, Economics Letters, 65(3), 131-134
UNCTAD. (2013). World investment report: Global value chains: Investment and trade for development. New Geneva: United Nations.
UNCTAD. (2015). World investment report. New York: United Nations.
UNDP. (2014). United Nations Development Programme, Human Development Report
UNESCO. (2005). World report: Towards knowledge societies. New York: UNESCO Publishing.
Wyk, J. V. & Lal, A. K. (2008). Risk and FDI flows to developing countries, South African Journal of Economic and Management Sciences, 11(4), 511-528.
Young, A. (1991). Learning by doing and the dynamic effects of international trade, The Quarterly Journal of Economics, 106(2), 369-405.
Published
2019-09-26
How to Cite
Awolusi D. Olawumi. (2019). Human Capital Development and Economic Growth in BRICS Countries: Controlling for Country Differences. Journal of Economics and Behavioral Studies, 11(4(J), 1-17. https://doi.org/10.22610/jebs.v11i4(J).2912
Issue
Section
Research Paper
Copyright (c) 2019 Awolusi D. Olawumi
This work is licensed under a Creative Commons Attribution 4.0 International License.
Author (s) should affirm that the material has not been published previously. It has not been submitted and it is not under consideration by any other journal. At the same time author (s) need to execute a publication permission agreement to assume the responsibility of the submitted content and any omissions and errors therein. After submission of a revised paper in the light of suggestions of the reviewers, editorial team edits and formats manuscripts to bring uniformity and standardization in published material.
This work will be licensed under Creative Commons Attribution 4.0 International (CC BY 4.0) and under condition of the license, users are free to read, copy, remix, transform, redistribute, download, print, search or link to the full texts of articles and even build upon their work as long as they credit the author for the original work. Moreover, as per journal policy author (s) hold and retain copyrights without any restrictions.
