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Thais W. Niquito, Felipe Garcia Ribeiro and Marcelo Savino Portugal
''Institutions or human capital: which is more important for economic performance? Evidence from Brazil''
( 2018, Vol. 38 No.2 )
We investigate the role of institutions and human capital on economic performance of Brazilian municipalities. We use instrumental variables with two-stage least squares estimators for capturing causal relationships. We found evidence that institutional quality has an important and robust effect on the income of municipalities. However, there is no robust evidence for the role of human capital. These results are similar to what Acemoglu, Galleano and Robinson (2014) documented in their research conducted with cross-country data. Human capital is likely to be a consequence of institutions.
Keywords: economic development, Brazil, institutional quality, human capital
JEL: O1 - Economic Development: General
O4 - Economic Growth and Aggregate Productivity: General
Manuscript Received : Oct 21 2017 Manuscript Accepted : May 25 2018

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