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Human Capital and Inequality: A Cointegration Analysis for Colombia for the last 29 years

Ramirez Chaparro, Maria Nathalia and Chacón Mejía, Catalina (2021): Human Capital and Inequality: A Cointegration Analysis for Colombia for the last 29 years.

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Abstract

Taking into account the inequality that deepens socioeconomic gaps in the Latin American region, especially in a country as unequal as Colombia. The aim of this working paper is to seeks to see the behavior of inequality (from the Gini index approach), and adult literacy, variables that together can be explanatory of the other, contextualizing it in the evolution it has had in the Colombian reality. The analysis was made using the capabilities theory of Sen and its model. In order to examine the long-run relationship between the variables, a vector autoregressive model (VAR) and the cointegration test are applied to the equations and the error correction test to the equations. This would mean that changes in human capital formation would lead to favorable results in inequality in a few years, i.e., that individuals could have access to a better quality of life by applying the knowledge acquired during their formative years.

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