On Explaining Inter-Country Differences in Economic Growth Rates of OECD countries for 1996-2008: Does Regulatory Quality Matter
AbstractThis study empirically examines the role of regulatory quality in explaining the differences in economic growth rates of the twenty three OECD countries over the 1996-2008 period. The model we adopt is a generalized version of the growth accounting, production function model of Solow in which the rate of economic growth is a function of capital and labour accumulation and total factor productivity. In this model, the quality of regulation affects economic growth via its impact on total factor productivity. Our findings do lend support for the view that the better the quality of regulation, the higher rate of economic growth. In particular, our empirical results indicate that countries in which the institutional framework is more conducive to the formulation and implementation of effective regulatory policies also more likely to have better macroeconomic performance.
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Bibliographic InfoArticle provided by Euro-American Association of Economic Development in its journal Applied Econometrics and International Development.
Volume (Year): 12 (2012)
Issue (Month): 2 ()
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Find related papers by JEL classification:
- C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
- O43 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
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