The role of institutions in economic growth has recently begun to receive greater attention in academic circles. Although the impact of institutions has been acknowledged by most, definitive conclusions still remain a question, particularly given the problem of endogeneity. We use panel least squares estimation to consider the nexus between political liberalization and economic freedom. We seek to avoid the problem of endogeneity as well as examine the different aspects of institutional roles. We find conclusions for different aspects when controlling political liberalization or economic freedom.
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Find related papers by JEL classification: O43 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth O57 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
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