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Unbundled institutions, human capital and growth

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Author Info
Bhattacharyya, Sambit

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Abstract

We investigate the partial effects of institutions and human capital on growth. We find that cross-country regressions of the log-level of per capita GDP on instrumented measures of institutions and schooling are uninformative about the relative importance of institutions and human capital in the long run because of multicollinearity problems. Using dynamic panel regressions we show that both institutions and human capital have significant effects on growth. Using Rodrik's [Rodrik, D., 2005. Growth strategies. Handbook of Economic Growth 1 (1), 967-1014] four-way partition of institutions, we also unbundle institutions. We show that strong market creating institutions and market stabilising institutions are growth enhancing. Market regulating institutions matter up to a certain extent and market legitimising institutions does not seem to matter. Journal of Comparative Economics 37 (1) (2009) 106-120.

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Publisher Info
Article provided by Elsevier in its journal Journal of Comparative Economics.

Volume (Year): 37 (2009)
Issue (Month): 1 (March)
Pages: 106-120
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Handle: RePEc:eee:jcecon:v:37:y:2009:i:1:p:106-120

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Keywords: Institutions Human capital Growth;

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References listed on IDEAS
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  5. Tavares, Jose & Wacziarg, Romain, 2001. "How democracy affects growth," European Economic Review, Elsevier, vol. 45(8), pages 1341-1378, August. [Downloadable!] (restricted)
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  27. Daron Acemoglu & Simon Johnson & James A. Robinson, 2002. "Reversal Of Fortune: Geography And Institutions In The Making Of The Modern World Income Distribution," The Quarterly Journal of Economics, MIT Press, vol. 117(4), pages 1231-1294, November. [Downloadable!] (restricted)
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  28. Dani Rodrik & Arvind Subramanian & Francesco Trebbi, 2004. "Institutions Rule: The Primacy of Institutions Over Geography and Integration in Economic Development," Journal of Economic Growth, Springer, vol. 9(2), pages 131-165, 06. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Alex William Trew, 2009. " Contracting Institutions and Growth," CDMA Working Paper Series 0904, Centre for Dynamic Macroeconomic Analysis. [Downloadable!]
  2. Alex William Trew, 2009. " Institutions and the Scale Effect," CDMA Working Paper Series 0906, Centre for Dynamic Macroeconomic Analysis. [Downloadable!]
  3. Sambit Bhattacharyya, 2008. "Trade Liberalization And Institutional Development," Departmental Working Papers 2008-13, Australian National University, Economics RSPAS. [Downloadable!]
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