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On comprehensive wealth, institutional quality and sustainable development-quantifying the effect of institutional quality on sustainability

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  • Stoever, Jana

Abstract

This paper shows a significant and causal positive relationship between good institutions and sustainability. While sustainability is measured with the adjusted net saving (ANS) indicator, institutional quality is measured using an average of six dimensions of governance. An instrumental variable is used to account for endogeneity. Rearranging the set-up and running the regression on the net national savings rate lead to results displaying a much smaller and weaker effect. This finding suggests that compared to the saving of physical capital, the saving of non-physical capital is influenced more strongly by institutional quality.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Behavior & Organization.

Volume (Year): 81 (2012)
Issue (Month): 3 ()
Pages: 794-801

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Handle: RePEc:eee:jeborg:v:81:y:2012:i:3:p:794-801

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Web page: http://www.elsevier.com/locate/jebo

Related research

Keywords: Sustainable development; Comprehensive wealth; Adjusted net saving; Genuine saving; Institutions; Settler mortality;

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References

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  1. Guiso, Luigi & Sapienza, Paola & Zingales, Luigi, 2006. "Does Culture Affect Economic Outcomes?," CEPR Discussion Papers 5505, C.E.P.R. Discussion Papers.
  2. Hamilton, Kirk & Clemens, Michael, 1999. "Genuine Savings Rates in Developing Countries," World Bank Economic Review, World Bank Group, vol. 13(2), pages 333-56, May.
  3. Edward L. Glaeser & Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer, 2004. "Do Institutions Cause Growth?," NBER Working Papers 10568, National Bureau of Economic Research, Inc.
  4. Norman Loayza & Klaus Schmidt-Hebbel & Luis Servén, 1999. "What Drives Private Saving Across the World?," Working Papers Central Bank of Chile 47, Central Bank of Chile.
  5. Atkinson, Giles & Hamilton, Kirk, 2003. "Savings, Growth and the Resource Curse Hypothesis," World Development, Elsevier, vol. 31(11), pages 1793-1807, November.
  6. Daron Acemoglu & Simon Johnson & James A. Robinson, 2001. "The Colonial Origins of Comparative Development: An Empirical Investigation," American Economic Review, American Economic Association, vol. 91(5), pages 1369-1401, December.
  7. Dani Rodrik & Arvind Subramanian & Francesco Trebbi, 2002. "Institutions Rule: The Primacy of Institutions over Geography and Integration in Economic Development," NBER Working Papers 9305, National Bureau of Economic Research, Inc.
  8. World Bank, 2008. "World Development Indicators 2008," World Bank Publications, The World Bank, number 11855, October.
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Cited by:
  1. Charles-Henri Dimaria, 2013. "Sustainability matters," Post-Print halshs-00827315, HAL.
  2. Yang, Jue & Managi, Shunsuke & Sato, Masayuki, 2013. "The effect of institutional quality on national wealth: An examination using multiple imputation method," MPRA Paper 55436, University Library of Munich, Germany, revised 08 Apr 2014.

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