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Making and Breaking Property Rights: Coalitions, Veto Players, and the Institutional Foundation of Markets

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  • Mogens K. Justesen

Abstract

This paper analyzes why some governments protect property rights while others do not. Although institutional constraints may affect government incentives to protect property rights, the paper emphasizes that different political institutions have dissimilar effects. Coalition institutions that make governments accountable to large groups in society are particularly important, whereas division of powers between veto players is hypothesized to have more ambiguous effects on property rights. Empirical analyses of panel data support the proposition that coalition institutions matter for property-rights protection, whereas veto-player institutions have no particular effect.

Suggested Citation

  • Mogens K. Justesen, 2015. "Making and Breaking Property Rights: Coalitions, Veto Players, and the Institutional Foundation of Markets," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 171(2), pages 238-262, June.
    • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(201506)171:2_238:mabprc_2.0.tx_2-4
    DOI: 10.1628/093245613X14273596658928
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    References listed on IDEAS

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    2. Besley, Timothy & Ghatak, Maitreesh, 2010. "Property Rights and Economic Development," Handbook of Development Economics, in: Dani Rodrik & Mark Rosenzweig (ed.), Handbook of Development Economics, edition 1, volume 5, chapter 0, pages 4525-4595, Elsevier.
    3. Bruno, Giovanni S.F., 2005. "Approximating the bias of the LSDV estimator for dynamic unbalanced panel data models," Economics Letters, Elsevier, vol. 87(3), pages 361-366, June.
    4. Daron Acemoglu & James A. Robinson, 2001. "A Theory of Political Transitions," American Economic Review, American Economic Association, vol. 91(4), pages 938-963, September.
    5. Basinger, Scott J. & Hallerberg, Mark, 2004. "Remodeling the Competition for Capital: How Domestic Politics Erases the Race to the Bottom," American Political Science Review, Cambridge University Press, vol. 98(2), pages 261-276, May.
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    Cited by:

    1. Tenryu, Yohei, 2013. "The Role of the Private Sector under Insecure Property Rights," MPRA Paper 74893, University Library of Munich, Germany, revised 27 Oct 2016.
    2. Martin Roessler, 2019. "Political regimes and publicly provided goods: why democracy needs development," Public Choice, Springer, vol. 180(3), pages 301-331, September.
    3. Yohei Tenryu, 2017. "The role of the private sector under insecure property rights," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 64(3), pages 285-311, September.
    4. Hartwell, Christopher A. & Korovkin, Vladimir, 2021. "Contracting in a void: The role of the banking sector in developing property rights in Russia," The Quarterly Review of Economics and Finance, Elsevier, vol. 82(C), pages 113-127.

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    More about this item

    JEL classification:

    • H0 - Public Economics - - General
    • K0 - Law and Economics - - General
    • P14 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Property Rights
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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