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Trust and economic growth: a robustness analysis

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Author Info
Sjoerd Beugelsdijk
Henri L.F. de Groot
Anton B.T.M. van Schaik

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Abstract

This paper analyses the robustness of results on the relationship between growth and trust previously derived by Knack and Keefer (1997) and Zak and Knack (2001) along several dimensions, acknowledging the complexity of the concept of robustness. Our results show that the Knack and Keefer results are only limitedly robust, whereas the results found by Zak and Knack are highly robust in terms of significance of the estimated coefficients and reasonably robust in terms of the estimated effect size. The improvement in robustness is caused by the inclusion of countries with relatively low scores on trust (most notably, the Philippines and Peru). Overall, our results point at a relatively important role for trust. However, the answer to the question how large this payoff actually is depends on the set of conditioning variables controlled for in the regression analysis and--to an even larger extent--on the underlying sample. Copyright 2004, Oxford University Press.

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Publisher Info
Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 56 (2004)
Issue (Month): 1 (January)
Pages: 118-134
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Handle: RePEc:oup:oxecpp:v:56:y:2004:i:1:p:118-134

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  1. Turvey, Calum G. & Kong, Rong, 2008. "Vulnerability, Trust and Microcredit: The Case of China?s Rural Poor," Working Papers RP2008/52, World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
  2. David, Antonio C., 2007. "HIV/AIDS and social capital in a cross-section of countries," Policy Research Working Paper Series 4263, The World Bank. [Downloadable!]
  3. Hirokazu Ishise & Yasuyuki Sawada, 2006. "Aggregate Returns to Social Capital: Estimates Based on the Augmented Augmented-Solow Model," CIRJE F-Series CIRJE-F-413, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
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  4. Johansson-Stenman, Olof & Mahmud, Minhaj & Martinsson, Peter, 2005. "Trust and Religion: Experimental Evidence from Bangladesh," Working Papers in Economics 167, Göteborg University, Department of Economics. [Downloadable!]
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  5. Akçomak, I. Semih & ter Weel, Bas, 2008. "Social Capital, Innovation and Growth: Evidence from Europe," IZA Discussion Papers 3341, Institute for the Study of Labor (IZA). [Downloadable!]
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  6. Fabio Sabatini, 2005. "The empirics of social capital and economic development. A critical perspective," Development and Comp Systems 0512015, EconWPA. [Downloadable!]
  7. Berggren, Niclas & Jordahl, Henrik, 2005. "Free to Trust? Economic Freedom and Social Capital," Working Paper Series 2005:2, Uppsala University, Department of Economics. [Downloadable!]
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  8. Bjørnskov, Christian, 2007. "Social trust and the growth of schooling," Working Papers 07-6, University of Aarhus, Aarhus School of Business, Department of Economics. [Downloadable!]
  9. Bjørnskov, Christian, 2005. "Political Ideology and Economic Freedom," Working Papers 05-8, University of Aarhus, Aarhus School of Business, Department of Economics. [Downloadable!]
  10. Christian Bjørnskov, 2007. "Determinants of generalized trust: A cross-country comparison," Public Choice, Springer, vol. 130(1), pages 1-21, January. [Downloadable!] (restricted)
  11. Fabio Sabatini, 2006. "The Empirics of Social Capital and Economic Development: A Critical Perspective," Working Papers 2006.15, Fondazione Eni Enrico Mattei. [Downloadable!]
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  12. Briones, Roehlano M., 2009. "Asia's Underachiever: Deep Constraints in Philippine Economic Growth," Discussion Papers DP 2009-04, Philippine Institute for Development Studies. [Downloadable!]
  13. Fabio Sabatini, 2005. "The empirics of social capital and economic development: a critical perspective," Development and Comp Systems 0512008, EconWPA. [Downloadable!]
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  14. Niclas Berggren & Mikael Elinder & Henrik Jordahl, 2008. "Trust and growth: a shaky relationship," Empirical Economics, Springer, vol. 35(2), pages 251-274, September. [Downloadable!] (restricted)
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  15. Beugelsdijk, S. & Smulders, J.A., 2009. "Bonding and Bridging Social Capital and Economic Growth," Discussion Paper 2009-27, Tilburg University, Center for Economic Research. [Downloadable!]
  16. Bartolini, Stefano & Bonatti, Luigi, 2007. "Endogenous growth, decline in social capital and expansion of market activities," MPRA Paper 3341, University Library of Munich, Germany. [Downloadable!]
  17. Migheli, Matteo, 2009. "Assessing trust through social capital? A possible experimental answer," P.O.L.I.S. department's Working Papers 119, Department of Public Policy and Public Choice - POLIS. [Downloadable!]
  18. Johansson-Stenman, Olof & Mahmud, Minhaj & Martinsson, Peter, 2005. "Trust, Trust Games and Stated Trust: Evidence from Rural Bangladesh," Working Papers in Economics 166, Göteborg University, Department of Economics. [Downloadable!]
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  19. Arne Wiig, 2004. "Risk and disintermediation in tourism," CMI Working Papers WP 2004: 6, CMI (Chr. Michelsen Institute), Bergen, Norway. [Downloadable!]
  20. Yamamura, Eiji, 2008. "Comparison of neighborhood trust between generations in a racially homogeneous society: A case study from Japan," MPRA Paper 10218, University Library of Munich, Germany. [Downloadable!]
  21. Stefano Bartolini & Luigi Bonatti, 2006. "How Can the Decline in Social Capital be Reconciled with a Satisfactory Growth Performance?," Department of Economics University of Siena 477, Department of Economics, University of Siena. [Downloadable!]
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