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Cointegrating Institutions: The Time-Series Properties of Country Institutional Measures

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  • Russell S. Sobel
  • Christopher J. Coyne

Abstract

A country’s political and economic institutions are critical for economic prosperity. The literature abounds with institutional measures, precisely because institutions are multidimensional. We use panel unit root and cointegration tests to examine the time-series properties of several institutional measures to answer two questions. First, do institutional changes tend to be permanent? Second, which subsets of institutions tend to converge or move together? These answers have important implications for whether permanent institutional reform is possible and whether reforms can be undertaken one institutional area at a time or instead must simultaneously encompass multiple institutional areas.

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File URL: http://www.jstor.org/stable/pdfplus/10.1086/652304
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File URL: http://www.jstor.org/stable/full/10.1086/652304
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Bibliographic Info

Article provided by University of Chicago Press in its journal The Journal of Law and Economics.

Volume (Year): 54 (2011)
Issue (Month): 1 ()
Pages: 111 - 134

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Handle: RePEc:ucp:jlawec:doi:10.1086/652304

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References

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  1. Jan Fidrmuc, 2001. "Economic Reform, Democracy and Growth During Post-Communist Transition," William Davidson Institute Working Papers Series 372, William Davidson Institute at the University of Michigan.
  2. Jeffrey D. Sachs, 2003. "Institutions Don't Rule: Direct Effects of Geography on Per Capita Income," NBER Working Papers 9490, National Bureau of Economic Research, Inc.
  3. Peter T. Leeson, 2007. "Trading with Bandits," Journal of Law and Economics, University of Chicago Press, vol. 50, pages 303-321.
  4. Im, Kyung So & Pesaran, M. Hashem & Shin, Yongcheol, 2003. "Testing for unit roots in heterogeneous panels," Journal of Econometrics, Elsevier, vol. 115(1), pages 53-74, July.
  5. James D. Gwartney & Robert A. Lawson & Randall G. Holcombe, 1999. "Economic Freedom and the Environment for Economic Growth," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 155(4), pages 643-, December.
  6. Claudia Williamson, 2009. "Informal institutions rule: institutional arrangements and economic performance," Public Choice, Springer, vol. 139(3), pages 371-387, June.
  7. Rodrik, Dani & Subramanian, Arvind & Trebbi, Francesco, 2002. "Institutions Rule: The Primacy of Institutions Over Geography and Integration in Economic Development," CEPR Discussion Papers 3643, C.E.P.R. Discussion Papers.
  8. Barro, Robert J, 1996. " Democracy and Growth," Journal of Economic Growth, Springer, vol. 1(1), pages 1-27, March.
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Cited by:
  1. Rabindra Nepal & Tooraj Jamasb, 2013. "Energy efficiency in Market vs Planned Economies: Evidence from Transition Countries," Cambridge Working Papers in Economics 1345, Faculty of Economics, University of Cambridge.
  2. Christian Bjørnskov & Pierre-Guillaume Méon, 2013. "Is trust the missing root of institutions, education, and development?," Public Choice, Springer, vol. 157(3), pages 641-669, December.
  3. Neyapti, Bilin, 2013. "Modeling institutional evolution," Economic Systems, Elsevier, vol. 37(1), pages 1-16.
  4. Maridal, J. Haavard, 2013. "Cultural impact on national economic growth," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 47(C), pages 136-146.
  5. Rabindra Nepal & Tooraj Jamasb & Clement Allan Tisdell, 2013. "Market-Related Reforms and Increased Energy Efficiency in Transition Countries: Empirical Evidence," Energy Economics and Management Group Working Papers 8-2013, School of Economics, University of Queensland, Australia.
  6. Bat Batjargal, 2013. "Institutional Polycentrism, Entrepreneurs’ Social Networks, And New Venture Growth," William Davidson Institute Working Papers Series wp1060, William Davidson Institute at the University of Michigan.

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