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Institutions, Productivity Change, and Growth

In: Business Cycles in BRICS

Author

Listed:
  • Andrei Akhremenko

    (National Research University Higher School of Economics)

  • Alexander Petrov

    (Keldysh Institute of Applied Mathematics)

  • Egor Yureskul

    (National Research University Higher School of Economics)

Abstract

In this chapter we aim to consider the interdependence between total factor productivity, economic welfare, and political institutions using BRICS as an empirical example. While relationships between each pair of factors have already been subject to scientific inquiry, we attempt to look at the productivity-institutions nexus in conjunction with economic development. We utilize nonparametric methods (data envelopment analysis) to estimate productivity levels for a large sample of countries and investigate the mutual relationships between productivity, GDP, and institutions for every year in the sample, as well as look into possible connections between dynamics of the three factors. We also analyze productivity trajectories of the BRICS countries in order to gain further insight into how capital-labor ratios might affect further economic development given each country’s institutional context. We show that levels of institutional development are a significant predictor for per capita GDP levels, as well as TFP levels. However, our tests for differences in TFP and growth remain inconclusive.

Suggested Citation

  • Andrei Akhremenko & Alexander Petrov & Egor Yureskul, 2019. "Institutions, Productivity Change, and Growth," Societies and Political Orders in Transition, in: Sergey Smirnov & Ataman Ozyildirim & Paulo Picchetti (ed.), Business Cycles in BRICS, pages 29-54, Springer.
    • Handle: RePEc:spr:socchp:978-3-319-90017-9_3
    DOI: 10.1007/978-3-319-90017-9_3
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    Citations

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    Cited by:

    1. Nadide YiÄŸiteli, 2023. "Production Losses Due to Technical Inefficiency: A Panel Data Analysis on the Case of BRICS-T Countries," EKOIST Journal of Econometrics and Statistics, Istanbul University, Faculty of Economics, vol. 0(38), pages 53-73, June.
    2. Nadide Yigiteli & Fahriye Ozturk, 2022. "Macroeconomic Determinants of Total Factor Productivity: An Analysis on the Example of OECD Countries," Istanbul Journal of Economics-Istanbul Iktisat Dergisi, Istanbul University, Faculty of Economics, vol. 72(72-1), pages 293-328, June.

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