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Institutions and Economic Growth: Empirical Evidence for a Cross-National Analysis

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  • Vijayaraghavan, Maya
  • Ward, William A.

Abstract

The relationship between institutional infrastructure and economic growth rates across 43 nations between the years 1975-90 is examined. Within the framework of the neoclassical growth model, this study integrates a broad set of institutional variables which together proxy for the overall institutional infrastructure of an economy. Security of property rights, governance, political freedom and size of government are the indicators used in the study, facilitating identification of the most important institutions that account for the observed variations in economic growth rates among nations. Results indicate that security of property rights and size of government are the most significant institutions that explain the variations in economic growth rates.

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File URL: http://purl.umn.edu/112952
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Bibliographic Info

Paper provided by Clemson University, Center for International Trade in its series Working Papers with number 112952.

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Date of creation: 2001
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Handle: RePEc:ags:cuciwp:112952

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Web page: http://www.clemson.edu/cafls/departments/aes/centers/cit/

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Keywords: International Development;

References

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  1. repec:cto:journl:v:18:y:1998:i:2:p: is not listed on IDEAS
  2. Seth W. Norton, 1998. "Poverty, Property Rights, and Human Well-Being: A Cross-National Study," Cato Journal, Cato Journal, Cato Institute, vol. 18(2), pages 233-245, Fall.
  3. Kormendi, Roger C. & Meguire, Philip G., 1985. "Macroeconomic determinants of growth: Cross-country evidence," Journal of Monetary Economics, Elsevier, vol. 16(2), pages 141-163, September.
  4. Summers, Robert & Heston, Alan, 1991. "The Penn World Table (Mark 5): An Expanded Set of International Comparisons, 1950-1988," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 327-68, May.
  5. Deepak Lal, 2001. "Unintended Consequences: The Impact of Factor Endowments, Culture, and Politics on Long-Run Economic Performance," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262621541, December.
  6. Robert J. Barro & Jong-Wha Lee, 1993. "International Comparisons of Educational Attainment," NBER Working Papers 4349, National Bureau of Economic Research, Inc.
  7. Easton, Stephen T & Walker, Michael A, 1997. "Income, Growth, and Economic Freedom," American Economic Review, American Economic Association, vol. 87(2), pages 328-32, May.
  8. Scully, Gerald W, 1988. "The Institutional Framework and Economic Development," Journal of Political Economy, University of Chicago Press, vol. 96(3), pages 652-62, June.
  9. Dawson, John W, 1998. "Institutions, Investment, and Growth: New Cross-Country and Panel Data Evidence," Economic Inquiry, Western Economic Association International, vol. 36(4), pages 603-19, October.
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Citations

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Cited by:
  1. Nathan Perry & Carlos Schönerwald, 2009. "Institutions, Geography, and Terms of Trade in Latin America: A Longitudinal Econometric Analysis," Working Paper Series, Department of Economics, University of Utah 2009_04, University of Utah, Department of Economics.
  2. Shahida Wizarat, 2013. "Natural Resources, Conflict and Growth Nexus," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 3(8), pages 1063-1082, August.
  3. Thomas Farole & Andrés Rodríguez-Pose & Michael Storper, 2007. "Social capital, rules, and institutions: A cross-country investigation," Working Papers 2007-12, Instituto Madrileño de Estudios Avanzados (IMDEA) Ciencias Sociales.
  4. Efendic, Adnan & Pugh, Geoff & Adnett, Nick, 2011. "Institutions and economic performance: A meta-regression analysis," European Journal of Political Economy, Elsevier, vol. 27(3), pages 586-599, September.
  5. Serkan Degirmenci, 2011. "Do Institutions Matter for Regional Economic Growth and Development? The Case of Turkey," ERSA conference papers ersa11p1180, European Regional Science Association.
  6. Feyza Eldeniz, 2011. "An Assessment Of Institutional Restructuring In Regional Policy," ERSA conference papers ersa11p70, European Regional Science Association.
  7. Serkan Degirmenci, 2011. "Do Institutions Matter for Regional Economic Growth and Development? The Case of Turkey," ERSA conference papers ersa11p1374, European Regional Science Association.
  8. Berggren, Niclas, 2003. "The Benefits of Economic Freedom: A Survey," Ratio Working Papers 4, The Ratio Institute.

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