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The Measurement and Determination of Institutional Change: Evidence from Transition Economics

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Author Info
Raiser, M.
Di Tommaso, M.L.
Weeks, M.

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Abstract

It is widely appreciated that institution building is at the heart of the transition process. Without functioning institutions markets cannot work effectively and the sustainability of the economic transition process can be undermined. The crisis in Russia provided just one piece of evidence in this regard. While institutions are central to the transition process, institutional reform is not an area that is well understood by researchers and policy makers alike. In this paper we examine the determinants of institutional change using a panel dataset comprising 25 transition economics. One of the defining characteristics of our approach is that we treat institutional change as a multidimensional unobserved variable, accounting for the fact each of our indicators represents a noisy signal.

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Paper provided by Faculty of Economics, University of Cambridge in its series Cambridge Working Papers in Economics with number 0029.

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Date of creation: Dec 2000
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Handle: RePEc:cam:camdae:0029

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  1. Robinson, P M, 1974. "Identification, Estimation and Large-Sample Theory for Regressions Containing Unobservable Variables," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 15(3), pages 680-92, October. [Downloadable!] (restricted)
  2. Goldberger, Arthur S, 1972. "Maximum-Likelihood Estimation of Regressions Containing Unobservable Independent Variables," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 13(1), pages 1-15, February. [Downloadable!] (restricted)
  3. Muthen, Bengt, 1983. "Latent variable structural equation modeling with categorical data," Journal of Econometrics, Elsevier, vol. 22(1-2), pages 43-65. [Downloadable!] (restricted)
  4. Spanos, Aris, 1984. "Liquidity as a Latent Variable-An Application of the MIMIC Model," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 46(2), pages 125-43, May.
  5. Alberto Alesina & Eliana La Ferrara, 2000. "The Determinants of Trust," NBER Working Papers 7621, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. North, Douglass C, 1991. "Institutions," Journal of Economic Perspectives, American Economic Association, vol. 5(1), pages 97-112, Winter. [Downloadable!] (restricted)
  7. Lahiri, Kajal, 1976. "Inflationary Expectations: Their Formation and Interest Rate Effects," American Economic Review, American Economic Association, vol. 66(1), pages 124-31, March. [Downloadable!] (restricted)
  8. de Melo, Martha & Denizer, Cevdet & Gelb, Alan & Tenev, Stoyan, 1997. "Circumstance and choice : the role of initial conditions and policies in transition economies," Policy Research Working Paper Series 1866, The World Bank. [Downloadable!]
  9. Avery, Robert B., 1979. "Modeling monetary policy as an unobserved variable," Journal of Econometrics, Elsevier, vol. 10(3), pages 291-311, August. [Downloadable!] (restricted)
  10. Kaufmann, Daniel & Kraay, Aart & Zoido-Lobaton, Pablo, 1999. "Aggregating governance indicators," Policy Research Working Paper Series 2195, The World Bank. [Downloadable!]
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  1. Sharun Mukand & Dani Rodrik, 2002. "In Search of the Holy Grail: Policy Convergence, Experimentation, and Economic Performance," NBER Working Papers 9134, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. Axel Dreher & Christos Kotsogiannis & Steve McCorriston, 2004. "Corruption Around The World: Evidence From A Structural Model," Public Economics 0406004, EconWPA. [Downloadable!]
    Other versions:
  3. Wiebke Kuklys, 2004. "Measuring Standard of Living in the UK - An Application of Sen's Functioning Approach Using Structural Equation Models," Discussion Papers on Strategic Interaction 2004-11, Max Planck Institute of Economics, Strategic Interaction Group. [Downloadable!]
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