How important are Institutions for Growth in Transition Countries?
AbstractGrowth empirics with institutional measures is performed for 25 transition countries overthe period 1990-95. Estimation results suggest that (particularly state) institutions aresignificant for growth and, especially, foreign direct investment (FDI), the latter in turnbeing important for the former. It is also found that the correlation between institutionsand FDI is more likely to be a (direct) causation. Only inflation and war seem to have beenrelatively more important for growth performance in transition countries than institutionsper se. This suggests that macroeconomic stabilization and peace should be the main policypriorities in transition, closely followed by institution building.
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Bibliographic InfoPaper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 99-004/2.
Date of creation: 12 Feb 1999
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Web page: http://www.tinbergen.nl
Transition economics; growth empirics; institutions; policy reform;
Find related papers by JEL classification:
- O17 - Economic Development, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
- O57 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
- P21 - Economic Systems - - Socialist Systems and Transition Economies - - - Planning, Coordination, and Reform
- P24 - Economic Systems - - Socialist Systems and Transition Economies - - - National Income, Product, and Expenditure; Money; Inflation
- P27 - Economic Systems - - Socialist Systems and Transition Economies - - - Performance and Prospects
- P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
This paper has been announced in the following NEP Reports:
- NEP-ALL-1999-05-03 (All new papers)
- NEP-DEV-1999-05-03 (Development)
- NEP-IND-1999-05-03 (Industrial Organization)
- NEP-PKE-1999-05-03 (Post Keynesian Economics)
- NEP-TID-1999-05-17 (Technology & Industrial Dynamics)
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