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Institutional Quality and Economic Growth: Maintenance of the Rule of Law or Democratic Institutions, or Both?

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Author Info
James L. Butkiewicz () (Department of Economics,University of Delaware)
Halit Yanikkaya () (Department of Economics, Celal Bayar University)

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Abstract

Analysis of the factors determining rates of economic growth has found that country-specific characteristics have important effects on growth performance. Empirical evidence to date suggests that maintenance of the rule of law promotes growth, while adopting democratic institutions does not appear to improve growth performance. We find that these conclusions are very sensitive to sample selection and to estimation technique. When an identical sample of countries is used, we find that countries with democratic institutions do enjoy superior growth performance. The relationship between growth and democratic institutions is also sensitive to the estimation technique used. Estimates using instrumental variable techniques suggest that democratic institutions do experience better growth performance. These results are especially relevant for developing nations. Length pages: 25 pages

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Paper provided by University of Delaware, Department of Economics in its series Working Papers with number 04-03.

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Date of creation: 2004
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Publication status: Published in Economic Modeling, Vol 23. pp. 648-661, 2006
Handle: RePEc:dlw:wpaper:04-03

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Web page: http://www.lerner.udel.edu/economics/
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Keywords: Rule of Law Democracy Economic Growth

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Find related papers by JEL classification:
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism

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  1. Rodrik, Dani, 2000. "Institutions For High-Quality Growth: What They Are And How To Acquire Them," CEPR Discussion Papers 2370, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  2. Paul Collier, 2000. "Ethnicity, Politics and Economic Performance," Economics and Politics, Blackwell Publishing, vol. 12(3), pages 225-245, November. [Downloadable!] (restricted)
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  5. Dani Rodrik & Arvind Subramanian & Francesco Trebbi, 2002. "Institutions Rule: The Primacy of Institutions over Geography and Integration in Economic Development," NBER Working Papers 9305, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. Durham, J Benson, 1999. " Economic Growth and Political Regimes," Journal of Economic Growth, Springer, vol. 4(1), pages 81-111, March. [Downloadable!] (restricted)
  7. Nuxoll, Daniel A, 1994. "Differences in Relative Prices and International Differences in Growth Rates," American Economic Review, American Economic Association, vol. 84(5), pages 1423-36, December. [Downloadable!] (restricted)
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  10. Robert J. Barro, 1996. "Determinants of Economic Growth: A Cross-Country Empirical Study," NBER Working Papers 5698, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    Other versions:
    • Andrei Shleifer & Robert W. Vishny, 1993. "Corruption," NBER Working Papers 4372, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  13. Brunetti, Aymo, 1997. " Political Variables in Cross-Country Growth Analysis," Journal of Economic Surveys, Blackwell Publishing, vol. 11(2), pages 163-90, June. [Downloadable!] (restricted)
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  17. John F. Helliwell, 1994. "Empirical Linkages Between Democracy and Economic Growth," NBER Working Papers 4066, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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