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Institutions and Economic Growth: A Systems Approach

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  • Chris Doucouliagos
  • Mehmet Ulubasoglu

Abstract

In a simultaneous equations with error components framework, we analyze the institutions-growth relationship. We address individual heterogeneity in cross-country production functions, and endogeneize factor inputs in order to disentangle the direct and indirect effects of institutions on growth. We find that the effects of political freedom on total factor productivity and human capital are positive and significant, but they are negative and significant on physical capital and labor force growth. Economic freedom, on the other hand, has positive and significant effects on total factor productivity, physical and human capital, and labor force growth. The total effects of both freedoms on growth are positive

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Bibliographic Info

Paper provided by Econometric Society in its series Econometric Society 2004 Australasian Meetings with number 63.

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Date of creation: 11 Aug 2004
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Handle: RePEc:ecm:ausm04:63

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Keywords: Institutions; Growth; Simultaneous Equations; Error Components;

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Cited by:
  1. Mellati, Ali, 2008. "Uncertainty and investment in private sector: An analytical argument and a review of the economy of Iran," MPRA Paper 26655, University Library of Munich, Germany.
  2. Vatcharin Sirimaneetham, 2006. "What drives liberal policies in developing countries?," Bristol Economics Discussion Papers 06/587, Department of Economics, University of Bristol, UK.

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