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The case of transition economies: what institutions matter for growth?

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  • Azim Raimbaev
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    Abstract

    There is a consensus among scholars that institutions (i.e. norms and regulations) are country specific. The paper aims to contribute to the debate by examining the type of institutions which have been the most important for growth in transition countries. It employs a new set of the institutional variables published by the World Bank against the commonly used transition index of the European Bank for Reconstruction and Development. Also, the paper tests the validity of some arguments presented in the institutional literature. As a result, it appears that among the institutional variables government effectiveness has the most significant impact on economic development of the former planned economies. However, at this stage, the classical growth factors such as investment and export turn out to be more important for growth than institutions.

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    File URL: http://www.eeri.eu/documents/wp/EERI_RP_2011_16.pdf
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    Bibliographic Info

    Paper provided by Economics and Econometrics Research Institute (EERI), Brussels in its series EERI Research Paper Series with number EERI_RP_2011_16.

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    Date of creation: 16 Nov 2011
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    Handle: RePEc:eei:rpaper:eeri_rp_2011_16

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    Keywords: Institutions; governance; transition economies; growth.;

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    1. Russell Davidson & James G. MacKinnon, 1987. "Testing for Consistency using Artificial Regressions," Working Papers 687, Queen's University, Department of Economics.
    2. Fidrmuc, Jan, 2001. "Economic Reform, Democracy and Growth during Post-Communist Transition," CEPR Discussion Papers 2759, C.E.P.R. Discussion Papers.
    3. Kaufmann, Daniel & Kraay, Aart & Mastruzzi, Massimo, 2010. "The worldwide governance indicators : methodology and analytical issues," Policy Research Working Paper Series 5430, The World Bank.
    4. Karsten Staehr, 2003. "Reforms and economic growth in transition economies: Complementarity, sequencing and speed," Macroeconomics 0303003, EconWPA.
    5. Oliveira Martins, Joaquim & De Macedo, Jorge Braga, 2008. "Growth, Reform Indicators and Policy Complementarities," Economics Papers from University Paris Dauphine 123456789/7960, Paris Dauphine University.
    6. Elisabetta Falcetti & Tatiana Lysenko & Peter Sanfey, 2005. "Reforms and growth in transition: re-examining the evidence," Working Papers 90, European Bank for Reconstruction and Development, Office of the Chief Economist.
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    Cited by:
    1. Jan Babecky & Tomas Havranek, 2013. "Structural Reforms and Growth in Transition: A Meta-Analysis," William Davidson Institute Working Papers Series wp1057, William Davidson Institute at the University of Michigan.
    2. Pavel Ciaian & Jan Pokrivcak & d'Artis Kancs, 2011. "The Rise and Fall of Enforcement Institutions: An Example of Religion and Secularism," EERI Research Paper Series EERI_RP_2011_14, Economics and Econometrics Research Institute (EERI), Brussels.
    3. Antonio Carvalho & Matthew Cable & Rabindra Nepal & Tooraj Jamasb, 2013. "Market-Oriented Structural Reforms and Human Development: Evidence from Transition Economies," Discussion Papers Series 493, School of Economics, University of Queensland, Australia.
    4. Jan Babecky & Tomas Havranek, 2014. "Structural reforms and growth in transition," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 22(1), pages 13-42, 01.
    5. Doris Hanzl-Weiss & Mario Holzner & Roman Stöllinger, 2013. "Monthly Report No. 4/2013," wiiw Monthly Reports 2013-04, The Vienna Institute for International Economic Studies, wiiw.

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