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Property Rights and Growth

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Author Info
Holger Strulik ()
Ines Lindner ()
Abstract

The paper analyses the long-run equilibrium and adjustment dynamics in models of economic growth where property rights are absent. A comparison with the standard models assesses the importance of property rights quantitatively. In the neoclassical growth model individuals arrive at a lower steady-state level of consumption. The absolute convergence hypothesis does not longer hold. An augmented non--linear Ak economy is capable of long-run growth without institutional arrangements if this holds true for an otherwise identical economy with secure property rights. The lawless economy, however, approaches a lower long-run growth rate which is only up to about half of that of an economy with secure property rights. This is due to a lower investment rate despite identical long--run capital productivity. The model, therefore, can explains conditional convergence.

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Paper provided by Hamburg University, Department of Economics in its series Quantitative Macroeconomics Working Papers with number 19904.

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Date of creation: Apr 1999
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Handle: RePEc:ham:qmwops:19904

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  2. Barro, Robert J, 1990. "Government Spending in a Simple Model of Endogenous Growth," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S103-26, October. [Downloadable!] (restricted)
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  3. Kneller, Richard & Bleaney, Michael F. & Gemmell, Norman, 1999. "Fiscal policy and growth: evidence from OECD countries," Journal of Public Economics, Elsevier, vol. 74(2), pages 171-190, November. [Downloadable!] (restricted)
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    • Robert J. Barro & Paul M. Romer, 1991. "Economic Growth," NBER Books, National Bureau of Economic Research, Inc, number barr91-1.
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  6. Levine, Ross & Renelt, David, 1992. "A Sensitivity Analysis of Cross-Country Growth Regressions," American Economic Review, American Economic Association, vol. 82(4), pages 942-63, September. [Downloadable!] (restricted)
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  7. Brunner, Martin & Strulik, Holger, 2002. "Solution of perfect foresight saddlepoint problems: a simple method and applications," Journal of Economic Dynamics and Control, Elsevier, vol. 26(5), pages 737-753, May. [Downloadable!] (restricted)
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  8. Arjan Lejour & Harrie Verbon, 1997. "Tax Competition and Redistribution in a Two-Country Endogenous-Growth Model," International Tax and Public Finance, Springer, vol. 4(4), pages 485-497, November. [Downloadable!] (restricted)
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  10. Lucas, Robert E, Jr, 1990. "Supply-Side Economics: An Analytical Review," Oxford Economic Papers, Oxford University Press, vol. 42(2), pages 293-316, April. [Downloadable!] (restricted)
  11. Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, vol. 18(2), pages 155-162, April. [Downloadable!] (restricted)
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  14. Marcelo Bianconi & Stephen J. Turnovsky, 1997. "International Effects of Government Expenditure in Interdependent Economies," Canadian Journal of Economics, Canadian Economics Association, vol. 30(1), pages 57-84, February. [Downloadable!] (restricted)
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