Institutions and Economic Performance: Cross-Country Tests Using Alternative Institutional Indicators
AbstractThis paper compares more direct measures of the institutional environment with both the instability proxies used by Barro (1991) and the Gastil indices, by comparing their effects both on growth and private investment. The results provide substantial support for the position that the institutional roots of growth and convergence are significant. The marked improvement that these new variables represent over existing proxies also suggests that there are substantial returns to future research into variables that reflect the security of property rights and the efficiency with which states determine economic policies and allocate public goods.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 23118.
Date of creation: 01 Nov 1995
Date of revision:
Publication status: Published in Economics and Politics 3.7(1995): pp. 207-228
governance; institutions; growth; property rights;
Find related papers by JEL classification:
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
- O17 - Economic Development, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
- O43 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
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