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The Stability of Sustainable Development Path and Institutions: Evidence from Genuine Savings Indicators

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  • Sato, Masayuki
  • Samreth, Sovannroeun
  • Sasaki, Kengo

Abstract

This paper investigates institutional factors affecting the performance of genuine savings (GS), which is often used in assessing sustainable development, adopting a model of autoregressive conditional heteroscedasticity in mean. We pay particular attention to the contribution of institutions to decrease the volaticility level of the GS path. Using GS data from the World Bank’s World Development Indicators, and institutional data in the International Country Risk Guide, the estimation results show that there are two ways, through which institutions affecting GS performance. First, the high quality of the institutions enhance GS level directly. Second, the high quality of institutions enhance the GS level via stabilizing the volatiligy of the GS path. Considering both effect in their totality, institutional improvement plays an important role in realizing a sustainable development path.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 48983.

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Date of creation: 09 Aug 2013
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Handle: RePEc:pra:mprapa:48983

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Keywords: Sustainable Development; Genuine Savings; Volatility; Institutions;

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  13. Busse, Matthias & Hefeker, Carsten, 2007. "Political risk, institutions and foreign direct investment," European Journal of Political Economy, Elsevier, vol. 23(2), pages 397-415, June.
  14. Masayuki Sato & Sovannroeun Samreth & Katsunori Yamada & Fumio Sensui, 2008. "A Numerical Study on Assessing Sustainable Development with Future Genuine Savings Simulation," ISER Discussion Paper 0728rr, Institute of Social and Economic Research, Osaka University, revised Jul 2009.
  15. Frederick van der Ploeg & Steven Poelhekke, 2009. "Volatility and the natural resource curse," Oxford Economic Papers, Oxford University Press, vol. 61(4), pages 727-760, October.
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