The determinants of economic growth in emerging economies: a comparative analysis
AbstractAbstract. Over the past decade, most emerging and transition economies are experiencing fast growth, which is above the world average, and a consistent institutional change. The aim of this paper is twofold. First of all, a cross-country analysis of a group of emerging and transition economies in the period 1999-2005 will be carried out in order to understand what determines such growth among these countries. Secondly, a comparative analysis will be carried out. The countries will be classified according to their socio-economic models and institutional variables. Countries will be classified by taking their financial structures and ownership control over firms into consideration (Levine and Kunt, 1999; La Porta et. al., 1999), and we will investigate whether institutions and the type of socio-economic model may have an impact on growth. The central hypothesis of the paper is that explaining economic growth is a complex issue which needs positive interaction of several socio-economic and institutional factors. My analysis suggests that countries can grow with their own “style of capitalism” and economic model, and the determinants of economic growth seem to be the ability of each country to associate appropriate governance and institutions with education level, export activity and non-income dimensions of human development (life expectancy growth and infant mortality reduction). In fact, countries which experienced an increase in non-income dimensions of human development during 1970-2000,as a consequence of appropriate institutions, have sustained economic growth.
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Bibliographic InfoPaper provided by Department of Economics - University Roma Tre in its series Departmental Working Papers of Economics - University 'Roma Tre' with number 0075.
Date of creation: Jun 2007
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economic growth; institutions; human development;
Find related papers by JEL classification:
- F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
- O43 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-08-08 (All new papers)
- NEP-DEV-2007-08-08 (Development)
- NEP-SOC-2007-08-08 (Social Norms & Social Capital)
- NEP-TRA-2007-08-08 (Transition Economics)
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