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Contracting Institutions and Growth

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Author Info
Alex William Trew ()

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Abstract

We follow Acemoglu and Johnson (2005) in disentangling the effects of contracting and property rights institutions on average growth rates over the period 1985--2004 in addition to the log level of per capita income in 1995. On the basis of 2SLS results, we find a robust, positive link between the quality of some contracting institutions and the rate of economic growth and a robust, negative link between contracting institutions and the level of output. We interpret these conflicting results as evidence for a trade-off in the effect of contracting institutions on growth and income levels. We look to rationalize this apparent trade-off in terms of a framework where transactions costs are endogenous to investments made in contracting technologies.

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Paper provided by Centre for Dynamic Macroeconomic Analysis in its series CDMA Working Paper Series with number 0904.

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Date of creation: Jul 2009
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Handle: RePEc:san:cdmawp:0904

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Related research
Keywords: Economic growth; institutions.;

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Find related papers by JEL classification:
O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
O43 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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  14. Bencivenga Valerie R. & Smith Bruce D. & Starr Ross M., 1995. "Transactions Costs, Technological Choice, and Endogenous Growth," Journal of Economic Theory, Elsevier, vol. 67(1), pages 153-177, October. [Downloadable!] (restricted)
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  17. Daron Acemoglu & Simon Johnson & James A. Robinson, 2002. "Reversal Of Fortune: Geography And Institutions In The Making Of The Modern World Income Distribution," The Quarterly Journal of Economics, MIT Press, vol. 117(4), pages 1231-1294, November. [Downloadable!] (restricted)
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