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Institutional and structural determinants of investment worldwide

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  • Lim, Jamus Jerome

Abstract

This paper considers institutional and structural factors associated with investment activity in a panel of up to 129 developed and developing countries. It introduces these factors to a standard neoclassical investment function for open economies, and find that financial development and institutional quality are reasonably robust determinants of cross-country capital formation, with latter displaying more stability in the sign and significance of its coefficient. Indeed, when endogeneity concerns are addressed more explicitly using external instruments, and both interactions and subsamples are considered, institutional quality tends to survive as the causal determinant of investment.

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  • Lim, Jamus Jerome, 2013. "Institutional and structural determinants of investment worldwide," Policy Research Working Paper Series 6591, The World Bank.
    • Handle: RePEc:wbk:wbrwps:6591
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    More about this item

    Keywords

    Environmental Economics&Policies; Debt Markets; Emerging Markets; Economic Theory&Research; Investment and Investment Climate;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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