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Cointegrating Institutions: The Time-Series Properties of Country Institutional Measures

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  • Russell S. Sobel

    (Department of Economics, West Virginia University)

  • Christopher J. Coyne

    (Department of Economics, George Mason University)

Abstract

A country's political and economic institutions are critical for economic prosperity. The literature abounds with institutional measures, precisely because institutions are multi dimensional. We use panel-unit-root and cointegration tests to examine the time-series properties of several institutional measures to answer two questions. First, do institutional changes tend to be permanent? Second, which subsets of institutions tend to converge or move together? These answers have important implications for whether permanent institutional reform is possible, and whether reforms can be undertaken one institutional area at a time, or instead must simultaneously encompass multiple institutional areas.

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Bibliographic Info

Paper provided by Department of Economics, West Virginia University in its series Working Papers with number 10-14.

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Length: 37 pages
Date of creation: 2010
Date of revision:
Handle: RePEc:wvu:wpaper:10-14

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Keywords: co-integration; institutions; institutional reform;

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  1. Peter T. Leeson, 2008. "Social Distance and Self-Enforcing Exchange," The Journal of Legal Studies, University of Chicago Press, vol. 37(1), pages 161-188, 01.
  2. Jeffrey D. Sachs, 2003. "Institutions Don't Rule: Direct Effects of Geography on Per Capita Income," NBER Working Papers 9490, National Bureau of Economic Research, Inc.
  3. Jan Fidrmuc, 2001. "Economic Reform, Democracy and Growth During Post-Communist Transition," William Davidson Institute Working Papers Series 372, William Davidson Institute at the University of Michigan.
  4. 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.
  5. James D. Gwartney & Robert A. Lawson & Randall G. Holcombe, 1999. "Economic Freedom and the Environment for Economic Growth," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 155(4), pages 643-, December.
  6. Barro, Robert J, 1996. " Democracy and Growth," Journal of Economic Growth, Springer, vol. 1(1), pages 1-27, March.
  7. Claudia Williamson, 2009. "Informal institutions rule: institutional arrangements and economic performance," Public Choice, Springer, vol. 139(3), pages 371-387, June.
  8. Knack, Stephen & Keefer, Philip, 1997. "Does Social Capital Have an Economic Payoff? A Cross-Country Investigation," The Quarterly Journal of Economics, MIT Press, vol. 112(4), pages 1251-88, November.
  9. Pasaran, M.H. & Im, K.S. & Shin, Y., 1995. "Testing for Unit Roots in Heterogeneous Panels," Cambridge Working Papers in Economics 9526, Faculty of Economics, University of Cambridge.
  10. Dani Rodrik & Arvind Subramanian & Francesco Trebbi, 2004. "Institutions Rule: The Primacy of Institutions Over Geography and Integration in Economic Development," Journal of Economic Growth, Springer, vol. 9(2), pages 131-165, 06.
  11. Peter T. Leeson, 2007. "Trading with Bandits," Journal of Law and Economics, University of Chicago Press, vol. 50, pages 303-321.
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Cited by:
  1. Neyapti, Bilin, 2013. "Modeling institutional evolution," Economic Systems, Elsevier, vol. 37(1), pages 1-16.
  2. Rabindra Nepal & Tooraj Jamasb & Clement Allan Tisdell, 2013. "Market-Related Reforms and Increased Energy Efficiency in Transition Countries: Empirical Evidence," Energy Economics and Management Group Working Papers 8-2013, School of Economics, University of Queensland, Australia.
  3. Kaitlyn R. Wolf & Andrew T. Young, 2014. "Globalization and Income Convergence," Working Papers 14-07, Department of Economics, West Virginia University.
  4. Rabindra Nepal & Tooraj Jamasb, 2013. "Energy efficiency in Market vs Planned Economies: Evidence from Transition Countries," Cambridge Working Papers in Economics 1345, Faculty of Economics, University of Cambridge.
  5. Christian Bjørnskov & Pierre-Guillaume Méon, 2013. "Is trust the missing root of institutions, education, and development?," Public Choice, Springer, vol. 157(3), pages 641-669, December.
  6. Maridal, J. Haavard, 2013. "Cultural impact on national economic growth," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 47(C), pages 136-146.
  7. Bat Batjargal, 2013. "Institutional Polycentrism, Entrepreneurs’ Social Networks, And New Venture Growth," William Davidson Institute Working Papers Series wp1060, William Davidson Institute at the University of Michigan.

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