Cointegrating Institutions: The Time-Series Properties of Country Institutional Measures
AbstractA 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 InfoPaper provided by Department of Economics, West Virginia University in its series Working Papers with number 10-14.
Length: 37 pages
Date of creation: 2010
Date of revision:
co-integration; institutions; institutional reform;
Other versions of this item:
- Russell S. Sobel & Christopher J. Coyne, 2011. "Cointegrating Institutions: The Time-Series Properties of Country Institutional Measures," Journal of Law and Economics, University of Chicago Press, vol. 54(1), pages 111 - 134.
- B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary
- H10 - Public Economics - - Structure and Scope of Government - - - General
- P00 - Economic Systems - - General - - - General
- O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-10-02 (All new papers)
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- Rabindra Nepal & Tooraj Jamasb, 2013. "Energy Efficiency in Market versus Planned Economies: Evidence from Transition Countries," Cambridge Working Papers in Economics 1345, Faculty of Economics, University of Cambridge.
- Neyapti, Bilin, 2013. "Modeling institutional evolution," Economic Systems, Elsevier, vol. 37(1), pages 1-16.
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