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Regional economic growth and convergence: The role of institutions and spillover effects in Colombia

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  • Juan Manuel Aristizábal
  • Gustavo A. García

Abstract

This study analyses the relationship between institutions and economic growth at the intra‐regional level in Colombia. We estimated models of economic growth augmented by an institutional variable and spatial effects. The results show that conditional convergence in regions of Colombia considering institutional and spatial effects leads to a convergence rate that is relatively higher than those found in a standard growth model. The results also show that institutions have a strong positive impact on regional economic growth. The spatial spillover effects of institutional factors of a region exhibit a negative effect on economic growth in neighbouring regions, which can be explained by high levels of heterogeneity and institutional fragmentation found in regions in Colombia. En este estudio se analiza la relación entre las instituciones y el crecimiento económico a nivel del interior de las regiones en Colombia. Se estimaron modelos de crecimiento económico aumentados por una variable institucional y por efectos espaciales. Los resultados muestran que la convergencia condicional en las regiones de Colombia, teniendo en cuenta los efectos institucionales y espaciales, conduce a una tasa de convergencia relativamente más alta que las que se encuentran en un modelo de crecimiento estándar. Los resultados también muestran que las instituciones tienen un fuerte impacto positivo en el crecimiento económico regional. Los efectos de spillover espaciales de los factores institucionales de una región muestran un efecto negativo en el crecimiento económico de las regiones vecinas, que se puede explicar mediante los altos niveles de heterogeneidad y fragmentación institucional que se observan en las regiones de Colombia. 本稿では、コロンビアにおける地域内レベルでの制度と経済成長との関連性を分析する。我々は、制度的変数と空間的効果によって拡大される経済成長のモデルを推計した。結果から、制度的および空間的効果を考慮したコロンビアの各地域における条件付き収束は、標準的な経済成長モデルで見られる収束よりも相対的に速い収束速度をもたらすことが示された。また、制度が地域の経済成長に強いプラスの影響を与えていることが示される。ある地域の制度的要因の空間的波及効果は、隣接地域の経済成長にマイナスの影響を及ぼすが、これは、コロンビアの各地域で見られる高度な異質性と制度的な細分化によって説明できる。

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  • Juan Manuel Aristizábal & Gustavo A. García, 2021. "Regional economic growth and convergence: The role of institutions and spillover effects in Colombia," Regional Science Policy & Practice, Wiley Blackwell, vol. 13(4), pages 1146-1161, August.
  • Handle: RePEc:bla:rgscpp:v:13:y:2021:i:4:p:1146-1161
    DOI: 10.1111/rsp3.12334
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