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The role of institutions in economic development

Author

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  • Rasha Hashim Osman
  • Constantinos Alexiou
  • Persefoni Tsaliki

Abstract

Purpose - The purpose of this paper is to explore the alleged link between institutional quality and economic performance in 27 Sub‐Saharan Africa (SSA) countries during the period 1984‐2003. Design/methodology/approach - Four institutions' quality indicators, namely government stability, corruption, ethnic tensions and socioeconomic conditions, along with other control and policy variables, are employed in a panel data analysis. Findings - The institutional variables assume a key role in the process of economic development whereas the control variables display a limited effect. Thus, the “conventional variables” of economic theory may not be able to fully explain the SSA experience. Research limitations/implications - Future research efforts should explore how the vast changes experienced by the countries in that region influenced their economic evolution during the last decades. Practical implications - Policy makers should primarily focus on improving institutional quality, which is likely to positively affect economic performance in SSA countries. Social implications - Improving institutional infrastructure (enhancing rule of law and quality regulation, improving contract enforcement, securing property rights and reducing uncertainty) play a key role in delivering long‐run economic development and social prosperity. Originality/value - The paper analyzes the impact of institutional quality on economic performance using data from 27 SSA countries.

Suggested Citation

  • Rasha Hashim Osman & Constantinos Alexiou & Persefoni Tsaliki, 2012. "The role of institutions in economic development," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 39(1/2), pages 142-160, January.
    • Handle: RePEc:eme:ijsepp:v:39:y:2012:i:1/2:p:142-160
    DOI: 10.1108/03068291211188910
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    Citations

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    Cited by:

    1. Muhammad Asif & Abdul Majid, 2018. "Institutional quality, natural resources and FDI: empirical evidence from Pakistan," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 8(4), pages 391-407, December.
    2. Constantinos Alexiou & Persefoni Tsaliki & Hashim Rasha Osman, 2014. "Institutional Quality And Economic Growth: Empirical Evidence From The Sudanese Economy," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 59(203), pages 119-138, October –.
    3. Jonathan E. Ogbuabor & Onyinye I. Anthony-Orji & Oliver E. Ogbonna & Anthony Orji, 2019. "Regional integration and growth: New empirical evidence from WAEMU," Progress in Development Studies, , vol. 19(2), pages 123-143, April.

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