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Institutions And Economic Development: Disentangling The Role Of Contracting And Property Rights Institutions

Author

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  • MICHAEL LOBSIGER

    () (University of Bern)

  • MARC ZAHNER

    (University of Bern)

Abstract

This paper aims at estimating the effect of different types of institutions on economic development. To tackle the endogeneity problem that is prevalent, an identification strategy exploiting the heteroskedasticity in the data is used. This also allows to analyze the reverse effect, running from economic development to institutions. In a sample of about 100 countries, an impact of property rights institutions but not contracting institutions on economic development is detected. Furthermore, the results suggest that a higher level of economic development improves contracting institutions, but not property rights institutions.

Suggested Citation

  • Michael Lobsiger & Marc Zahner, 2012. "Institutions And Economic Development: Disentangling The Role Of Contracting And Property Rights Institutions," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 37(2), pages 1-34, June.
  • Handle: RePEc:jed:journl:v:37:y:2012:i:2:p:1-34
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    File URL: http://www.jed.or.kr/full-text/37-2/1.pdf
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    References listed on IDEAS

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    1. Edinaldo Tebaldi & Bruce Elmslie, 2008. "Institutions, Innovation And Economic Growth," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 33(2), pages 27-53, December.
    2. Nathan Nunn, 2009. "The Importance of History for Economic Development," Annual Review of Economics, Annual Reviews, vol. 1(1), pages 65-92, May.
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    Cited by:

    1. Stefan D. Josten, 2013. "Middle-Class Consensus, Social Capital And The Fundamental Causes Of Economic Growth And Development," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 38(1), pages 1-26, March.

    More about this item

    Keywords

    Economic Development; Institution; Property Rights;

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • P14 - Economic Systems - - Capitalist Systems - - - Property Rights
    • P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism

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