Institutions And Economic Development: Disentangling The Role Of Contracting And Property Rights Institutions
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.
Volume (Year): 37 (2012)
Issue (Month): 2 (June)
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- 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.
- Nathan Nunn, 2009.
"The Importance of History for Economic Development,"
Annual Review of Economics,
Annual Reviews, vol. 1(1), pages 65-92, May.
- Nathan Nunn, 2009. "The Importance of History for Economic Development," NBER Working Papers 14899, National Bureau of Economic Research, Inc.
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