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Institutionelle Unsicherheit und wirtschaftliche Entwicklung / Institutional Uncertainty and Economic Development

Author

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  • Klump Rainer

    (Universität Würzburg, Volkswirtschaftliches Institut, Sanderring 2, D-97070 Würzburg)

  • Reichel Richard

    (Universität Erlangen-Nürnberg, Lange Gasse 20, D-90403 Nürnberg)

Abstract

We conjecture that interventions into existing property rights may make the future course of economic policy unpredictable. Interventionism thus creates a climate of “institutional uncertainty” which works as a brake upon capital formation, innovation and growth. Using a stochastic intertemporal optimization framework we show that an increased level of uncertainty exercises a negative effect on the level of economic development and the rate of technical progress. Finally, we conduct a cross-section analysis of the long-term growth performance of Sub-Saharan African countries. We find support to our hypothesis that differences in economic development can be related to different degrees of institutional uncertainty.

Suggested Citation

  • Klump Rainer & Reichel Richard, 1994. "Institutionelle Unsicherheit und wirtschaftliche Entwicklung / Institutional Uncertainty and Economic Development," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 213(4), pages 441-455, August.
  • Handle: RePEc:jns:jbstat:v:213:y:1994:i:4:p:441-455
    DOI: 10.1515/jbnst-1994-0405
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