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Good Governance, Welfare, and Transformation

  • Hans-Jurgen Wagener
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    Market conforming institutions are a precondition for a thriving and stable economy. This is the upshot of the Washington consensus or, of somewhat earlier origin, the "Eucken hypothesis" Another hypothesis of Eucken has it that market conforming institutions are the product of a strong state. However, more general and more important than the strong state is good governance. In this paper I refer to it as the "Lorenzetti hypothesis". The paper tries to figure out the mechanisms by which good governance and economic order influence economic outcome. Then the two hypotheses are tested for two aspects of economic outcome: productivity as measured by GNP per capita over a wide range of countries and transformation success as measured by GNP growth over the European transformation countries. The tests confirm the theoretical expectation that good governance is more important than good order

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    Article provided by Cattaneo University (LIUC) in its journal The European Journal of Comparative Economics.

    Volume (Year): 1 (2004)
    Issue (Month): 1 (June)
    Pages: 127-143

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    Handle: RePEc:liu:liucej:v:1:y:2004:i:1:p:27-143
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    1. Robert E. Hall & Charles I. Jones, 1999. "Why Do Some Countries Produce So Much More Output Per Worker Than Others?," The Quarterly Journal of Economics, MIT Press, vol. 114(1), pages 83-116, February.
    2. Rodrik, Dani, 1997. "The 'paradoxes' of the successful state," European Economic Review, Elsevier, vol. 41(3-5), pages 411-442, April.
    3. Robert J. Barro, 1998. "Determinants of Economic Growth: A Cross-Country Empirical Study," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262522543, June.
    4. Kaufmann, Daniel & Kraay, Aart & Zoido-Lobaton, Pablo, 1999. "Aggregating governance indicators," Policy Research Working Paper Series 2195, The World Bank.
    5. Ratna Sahay & Carlos A. Végh Gramont & Stanley Fischer, 1998. "How Far is Eastern Europe From Brussels?," IMF Working Papers 98/53, International Monetary Fund.
    6. Martin Raiser & Christian Haerpfer & Thomas Nowotny & Claire Wallace, 2001. "Social capital in transition: a first look at the evidence," Working Papers 61, European Bank for Reconstruction and Development, Office of the Chief Economist.
    7. Beatrice Weder, 2001. "Institutional Reform in Transition Economies; How Far Have they Come," IMF Working Papers 01/114, International Monetary Fund.
    8. International Monetary Fund, 2000. "Institutions Matter in Transition, But so do Policies," IMF Working Papers 00/70, International Monetary Fund.
    9. Kaufmann, Daniel & Kraay, Aart & Zoido-Lobaton, Pablo, 1999. "Governance matters," Policy Research Working Paper Series 2196, The World Bank.
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