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Instituciones, recesiones y recuperación en las economías en transición


  • Geoffrey M. Hodgson

    () (Universidad de Hertfordshire)


This article analyses the 1989-2005 economic growth in the transitional economies in Europe and Central Asia, and signals factors that help to explain the differences in outcome. An econometric analysis finds prominent indices of property rights, corruption, economic freedom, tax incidence and civil liberties as statistically insignificant in this regard. Statistically significant variables include the degree of ethnic fractionalization and an index of democracy, both of which were negatively correlated with GDP growth. Overall, the analysis here shows the need for effective national institutions that can enforce legal and general rules of the economic game, reap positive benefits for democracy, and overcome the negative economic legacy of ethnic divisions.

Suggested Citation

  • Geoffrey M. Hodgson, 2006. "Instituciones, recesiones y recuperación en las economías en transición," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 8(15), pages 43-68, July-Dece.
  • Handle: RePEc:rei:ecoins:v:8:y:2006:i:15:p:43-68

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    References listed on IDEAS

    1. Leeson, Peter T., 2005. "Endogenizing fractionalization," Journal of Institutional Economics, Cambridge University Press, vol. 1(01), pages 75-98, June.
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    More about this item


    institutions; recessions; transitional economies; ethnic fractionalization; index of democracy;

    JEL classification:

    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • P26 - Economic Systems - - Socialist Systems and Transition Economies - - - Political Economy
    • P27 - Economic Systems - - Socialist Systems and Transition Economies - - - Performance and Prospects


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