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Institutions, Policies and Growth

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  • Grzegorz W. Kolodko

    (TIGER - WSPiZ, Warsaw)

Abstract

Institutions are not only created and built, but also — and especially — need to be learnt. It is a process which takes place in all economies, but acquires a special importance in less advanced countries. Not only theoretical arguments, but also the practical experience over the past 15 years demonstrate that faster economic growth — and hence also, more broadly, socio-economic development — is attained by those countries which take greater care to foster the institutional reinforcement of market economy. However, progress in market-economy institution building is not in itself sufficient to ensure sustained growth. Another indispensable component is an appropriately designed and implemented economic policy which must not confuse the means with the aims.

Suggested Citation

  • Grzegorz W. Kolodko, 2004. "Institutions, Policies and Growth," Rivista di Politica Economica, SIPI Spa, vol. 94(3), pages 45-79, May-June.
    • Handle: RePEc:rpo:ripoec:v:94:y:2004:i:3:p:45-79
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    References listed on IDEAS

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    1. Joseph E. Stiglitz, 1999. "More instruments and broader goals: moving toward the Post-Washington Consensus," Brazilian Journal of Political Economy, Center of Political Economy, vol. 19(1), pages 101-128.
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    Cited by:

    1. Herzog, Bodo, 2006. "Coordination of fiscal and monetary policy in CIS-countries: A theory of optimum fiscal area?," Research in International Business and Finance, Elsevier, vol. 20(2), pages 256-274, June.
    2. Olga Romanova & Alena Ponomareva, 2019. "Theoretical, Institutional and Ethical Basis for Implementing Modern Industrial Policy. Part I," Economy of region, Centre for Economic Security, Institute of Economics of Ural Branch of Russian Academy of Sciences, vol. 1(1), pages 13-28.
    3. Alessandro Romagnoli & Luisa Mengoni, 2009. "The challenge of economic integration in the MENA region: from GAFTA and EU-MFTA to small scale Arab Unions," Economic Change and Restructuring, Springer, vol. 42(1), pages 69-83, May.
    4. Grzegorz W. Kolodko, 2018. "Socialism or capitalism? Tertium Datur," Economy and Forecasting, Valeriy Heyets, issue 1, pages 7-36.
    5. Mr. Garbis Iradian, 2007. "Rapid Growth in the CIS: Panel Regression Approach," IMF Working Papers 2007/170, International Monetary Fund.

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    More about this item

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • I38 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Government Programs; Provision and Effects of Welfare Programs
    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements

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