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New empirical evidence of the linkages between governance and economic output in the European Union

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  • Bogdan Dima
  • Stefana Maria Dima
  • Oana-Ramona Lobont

Abstract

This paper uses data for the 27 Member States of the European Union (EU) from 2000 to 2010 to support the thesis that a positive and significant correlation exists between a nation’s quality of governance and its economic output. To achieve this goal, the elements of governance that have been reported by the Worldwide Governance Indicators project are considered. Four individual indicators for the quality of policies and institutions and a global indicator of governance quality are constructed. We estimate that, for our database, a standard deviation shock in these indicators causes changes between 0.03-fold and 0.05-fold in income per capita.

Suggested Citation

  • Bogdan Dima & Stefana Maria Dima & Oana-Ramona Lobont, 2013. "New empirical evidence of the linkages between governance and economic output in the European Union," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 16(1), pages 68-89, March.
  • Handle: RePEc:taf:jpolrf:v:16:y:2013:i:1:p:68-89
    DOI: 10.1080/17487870.2012.759427
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    References listed on IDEAS

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    1. Bhattarai, Keshab R & Ghatak, Subrata, 2010. "FDI, investment and growth in OECD countries," Economics Discussion Papers 2010-5, School of Economics, Kingston University London.
    2. Davidson, Russell & MacKinnon, James G., 1993. "Estimation and Inference in Econometrics," OUP Catalogue, Oxford University Press, number 9780195060119.
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    Cited by:

    1. Vassilis T. Rapanos & Georgia Kaplanoglou, 2014. "Governance, Growth and the Recent Economic Crisis: The Case of Greece and Cyprus," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 8(1), pages 3-34, June.
    2. Amaryllis Mavragani & Ioannis E. Nikolaou & Konstantinos P. Tsagarakis, 2016. "Open Economy, Institutional Quality, and Environmental Performance: A Macroeconomic Approach," Sustainability, MDPI, Open Access Journal, vol. 8(7), pages 1-13, June.
    3. repec:voj:journl:v:63:y:2016:i:4:p:425-439 is not listed on IDEAS

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