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Institutional Quality and Economic Crises: Legal Origin Theory versus Colonial Strategy Theory

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  • Julan Du

    (Chinese University of Hong Kong)

Abstract

In a natural experiment among former colonies between 1970 and 1999, weak institutions reflected in high settler mortality and French legal origin often increase the likelihood and intensity of local currency and real crises (i.e., those resulting in a drop in real output) amid six global crises. The effects of institutions on crises are often mediated through macroeconomic policies, but they are often not primary channels. Persistent institutions (i.e., those reflected in the legal origins and settler mortality) predict the occurrence and intensity of crises better than time-varying institutions do. © 2010 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.

Suggested Citation

  • Julan Du, 2010. "Institutional Quality and Economic Crises: Legal Origin Theory versus Colonial Strategy Theory," The Review of Economics and Statistics, MIT Press, vol. 92(1), pages 173-179, February.
    • Handle: RePEc:tpr:restat:v:92:y:2010:i:1:p:173-179
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    Citations

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    Cited by:

    1. Joshua C. Hall, 2016. "Institutional convergence: exit or voice?," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 40(4), pages 829-840, October.
    2. Marc Goergen & Salim Chahine & Geoffrey Wood & Chris Brewster, 2015. "Public Listing, Context and CSR: The Effects of Legal Origin," John H Dunning Centre for International Business Discussion Papers jhd-dp2015-09, Henley Business School, University of Reading.
    3. Hasan Vergil & Erdogan Teyyare, 2017. "Crisis, Institutional Quality and Economic Growth," Bogazici Journal, Review of Social, Economic and Administrative Studies, Bogazici University, Department of Economics, vol. 31(2), pages 1-19.
    4. Salamatu Bellah Conteh & Yuan Yijun & Brima Sesay, 2021. "Economic Growth Effects of the Interaction of Trade Openness and Institutions Quality: Empirical Evidence from Sub-Saharan Africa," International Journal of Economics and Financial Issues, Econjournals, vol. 11(1), pages 34-48.
    5. Gilbert E. Metcalf and Catherine Wolfram, 2015. "Cursed Resources? Political Conditions and Oil Market Outcomes," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3).
    6. Goergen, Marc & Chahine, Salim & Wood, Geoffrey & Brewster, Chris, 2019. "The relationship between public listing, context, multi-nationality and internal CSR," Journal of Corporate Finance, Elsevier, vol. 57(C), pages 122-141.
    7. Antonio Savoia & Kunal Sen, 2015. "Measurement, Evolution, Determinants, And Consequences Of State Capacity: A Review Of Recent Research," Journal of Economic Surveys, Wiley Blackwell, vol. 29(3), pages 441-458, July.
    8. Evans Stephen Osabuohien & Uchenna Rapuluchukwu Efobi, 2013. "Africa's Money in Africa," South African Journal of Economics, Economic Society of South Africa, vol. 81(2), pages 292-306, June.

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