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Measuring Institutional Quality: A Review

In: Dynamics of Institutional Change in Emerging Market Economies

Author

Listed:
  • Ali Hussein Samadi

    (Shiraz University)

  • Masoumeh Alipourian

    (Shiraz University)

Abstract

To empirically assess the role of institutions and institutional quality in economic performance, it is necessary to select the proxy variable(s) for institutional quality. Although several indicators have been suggested in the literature, individuals and international organizations are still trying to introduce indicators that reflect the actual institutional quality of various countries. As institutions have different dimensions, several indicators have been suggested in the literature to measure the quality of institutions. However, there is no consensus among experts on which index should be used. Each scholar, especially those in transition countries, has used a different proxy variable, depending on the limitations to data access, to measure institutional quality. However, the key question is whether any indicator can be used as a proxy variable to determine institutional quality. The main purpose of this chapter is to answer this important question. To this end, most of the existing indicators are described descriptively and some important points regarding the use of each indicator are made. In addition, some indicators, including the rule of law and property rights as two measures of the quality of legal-economic institutions, are described in more detail. The literature review showed that not all indicators had a common characteristic. In fact, different indicators were proposed for each specific institution; thus, caution should be exercised when interpreting the results of empirical studies.

Suggested Citation

  • Ali Hussein Samadi & Masoumeh Alipourian, 2021. "Measuring Institutional Quality: A Review," Contributions to Economics, in: Nezameddin Faghih & Ali Hussein Samadi (ed.), Dynamics of Institutional Change in Emerging Market Economies, pages 143-171, Springer.
    • Handle: RePEc:spr:conchp:978-3-030-61342-6_6
    DOI: 10.1007/978-3-030-61342-6_6
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    Citations

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    Cited by:

    1. Abdulrahman Saad Saeed A. Al-Qahtani & Nasim S. Shirazi, 2023. "What Are the Binding Constraints for a Knowledge-Based Economy in Qatar?," Sustainability, MDPI, vol. 15(5), pages 1-19, February.
    2. Zheng, Han & Hongtao, Li, 2022. "Transportation Infrastructure and Trade," Discussion paper series HIAS-E-119, Hitotsubashi Institute for Advanced Study, Hitotsubashi University.
    3. Han, Zheng & Li, Hongtao, 2022. "Transportation infrastructure and trade," Japan and the World Economy, Elsevier, vol. 64(C).
    4. Zheng, Han & Hongtao, Li, 2022. "Transportation Infrastructure and Trade," Discussion paper series HIAS-E-124, Hitotsubashi Institute for Advanced Study, Hitotsubashi University.
    5. Dragos Dinca, 2022. "An Assessment of Institutional Improvements in Romania and Bulgaria Following EU Accession," Scientific Annals of Economics and Business (continues Analele Stiintifice), Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 69(2), pages 293-316, June.
    6. Jones, Chris & Temouri, Yama & Kirollos, Karim & Du, Jun, 2023. "Tax havens and emerging market multinationals: The role of property rights protection and economic freedom," Journal of Business Research, Elsevier, vol. 155(PB).

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