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The Impact of Institutional Factors on Economic Growth in Western Balkan Countries

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  • Arta Krasniqi Markaj

    (South East European University)

  • Shenaj Haxhimustafa

    (South East European University)

Abstract

This paper aims to explore how institutional factors impact economic growth in Western Balkan countries from 2008 to 2022. Using various statistical techniques including OLS, fixed and random effects, and the Hausman–Taylor model IVs, the study identifies key factors such as the rule of law, control of corruption, trade, regulatory quality, government effectiveness, and age dependency, which significantly influence the economy in this region. Variables like voice and accountability and political stability show insignificant effects on economic growth. These findings suggest that different institutional configurations are needed to drive long-term economic development in Western Balkan countries. The research examines into the combined impact of institutional quality on economic progress across the region, examining different aspects of institutional governance and their potential consequences for economic performance. The paper advocates for policy interventions aimed at strengthening institutional frameworks to support sustainable economic development in the Western Balkan countries.

Suggested Citation

  • Arta Krasniqi Markaj & Shenaj Haxhimustafa, 2025. "The Impact of Institutional Factors on Economic Growth in Western Balkan Countries," Springer Proceedings in Business and Economics,, Springer.
    • Handle: RePEc:spr:prbchp:978-3-031-91686-1_4
    DOI: 10.1007/978-3-031-91686-1_4
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