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A Structural Model of Institutional Change: Evidence from Transition Economies

Author

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  • M. Raiser

    (University of Cambridge)

  • Melvyn Weeks

    (University of Cambridge)

Abstract

It is by now widely appreciated that institution building is at the heart of the transition process. Without functioning institutions markets cannot work effectively and the sustainability of the economic transition process can be undermined. The crisis in Russia provided just one piece of evidence in this regard. While institutions are central to the transition process, institutional reform is not an area that is well understood by researchers and policy makers alike. In this paper we examine the determinants of institutional change using a panel dataset comprising 25 transition economies. One of the defining characteristics of our approach is that we treat institutional change as a multidimensional unobserved variable. Although we observe a number of indicators of institutional change we take explicit account of the fact that each indicator represents a noisy signal. In this respect we utilise a Multiple Indicator, Multiple Cause modelling strategy.

Suggested Citation

  • M. Raiser & Melvyn Weeks, 2000. "A Structural Model of Institutional Change: Evidence from Transition Economies," Econometric Society World Congress 2000 Contributed Papers 1689, Econometric Society.
  • Handle: RePEc:ecm:wc2000:1689
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    Cited by:

    1. Di Tommaso, Maria Laura, 2007. "Children capabilities: A structural equation model for India," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 36(3), pages 436-450, June.
    2. Di Tommaso Maria Laura & Shima Isilda & Steinar Strom & Bettio Francesca, 2007. "As Bad as it Gets: Well Being Deprivation of Sexually Exploited Trafficked women," Department of Economics and Statistics Cognetti de Martiis. Working Papers 200703, University of Turin.

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