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Institutions, Capabilities And Economic Development

Author

Listed:
  • Antonio Cubel

    (Universidad de Valencia (Spain))

  • María Teresa Sanchis

    (Universidad de Valencia and Instituto Figuerola (Spain))

  • Juan A. Sanchis-Llopis

    (Department of Economic Structure, University of Valencia, Avda. dels Tarongers s/n, 46022 Valencia, Spain)

Abstract

This paper studies the relevance of institutional disparities and social capabilities in economic performance for a set of 21 OECD countries during the second half of the XXth century (1953-2007). For this purpose, we have constructed a set of institutional variables to capture the post WWII institutional framework, characterized by the development of the Welfare State and by an increasing exposure of countries to international competence. Our results confirm that capital liberalization and trade openness together with social expenditure enhanced the economic development for the countries analysed. Conversely, other “social capabilities” such as the existence of job security institutions and the presence of social conflicts had a negative influence on economic development.

Suggested Citation

  • Antonio Cubel & María Teresa Sanchis & Juan A. Sanchis-Llopis, 2016. "Institutions, Capabilities And Economic Development," Working Papers 1607, Department of Applied Economics II, Universidad de Valencia.
    • Handle: RePEc:eec:wpaper:1607
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    Keywords

    economic development; institutional framework; capabilities;
    All these keywords.

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