Inequality, Property Rights, and Economic Growth in Transition Economies: Theory and Russian Evidence
For economies in transition, the issues of property rights protection provided by the state and implications for economic performance are very important. The paper develops an endogenous growth model with incomplete capital markets and the level of public protection of property rights determined by voting (possibly different from the majority voting) and verifies the implications using cross-section data on Russian regions. During transition (since 1992), Russian regions demonstrated enormous differences in growth rates. It is found that these differences may be explained by initial conditions and effectiveness of institutions. Also, positive impact of inequality on the level of public protection of property rights is found and a theoretical explanation for this phenomenon in the framework of the model is provided.
|Date of creation:||05 Apr 2001|
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References listed on IDEAS
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- Verdier, Thierry, 1994. "Models of political economy of growth: A short survey," European Economic Review, Elsevier, vol. 38(3-4), pages 757-763, April.
- Skaperdas, Stergios, 1992.
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- Skaperdas, Stergios & Syropoulos, Constantinos, 1997. "The Distribution of Income in the Presence of Appropriative Activities," Economica, London School of Economics and Political Science, vol. 64(253), pages 101-117, February. Full references (including those not matched with items on IDEAS)
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