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Institutional Quality Database

  • Aljaz Kuncic

In this paper we emphasize the role of institutions in economic analysis. We describe and compare different institutional classifications systems, which is rarely done in the literature, and show how to operationalize institutional classification based on the subject category, as the most appropriate one. More than thirty established institutional indicators can be clustered into three homogenous groups of formal institutions: legal, political and economic, which capture to a large extent the complete formal institutional environment of a country. We compute the latent quality of legal, political and economic institutions with factor analysis for every country in the world and for every year, relative to the values of others. We propose aWorld Institutional Quality Ranking, through which we can follow whether a country is improving or worsening its relative institutional environment. The calculated latent institutional qualities can be especially useful in further panel data applications, and add to the usual practice of using simply one or another index of institutional quality to capture the institutional environment, so we make the Institutional Quality Database freely available online

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Paper provided by Kiel Institute for the World Economy in its series Kiel Advanced Studies Working Papers with number 457.

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Length: 25 pages
Date of creation: Mar 2012
Date of revision:
Handle: RePEc:kie:kieasw:457
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  1. Theo Eicher & Oliver Röhn, 2007. "Institutional Determinants of Economic Performance in OECD Countries – An Institutions Climate Index," CESifo DICE Report, Ifo Institute for Economic Research at the University of Munich, vol. 5(1), pages 38-49, 05.
  2. Daron Acemoglu & Simon Johnson & James A. Robinson, 2000. "The Colonial Origins of Comparative Development: An Empirical Investigation," NBER Working Papers 7771, National Bureau of Economic Research, Inc.
  3. Coase, Ronald, 1998. "The New Institutional Economics," American Economic Review, American Economic Association, vol. 88(2), pages 72-74, May.
  4. Oliver E. Williamson, 2000. "The New Institutional Economics: Taking Stock, Looking Ahead," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 595-613, September.
  5. Douglass C. North, 2005. "Introduction to Understanding the Process of Economic Change
    [Understanding the Process of Economic Change]
    ," Introductory Chapters, Princeton University Press.
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