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Property Rights and their Impact on the Wealth of Nations-A Cross-Country Study

  • Bernhard Heitger
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    This paper investigates the quality of property rights and long-term economic growth in an international cross-section of countries in 1975-1995. The empirical tests indicate that the impact of private property rights on growth is positive and simultaneously determined. Correcting for the simultaneity bias reveals a regression coefficient which is quite remarkable: A doubling in the index of the quality of property rights leads to a more than doubling in per capita incomes. In addition, private property rights also impact the ‘traditional’ determinants of economic growth. Thus it seems appropriate to class private property rights with the ultimate sources of economic growth.

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    Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1163.

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    Length: 31 pages
    Date of creation: May 2003
    Date of revision:
    Handle: RePEc:kie:kieliw:1163
    Contact details of provider: Postal: Kiellinie 66, D-24105 Kiel
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    1. 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.
    2. repec:tpr:qjecon:v:106:y:1991:i:2:p:407-43 is not listed on IDEAS
    3. Barro, R.J., 1989. "Economic Growth In A Cross Section Of Countries," RCER Working Papers 201, University of Rochester - Center for Economic Research (RCER).
    4. Aron, Janine, 2000. "Growth and Institutions: A Review of the Evidence," World Bank Research Observer, World Bank Group, vol. 15(1), pages 99-135, February.
    5. Daron Acemoglu & Simon Johnson & James A. Robinson, 2001. "Reversal of Fortune: Geography and Institutions in the Making of the Modern World Income Distribution," NBER Working Papers 8460, National Bureau of Economic Research, Inc.
    6. Alchian, Armen A. & Demsetz, Harold, 1973. "The Property Right Paradigm," The Journal of Economic History, Cambridge University Press, vol. 33(01), pages 16-27, March.
    7. repec:oup:qjecon:v:106:y:1991:i:2:p:407-43 is not listed on IDEAS
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