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Economic Growth: The Role of Policies and Institutions: Panel Data. Evidence from OECD Countries

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  • Andrea Bassanini
  • Stefano Scarpetta
  • Philip Hemmings

Abstract

This paper discusses links between policy settings, institutions and economic growth in OECD countries on the basis of cross-country time-series regressions. The econometric approach allows short-term adjustments and convergence speeds to vary across countries, imposing restrictions only on the long-run coefficients. In addition to the ‘primary’ influences of capital accumulation and skills embodied in the human capital, the results confirm the importance for growth of R&D activity, the macroeconomic environment, trade openness and well developed financial markets. They also confirm that many of the policy influences operate not only ‘directly’ on growth but also indirectlyviathe mobilisation of resources for fixed investment. The paper also reports some bivariate correlations between OECD indicators of product regulation and growth. They provide some supporting evidence that the negative impact of stringent regulations and administrative burden on the efficiency of product ... Ce document analyse les liens entre la croissance économique et les politiques et les institutions dans les pays de l’OCDE sur la base de régressions en coupe transversale et en séries temporelles. L’approche économétrique permet aux paramètres de court terme et à la vitesse de convergence de varier d’un pays à l’autre, alors que seuls les paramètres de long terme sont estimés communs. Au-delà du rôle “primaire” joué par l’accumulation du capital physique et humain, les résultats confirment l’importance pour la croissance de l’activité de R-D, du cadre macroéconomique, ainsi que de l’ouverture aux échanges et du développement des marchés financiers. Les résultats confirment que les variables politiques influencent la croissance économique non seulement directement, mais aussi indirectement par le biais de l’accumulation du capital. Le document montre enfin des corrélations bivariées entre des indicateurs de régulation sur les marchés des produits et la croissance économique dans ...

Suggested Citation

  • Andrea Bassanini & Stefano Scarpetta & Philip Hemmings, 2001. "Economic Growth: The Role of Policies and Institutions: Panel Data. Evidence from OECD Countries," OECD Economics Department Working Papers 283, OECD Publishing.
  • Handle: RePEc:oec:ecoaaa:283-en
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    File URL: http://dx.doi.org/10.1787/722675213381
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    Keywords

    croissance économique; données de panel; economic growth; panel data; policy and institutions; politiques et institutions;

    JEL classification:

    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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