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The Regression Calculus Of Economic Convergence And The Contribution Of The Institutional Factor

Listed author(s):
  • Iancu, Aurel

    (Romanian Academy, National Institute of Economic Research)

  • Pecican, Eugen Stefan
  • Olteanu, Dan

    (Romanian Academy, National Institute of Economic Research)

This working paper aims to stress the role of the institutional capital and its components, as primary factors, in economic results at the national level, using adequate measurement indicators and econometric models. For this purpose, we analysed the following aspects: the definition of institutional capital and its components with regard to its operationalisation; the numerical expression of the institutional capital and its components by indicators, as well as the description of their content; the confirmation of the significant influence of the institutional capital on economic results. For applying several variants of econometric models including two or more variables to two samples (EU countries and world countries), special attention is paid to matters concerning the checking of the assumption about factor independence, multicolinearity and the attenuation of the consequences of this characteristic. Among the components of the institutional capital, the highest influence on the economic results indicated by the selected samples is exerted by the macroeconomic environment, and, within this environment, by the country rating and the macroeconomic stability.

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Paper provided by National Institute of Economic Research in its series Working Papers of National Institute of Economic Research with number 100201.

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Length: 38 pages
Date of creation: Feb 2010
Handle: RePEc:ror:wpince:100201
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  1. Dani Rodrik & Arvind Subramanian & Francesco Trebbi, 2004. "Institutions Rule: The Primacy of Institutions Over Geography and Integration in Economic Development," Journal of Economic Growth, Springer, vol. 9(2), pages 131-165, 06.
  2. Robert E. Hall & Charles I. Jones, 1999. "Why do Some Countries Produce So Much More Output Per Worker than Others?," The Quarterly Journal of Economics, Oxford University Press, vol. 114(1), pages 83-116.
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