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Preliminary conclusions on institutions and economic performance

  • Crombrugghe, Denis de

    ()

    (School of Business and Economics, Maastricht University)

  • Farla, Kristine

    ()

    (UNU-MERIT / MGSOG, Maastricht University)

Using institutional indicators describing 122 countries, we conduct an exploratory study highlighting which institutional characteristics differ across countries with different levels of income and rates of growth. We describe a country's institutions by the degree of formalization of its regulations, the depersonalization of their implementation, and by the degree of control and intervention of the state. Our findings reveal that the variation in state control and intervention decreases along with countries formalization of regulations. This phenomenon may be explained by institutional convergence, by endogeneity in the data and/or by bias. In addition, we find evidence of a strong relationship between institutions and income levels; however, we find no such evidence on growth rates. We find mixed evidence for a relationship between institutions and growth volatility.

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File URL: http://www.merit.unu.edu/publications/wppdf/2012/wp2012-035.pdf
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Paper provided by United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT) in its series MERIT Working Papers with number 035.

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Date of creation: 2012
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Handle: RePEc:unm:unumer:2012035
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  1. Kaufmann, Daniel & Kraay, Aart & Mastruzzi, Massimo, 2009. "Governance matters VIII : aggregate and individual governance indicators 1996-2008," Policy Research Working Paper Series 4978, The World Bank.
  2. Huynh, Kim P. & Jacho-Chávez, David T., 2009. "Growth and governance: A nonparametric analysis," Journal of Comparative Economics, Elsevier, vol. 37(1), pages 121-143, March.
  3. Avinash Dixit, 2009. "Governance Institutions and Economic Activity," American Economic Review, American Economic Association, vol. 99(1), pages 5-24, March.
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