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Cointegrating Institutions: The Time-Series Properties of Country Institutional Measures

  • Russell S. Sobel

    (Department of Economics, West Virginia University)

  • Christopher J. Coyne

    (Department of Economics, George Mason University)

A country's political and economic institutions are critical for economic prosperity. The literature abounds with institutional measures, precisely because institutions are multi dimensional. We use panel-unit-root and cointegration tests to examine the time-series properties of several institutional measures to answer two questions. First, do institutional changes tend to be permanent? Second, which subsets of institutions tend to converge or move together? These answers have important implications for whether permanent institutional reform is possible, and whether reforms can be undertaken one institutional area at a time, or instead must simultaneously encompass multiple institutional areas.

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File URL: http://be.wvu.edu/phd_economics/pdf/10-14.pdf
File Function: First version, 2010
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Paper provided by Department of Economics, West Virginia University in its series Working Papers with number 10-14.

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Length: 37 pages
Date of creation: 2010
Date of revision:
Handle: RePEc:wvu:wpaper:10-14
Contact details of provider: Postal: P.O. Box 6025, Morgantown, WV 26506-6025
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Web page: http://be.wvu.edu/phd_economics/
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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. Fidrmuc, Jan, 2001. "Economic Reform, Democracy and Growth during Post-Communist Transition," CEPR Discussion Papers 2759, C.E.P.R. Discussion Papers.
  3. Peter T. Leeson, 2008. "Social Distance and Self-Enforcing Exchange," The Journal of Legal Studies, University of Chicago Press, vol. 37(1), pages 161-188, 01.
  4. Claudia Williamson, 2009. "Informal institutions rule: institutional arrangements and economic performance," Public Choice, Springer, vol. 139(3), pages 371-387, June.
  5. Daron Acemoglu & Simon Johnson & James A. Robinson, 2002. "Reversal Of Fortune: Geography And Institutions In The Making Of The Modern World Income Distribution," The Quarterly Journal of Economics, MIT Press, vol. 117(4), pages 1231-1294, November.
  6. Peter T. Leeson, 2007. "Trading with Bandits," Journal of Law and Economics, University of Chicago Press, vol. 50, pages 303-321.
  7. Jeffrey D. Sachs, 2003. "Institutions Don't Rule: Direct Effects of Geography on Per Capita Income," NBER Working Papers 9490, National Bureau of Economic Research, Inc.
  8. Tomi Ovaska & Russell S. Sobel, 2005. "Entrepreneurship in Post-Socialist Economies," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 21(Fall 2005), pages 8-28.
  9. James D. Gwartney & Robert A. Lawson & Randall G. Holcombe, 1999. "Economic Freedom and the Environment for Economic Growth," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 155(4), pages 643-, December.
  10. Pasaran, M.H. & Im, K.S. & Shin, Y., 1995. "Testing for Unit Roots in Heterogeneous Panels," Cambridge Working Papers in Economics 9526, Faculty of Economics, University of Cambridge.
  11. Barro, Robert J, 1996. " Democracy and Growth," Journal of Economic Growth, Springer, vol. 1(1), pages 1-27, March.
  12. Knack, Stephen & Keefer, Philip, 1997. "Does Social Capital Have an Economic Payoff? A Cross-Country Investigation," The Quarterly Journal of Economics, MIT Press, vol. 112(4), pages 1251-88, November.
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