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

Listed author(s):
  • 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
Handle: RePEc:wvu:wpaper:10-14
Contact details of provider: Postal:
P.O. Box 6025, Morgantown, WV 26506-6025

Phone: (304) 293-7859
Fax: (304) 293-2233
Web page: http://business.wvu.edu/graduate-degrees/phd-economics
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