Economic development, growth, institutions and geography

Bhupatiraju, Samyukta and Verspagen, Bart (2013). Economic development, growth, institutions and geography. UNU-MERIT.

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  • Author Bhupatiraju, Samyukta
    Verspagen, Bart
    Title Economic development, growth, institutions and geography
    Publication Date 2013
    Publisher UNU-MERIT
    Abstract In this paper, we test the Rodrik et al (2004) framework to explain differences in development levels across countries by using a broader set of definitions for institutions, geography and economic variables. We use a multi-faceted database to measure institutions in an attempt to go beyond the single-dimension measures that are often employed. We find that institutions trump other factors (geography and trade) when we use GDP per capita as an independent variable. When we expand the dependent variable to include other aspects of development, such as growth and investment, we find that institutions, growth and geography are all important variables. In this case, institutions no longer trump the other factors. In this case, we also find that the same institutions variable that was positively associated to GDP per capita is now negatively correlated with the more dynamic development variable.
    UNU Topics of Focus Governance
    Keyword Institutions
    Geography
    Openness
    Governance
    Economic development
    JEL O1
    O16
    O17
    Copyright Holder UNU-MERIT
    Copyright Year 2013
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    Created: Wed, 11 Dec 2013, 17:24:24 JST