Preliminary conclusions on institutions and economic performance

De Crombrugghe, Denis and Farla, Kristine (2012). Preliminary conclusions on institutions and economic performance. UNU-MERIT.

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  • Sub-type Working paper
    Author De Crombrugghe, Denis
    Farla, Kristine
    Title Preliminary conclusions on institutions and economic performance
    Publication Date 2012
    Place of Publication Maastricht
    Publisher UNU-MERIT
    Pages 45
    Abstract 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.
    Keyword Institutions
    Economic performance
    Growth
    JEL O11
    O43
    Copyright Holder UNU-MERIT
    Copyright Year 2012
    Copyright type Creative commons
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    Created: Wed, 11 Dec 2013, 17:24:08 JST