INSTITUTIONS AND ECONOMIC DEVELOPMENT: DISENTANGLING THE ROLE OF CONTRACTING AND PROPERTY RIGHTS INSTITUTIONS
2
조회
0
다운로드
1
인용
0
참고문헌
키워드
초록
This paper aims at estimating the effect of different types of institutions on economic development. To tackle the endogeneity problem that is prevalent, an identification strategy exploiting the heteroskedasticity in the data is used. This also allows to analyze the reverse effect, running from economic development to institutions. In a sample of about 100 countries, an impact of property rights institutions but not contracting institutions on economic development is detected. Furthermore, the results suggest that a higher level of economic development improves contracting institutions, but not property rights institutions
Abstract
This paper aims at estimating the effect of different types of institutions on economic development. To tackle the endogeneity problem that is prevalent, an identification strategy exploiting the heteroskedasticity in the data is used. This also allows to analyze the reverse effect, running from economic development to institutions. In a sample of about 100 countries, an impact of property rights institutions but not contracting institutions on economic development is detected. Furthermore, the results suggest that a higher level of economic development improves contracting institutions, but not property rights institutions
참고문헌 (26)
- Acemoglu, D, "Unbundling Institutions", Journal of Political Economy, 113(5), pp.949~995 (2005)
- Acemoglu, D, "The Colonial Origins of Comparative Development: An Empirical Investigation", American Economic Review, 91(5), pp.1369~1401 (2001)
- Acemoglu, D, "Reversal of Fortune: Geography and Institutions in the Making of the Modern World Income Distribution", Quarterly Journal of Economics, 117(4), pp.1231~1294 (2002)
- Beck, T, "A New Database on the Structure and Development of the Financial Sector", The World Bank Economic Review, 14(3), pp.597~605 (2000)
- Beck, T, "The Financial Structure Database In Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development", pp.17~80 (2004), MIT Press
- Diamond, J, "Guns, Germs, and Steel: The Fates of Human Societies" (1997), W.W. Norton & Company
- Djankov, S, "Courts", Quarterly Journal of Economics, 118(2), pp.453~517 (2003)
- Engerman, S, "Factor Endowments, Institutions, and Differential Paths of Growth among New World Economies: A View from Economic Historians of the United States In How Latin America fell behind", pp.260~304 (1997), Stanford University Press
- Factor Endowments, Inequality, and Paths of Development among New World Economics, "Engerman, S", ~, pp.National Bureau of Economic Research Working Paper, 9259 (2002)
- Gallup, J, "Geography and Economic Development", International Regional Science Review, 22(2), pp.179~232 (1999)
- Hall, R, "Why Do Some Countries Produce So Much More Output per Worker than Others?", Quarterly Journal of Economics, 114(1), pp.83~116 (1999)
- Heston, A, "Penn World Table Version 6.2", Center for International Comparisons of Production, Income and Prices at the University of Pennsylvania, ~ (2006)
- La Porta, R, "Legal Determinants of External Finance", Journal of Finance, 52(3), pp.1131~1150 (1997)
- La Porta, R, "Law and Finance", Journal of Political Economy, 106(6), pp.1113~1155 (1998)
- Marshall, M, "Polity IV Project: Political Regime Characteristics and Transitions, 1800-2007", Dataset Users’ Manual, ~ (2009)
- Mbaku, J.M, "Macroeconomic Determinants of Growth: Further Evidence on the Role of Political Freedom", Journal of Economic Development, 22(2), pp.119~132 (1997)
- North, D, "Structure and Change in Economic History" (1981), W.W. Norton & Company
- North, D, "Institutions, Institutional Change and Economic Performance" (1990), Cambridge University Press
- North, D, "The Rise of the Western World: A New Economic History" (1973), Cambridge University Press
- North, D, "Constitutions and Commitment: The Evolution of Institutional Governing Public Choice in Seventeenth-Century England", The Journal of Economic History, 49(4), pp.803~832 (1989)
- The Importance of History for Economic Development, "Nunn, N", ~, pp.National Bureau of Economic Research Working Paper, 14899 (2009)
- Rigobon, R, "Identification through Heteroskedasticity", The Review of Economics and Statistics, 85(4), pp.777~792 (2003)
- Rigobon, R, "Rule of Law, Democracy, Openness, and Income", Economics of Transition, 13(3), pp.533~564 (2005)
- Rodrik, D, "Institutions Rule: The Primacy of Institutions Over Geography and Integration in Economic Development", Journal of Economic Growth, 9(2), pp.131~165 (2004)
- Shapiro, M, "Courts, a Comparative and Political Analysis" (1981), University Chicago Press
- EDINALDO TEBALDI, "INSTITUTIONS, INNOVATION AND ECONOMIC GROWTH", Journal of Economic Development, 33(2), pp.27~53 (2008), 경제연구소