Why Not Adopt Better Institutions?
| Autor: | Jeffrey F. Timmons, Brian Kelleher Richter |
|---|---|
| Rok vydání: | 2012 |
| Předmět: |
Public economics
Annual growth rate media_common.quotation_subject Geography Planning and Development Development Standard deviation Regression Work (electrical) Expropriation Economics Income level Demographic economics Quality (business) Baseline (configuration management) Institutional quality media_common |
| Zdroj: | Oxford Development Studies. 40:272-281 |
| ISSN: | 1469-9966 1360-0818 |
| DOI: | 10.1080/13600818.2012.677819 |
| Popis: | According to Acemoglu, Robinson and Johnson (2002), institutional divergence prior to the Industrial Revolution is the fundamental cause of differences in income levels across countries. To quantify the impact of institutions on long-run growth rates that drive the differences in levels, we adapt their baseline regression. We estimate that improving institutional quality by one standard deviation in their model would have improved a country's average annual growth rate by only 0.4% over the period from 1820 to 1995. Finite-lived leaders may have preferred the private benefits of expropriation to modest short-run increases in their country's growth rate, despite the clear long-run benefits of improving institutional quality. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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