Institutional framework and economic development: international evidence

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Abstract:

This paper examines the effect of 'quality' of the institutional framework on economic development. Our empirical results support the hypothesis that 'good' institutions improve efficiency and accelerate growth. The positive effect of institutional 'quality' is more pronounced with mutually reinforcing support of economic freedom. Our results also indicate that 'good' institutions help developing countries grow faster to achieve conditional convergence. We infer from the results that economic development requires not only physical and human capital formation, but also freedom to choose and institutional support.

Document Type: Research Article

DOI: http://dx.doi.org/10.1080/0003684032000152862

Affiliations: 1: Department of Economics, University of Nevada - Las Vegas, Las Vegas, NV 89154-6005, USA 2: Department of Economics, California State - Bakersfield, Bakersfield, CA 93311, USA

Publication date: November 20, 2003

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