POLITICAL INSTITUTIONS AND ECONOMIC DEVELOPMENT: EVIDENCES OF AN EMPIRICAL STUDY
DOI:
https://doi.org/10.21783/rei.v1i1.13Keywords:
Institutions, Institutional Capabilities, Economic Development, Democracy, OECDAbstract
This paper tests the hypothesis that institutional capabilities have a positive effect on economic development. Methodologically, we used descriptive and multivariate statistics, spatial analysis and Ordinary Least Squares (OLS) linear regression to estimate their effect. Spatial correlation was tested between the countries by their respective capabilities indexes. The results show in an aggregated level that institutional capabilities do have a positive effect on economic development. However, when we disaggregated by geographic region, we realized that this relation is significant only in four of them: (1) East Asia and Pacific, (2) Europe and Central Asia, (3) Latin America and Caribbean and (4) Middle East and North Africa. For OECD countries, the institutional capability effect is larger for members than for non-members. Taking political regime in consideration, our index performs better in democracies. In the end, global spatial autocorrelation indicates a weak, positive and statistically significate association comparing with institutional capability. (I = 0,192; p-value<0.05).
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