This is Part 1 of a two-part paper which surveys the historical evidence on the role of institutions in economic growth … that private-order institutions have not historically substituted for public-order ones in enabling markets to function …, clarify the growth effects of other institutions, including contract-enforcement mechanisms, guilds, communities, serfdom, and …

This is Part 2 of a two-part paper which surveys the historical evidence on the role of institutions in economic growth … that private-order institutions have not historically substituted for public-order ones in enabling markets to function …, clarify the growth effects of other institutions, including contract-enforcement mechanisms, guilds, communities, serfdom, and …

In transition and developing countries, we observe rather high levels of corruption even if they have democratic … positions. In a probabilistic voting model, we show that a lack of financial institutions can lead to more corruption as more … voters become part of the corrupt system. Well-functioning financial institutions, in turn, can increase the political …

There is a well-known debate about the roles of geography versus institutions in explaining the long-term development … institutions and found that this supported their line of reasoning. We believe there is value-added to consider this debate at the … mechanisms from geography via institutions to economic development outcomes. In particular, we examine the determinants of …

Following the collapse of planning, new small and medium-sized firms rapidly emerged in all transition economies. Using … formerly planned economies with those in economies outside transition, we document not only the challenges faced by transition …