Stylized facts suggest that output volatility in OECD countries has declined in recent years. However, the causes and the nature of this decline have so far been analyzed mainly for the United States. In this paper, we analyze whether structural breaks in the dynamics and the volatility of the...

This paper investigates the quality of property rights and long-term economic growth in an international cross-section of countries in 1975?1995. The empirical tests indicate that the impact of private property rights on growth is positive and simultaneously determined. Correcting for the...