world, using recently developed instruments for institutions and trade. Our results indicate that the quality of … on incomes, although they have a strong indirect effect by influencing the quality of institutions. Similarly, once ….e., negative) sign, although trade too has a positive effect on institutional quality. We relate our results to recent literature …

political rent seeking is substantial, firm value might rise as economy performance decays. China offers a suitable background … where regional governments are of lower quality or more interventionist. In such provinces, firms led by insiders with …

positive correlation between openness to trade and measures of environmental quality. But this could be due to endogeneity of …

growth of real incomes, most likely reflecting the importance of factors such as education and the quality of institutions …

institutions. A range of evidence indicates that participatory democracies enable higher-quality growth …