market economies. These transitions entail far-reaching and complex changes in social, economic and political institutions … that characterise the transition process in both the economic and political realms. Contrary to a widespread assumption …, market-supporting institutions do not necessarily arise when assets are privatised in a highly unstable and uncertain …

estimate the country-specific cost of capital. We find a negative relationship between institutions that protect property … rights and capital costs. Firms located in countries with weak institutions were charged a premium compared to similarly … risky firms located in countries with strong institutions, and this penalty appeared to be costly in terms of future growth …

resource measure, using alternative measures of both resources and institutions, and by studying different time periods. While … institutions are good enough. …

This paper introduces the notion of surprising institutions. Because we often carry incorrect beliefs about the world …

of economic institutions, we use newer data, we incorporate more countries, and we use instrumental variables to handle …