The aim of this paper is to determine which country-specific characteristics promote and which impede the adoption of institutions. On the basis of a broad panel of 183 countries for the period between 1996 and 2010, we test whether there are tendencies towards a general improvement and towards...

In the era of regional international relations and more interdependence, organisations like the Brazil, Russia, India, China and South Africa (BRICS) can play a meaningful role in international level as well as regional in years to come. The recent summit of the BRICS reiterates that more...