exports improve productivity, but imports hurt it. Regarding domestic variables, we find that human capital is the most …

, contracts and liabilities) as well as informal rules (usually labelled social capital) that have emerged over the history of one … rewarding. Quality of institutions (measured by a composite variable called institutional capital, IC) turns out to be a key … creating an enabling environment for the informal institutions (such as social capital) to flourish and find their own roots …