cause of differences in economic development. We first document the empirical importance of institutions by focusing on two …This paper develops the empirical and theoretical case that differences in economic institutions are the fundamental … “quasi-natural experiments” in history, the division of Korea into two parts with very different economic institutions and …

We relate the design of contract law to the process of development. In this paper, contract law defines which private … production of the economy. To capture the interaction between contract enforcement and development, we introduce a multiperiod … economy and show that, in the early stages of development, the mechanism is infeasible. The appearance of enforcement …

Our paper examines the relationship between institutional structures and the level of financial markets development in … Africa. Our paper contributes to the extant literature by using other financial market development variables-ease of access … influence the level of financial markets development in the context of Africa. We employ a two-step generalized method of moment …

substantially during the last decades. At the same time, the quality of institutions in developing countries has also improved. The … literature investigates whether international migration can be an important factor for institutional development. Overall, the … findings indicate that emigration to institutionally developed countries induces a positive effect on home-country institutions. …