Theoretical and empirical evidence on the relationship between institutions and economic prosperity remains ambiguous, even though it has been part of scholarly discourse for decades. The present study adds to this discussion by introducing a bundled approach for measuring institutions. This...

The purpose of this paper is to test whether institutional governance and its performance is a main driving force to achieve a positive relationship between natural resources and economic growth in the long run. The main objective is to ascertain what kind of institutional governance would be...

A key theoretical and methodological issue for comparative scholars concerns the non-identical nature of actors across different institutional contexts. This paper reviews the relationship between actors and institutions within various strands of institutional theory, showing some emerging...

There are many studies on the relationship between economic development and institutions. Institutions can be classified as formal or informal. This article emphasizes the importance of the relationship between culture (informal institutions) and the quality of public goods supplied by the...

We show that skilled and unskilled labors are imperfect substitutes and that capital and skilled labor are complementary in production. The Korean economy has experienced skill-biased technical changes. The capital stock growth is found to be the main source of the economic growth. The...

This study explored the relative competitiveness of the ASEAN countries by simulating the MRW model using the Penn World Table (PWT) 7.0. The calibration of MRW model employed the seemingly unrelated regression (SUR) of the family of simultaneous equations model (SEM) technique to address the...

Why do the electorate vote or abstain from voting under competitive authoritarianism? Elite rent seeking and rent distribution are recognized as main determinants of turnout in authoritarian elections, but the logic of voting decision on the side of an oppositional electorate remains...

The transition paths from plan to market have varied markedly across countries. Central and Eastern European and the Baltic countries, which opted for a fast and profound transformation of their institutions including business climates, rapidly narrowed the productivity gap with advanced...

We analyze the relationship between legal institutions, innovation and growth. We compare a rigid (law set ex-ante) legal system and a flexible one (law set after observing current technology). The flexible system dominates in terms of welfare, amount of innovation and output growth at...

This paper presents an integrated overview of the literature linking institutions, financial development and economic growth. From the large body of research on institutional development, the paper first selects those contributions that make it possible to study the role of institutional...