Institutions play a critical role in the economic development of a country. The correlation between these two variables has been acknowledged in economic literature. However, the causal relationship is still under debate although there is a tendency towards the notion that institutions influence...

The object of analysis is a state as a distributed system of decision making and the subject of analysis is its dysfunction as a result of action of institutional factors, in particular, corruption as an informal negative institute. The obtained results provide grounds for doubts in positive...

We examine the productivity of informal firms (those that are not registered with the government) in 24 African countries using field work and World Bank firm level data. We find that productivity jumps sharply if we compare small formal firms to informal firms, and rises rapidly with the size...

This article explains the peculiarities of institutional effects on growth rates in post-communist countries. By proposing a certain dependence of the institution-growth nexus on the nature of institutional emergence, the distinction between revolutionary and evolutionary processes of...

As a sovereign country, Mozambique initially relied on international solidarity and managed its donor relations well. Donor dependency entailed some loss of agency for the government as it allowed donors to challenge its capacity but never its authority. However, in the last decade, donor...

Does financial development shield countries from the pass-through of financial shocks to real outcomes? We evaluate this question by characterising the probability density of expected GDP growth conditional on financial stability indicators in a panel of 28 countries. Our robust results unveil a...

Exploiting a novel geo-referenced data set of population diversity across ethnic groups, this research advances the hypothesis and empirically establishes that variation in population diversity across human societies, as determined in the course of the exodus of humans from Africa tens of...

The state owned enterprises were crucial in the early stage of industrial development in Turkey. They were producer of basic consumption goods and contributed the building the entrepreneurial understanding, and hence the development of the private sector. State owned enterprises have played key...

The state owned enterprises were crucial in the early stage of industrial development in Turkey. They were producer of basic consumption goods and contributed the building the entrepreneurial understanding, and hence the development of the private sector. State owned enterprises have played key...

Using data from 286 Chinese cities over the period 2001–2006, this paper investigates the relationship between financial development and economic growth at the city level in China. Our results from both traditional cross-sectional regressions and first-differenced and system GMM estimators for...