INSTITUTIONAL CLUSTERS * By
نویسندگان
چکیده
We ran principal component regressions of growth and income on existing measures of institutions to assess which institutions are the most important for economic performance. We varied the sets of variables to search for robust effects of institutions. Our major finding is that broadly defined institutions of checks and balances limiting the power of the executive are the most robust institutional determinants of growth. There is also some evidence that a democratic, participatory and anti-authoritarian culture matters. These effects are even stronger in instrumental variable regressions. ∗ We acknowledge the financial support of the Japan Europe Cooperation Fund.
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