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Institutional quality and bioeconomy performance in European countries: Unveiling the evidence

Author

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  • Barra, Cristian
  • Falcone, Pasquale Marcello

Abstract

The bioeconomy, emerging as a beacon of sustainable development and global competitiveness, relies on renewable biological resources. This study investigates the interplay between institutional quality and bioeconomy performance in 28 European countries. By employing a Fixed Effect Regression and different sensitivity analyses, we unveil a robust, positive, and statistically significant relationship between the institutional quality and the socio-economic indicator for bioeconomy. The six institutional quality pillars - political stability, control of corruption, government effectiveness, regulatory quality, rule of law, and voice and accountability - positively impact the bioeconomy in Europe. These findings underscore the pivotal role of institutions in shaping bioeconomy performance, emphasizing the profound impact of political stability, regulatory standards, and anti-corruption measures. As a result, our research provides valuable insights for policymakers, highlighting the significance of enhancing institutional quality as a means to advance sustainability and stimulate economic growth through bioeconomy development.

Suggested Citation

  • Barra, Cristian & Falcone, Pasquale Marcello, 2024. "Institutional quality and bioeconomy performance in European countries: Unveiling the evidence," Ecological Economics, Elsevier, vol. 220(C).
    • Handle: RePEc:eee:ecolec:v:220:y:2024:i:c:s0921800924000855
    DOI: 10.1016/j.ecolecon.2024.108188
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    Keywords

    Bioeconomy performance; Institutional quality; Pillars of institutional quality; European countries;
    All these keywords.

    JEL classification:

    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • L5 - Industrial Organization - - Regulation and Industrial Policy

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