This paper investigates the quality of property rights and long-term economic growth in an international cross-section of countries in 1975-1995. The empirical tests indicate that the impact of private property rights on growth is positive and simultaneously determined. Correcting for the simultaneity bias reveals a regression coefficient which is quite remarkable: A doubling in the index of the quality of property rights leads to a more than doubling in per capita incomes. In addition, private property rights also impact the ‘traditional’ determinants of economic growth. Thus it seems appropriate to class private property rights with the ultimate sources of economic growth.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Publisher Info
Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number
1163.
Find related papers by JEL classification: O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
This paper has been announced in the following NEP Reports:
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
Cited by: (explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)