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Economic Growth of Selected South Asian Countries: Does Institution Matter?

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  • Jayanti Bhattacharjee
  • Sushil Kr Haldar

Abstract

In this paper we estimate the proximate determinants of economic growth in four major economies of South Asia with special emphasis on the role of institutions in conjunction with stock of physical capital, human capital and openness (measured as trade as percentage of GDP) as major predictor variables. World Governance indicators are available since 1996; therefore, we run a panel regression using the fixed-effect method of estimation for the period of 1996-2010. We also employ a dynamic panel using System- Generalized Method of Moments (SGMM) to counter the possible endogeneity among the variables and also the weak instrumental problem of earlier Arellano and Bond (1991) dynamic panel model. The two institutional measures, namely, voice and accountability and government effectiveness have appeared to be significant predictors of growth of selected South Asian countries. Our results also support the conventional growth predictors like physical and human capital but the effect of openness on growth surprisingly appears to be negative and significant in the period under study.

Suggested Citation

  • Jayanti Bhattacharjee & Sushil Kr Haldar, 2015. "Economic Growth of Selected South Asian Countries: Does Institution Matter?," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 5(2), pages 356-370.
    • Handle: RePEc:asi:aeafrj:v:5:y:2015:i:2:p:356-370:id:1345
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    Cited by:

    1. Sami Ullah & Dr. Muhmmad Tahir, 2020. "Linkages between Trade Openness and Economic Growth: Evidence from SAARC Member Countries," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 10(4), pages 81-94.
    2. Maku Olukayode E. & Ajike Emmanuel O. & Chinedu Solomon, 2019. "Human Capital Development and Macroeconomic Performance in Nigeria: An Autoregressive Distributed Lag (ARDL) Approach," Valahian Journal of Economic Studies, Sciendo, vol. 10(1), pages 51-64, July.
    3. Aribah Aslam & Minza Mudassir & Ghulam Ghouse & Abdul Farooq, 2024. "Introducing Modern Human Capital Model," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(2), pages 6099-6110, June.

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