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Do institutions matter in the very long-run? - New evidence from OECD countries

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  • Tim Röthel
  • Martin Leschke

Abstract

Institutions are an important determinant of long-run economic growth. However, most studies only examine this relationship over a relatively short period and do not regularly include institutional variables in growth models. This article applies the pooled mean group (PMG) estimator to a panel of 18 OECD countries over 138 years. We find evidence that institutions matter for economic growth in the very long-run and conclude that economists should include them in any empirical application of the neoclassical growth model. Our result is robust to various robustness checks.

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  • Tim Röthel & Martin Leschke, 2024. "Do institutions matter in the very long-run? - New evidence from OECD countries," Applied Economics Letters, Taylor & Francis Journals, vol. 31(20), pages 2166-2170, November.
    • Handle: RePEc:taf:apeclt:v:31:y:2024:i:20:p:2166-2170
    DOI: 10.1080/13504851.2023.2211333
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