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Institutional framework and economic development: international evidence

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  • Djeto Assane
  • Abbas Grammy

Abstract

This paper examines the effect of 'quality' of the institutional framework on economic development. Our empirical results support the hypothesis that 'good' institutions improve efficiency and accelerate growth. The positive effect of institutional 'quality' is more pronounced with mutually reinforcing support of economic freedom. Our results also indicate that 'good' institutions help developing countries grow faster to achieve conditional convergence. We infer from the results that economic development requires not only physical and human capital formation, but also freedom to choose and institutional support.

Suggested Citation

  • Djeto Assane & Abbas Grammy, 2003. "Institutional framework and economic development: international evidence," Applied Economics, Taylor & Francis Journals, vol. 35(17), pages 1811-1817.
    • Handle: RePEc:taf:applec:v:35:y:2003:i:17:p:1811-1817
    DOI: 10.1080/0003684032000152862
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    References listed on IDEAS

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