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Why Not Adopt Better Institutions?

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  • Brian Kelleher Richter
  • Jeffrey F. Timmons

Abstract

How much growth do (economic and legal) institutions cause? To quantify this effect, we adapted the baseline regression in Acemoglu, Johnson and Robinson's (2002, Quarterly Journal of Economics, 117(4), pp. 1231–1294) seminal work on the causal relationship between the quality of institutions and differences in modern-day income levels was adapted. We found that improving institutional quality by one standard deviation increased a country's average annual growth rate by only 0.4% from 1820 to 1995.

Suggested Citation

  • Brian Kelleher Richter & Jeffrey F. Timmons, 2012. "Why Not Adopt Better Institutions?," Oxford Development Studies, Taylor & Francis Journals, vol. 40(2), pages 272-281, June.
    • Handle: RePEc:taf:oxdevs:v:40:y:2012:i:2:p:272-281
    DOI: 10.1080/13600818.2012.677819
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    Cited by:

    1. Bergh, Andreas & Mirkina, Irina & Nilsson, Therese, 2013. "More Open – Better Governed? Evidence from High- and Low-income Countries," Working Paper Series 997, Research Institute of Industrial Economics.

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