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Macroeconomic Performance and Institutional Change: Evidence from Subjective Well-Being Data

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  • Heinz Welsch
  • Jan Kühling

Abstract

The relationship between macroeconomic performance and institutional change is explored in member countries of the Organization for Economic Cooperation and Development (OECD). We first assess the effects of national income growth, unemployment and inflation on subjective well-being (SWB) in thirty OECD countries, and employ the relationships found to construct an index of macroeconomic performance in terms of SWB. Applying the index to the period 1990–2009, we find that macroeconomic performance has improved in OECD overall and in the majority of countries, and that there has been a convergence of performance within the OECD. We then present evidence that OECD countries' performance, as measured, is positively related to institutional change towards more trade openness and better institutional quality. We argue that both increased openness and improved institutional quality are correlates of economic and political integration and conclude that international integration has enhanced SWB by improving OECD countries' national macroeconomic performance.

Suggested Citation

  • Heinz Welsch & Jan Kühling, 2016. "Macroeconomic Performance and Institutional Change: Evidence from Subjective Well-Being Data," Journal of Applied Economics, Taylor & Francis Journals, vol. 19(2), pages 193-217, November.
    • Handle: RePEc:taf:recsxx:v:19:y:2016:i:2:p:193-217
    DOI: 10.1016/S1514-0326(16)30008-3
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    Cited by:

    1. Hideko Matsuo & Koen Matthijs, 2021. "The life course and subjective well-being across generations – an analysis based on cross-national surveys (2002–2016)," Vienna Yearbook of Population Research, Vienna Institute of Demography (VID) of the Austrian Academy of Sciences in Vienna, vol. 19(1), pages 417-466.
    2. Luis Rene Caceres, 2019. "Determinants of trust in government in Latin America," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 14(3), pages 329-351, Julio - S.
    3. Iban Ortuzar & Gemma Renart & Angels Xabadia, 2021. "Effects of Public Healthcare Budget Cuts on Life Satisfaction in Spain," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 156(1), pages 311-337, July.
    4. Sujarwoto Sujarwoto & Gindo Tampubolon & Adi Cilik Pierewan, 2018. "Individual and Contextual Factors of Happiness and Life Satisfaction in a Low Middle Income Country," Applied Research in Quality of Life, Springer;International Society for Quality-of-Life Studies, vol. 13(4), pages 927-945, December.

    More about this item

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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