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Does institutional quality foster economic complexity?

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  • Vu, Trung V.

Abstract

This paper examines the extent to which the quality of institutions, measured by the Economic Freedom of the World index, helps shape cross-country differences in economic complexity. To this end, I employ the intensity of ultraviolet radiation (UV-R) to isolate an exogenous source of variation in institutions, which helps circumvent endogeneity concerns. Empirical results indicate that the exogenous component of institutional quality exerts a strong and robust positive effect on economic complexity. The findings prevail after performing a battery of robustness tests. Furthermore, I find that institutions affect economic complexity by inducing human capital accumulation and strengthening incentives for innovative activities.

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  • Vu, Trung V., 2019. "Does institutional quality foster economic complexity?," MPRA Paper 97843, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:97843
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    Keywords

    Economic Complexity; Economic Freedom; Institutions; Capabilities; Productive Structures.;
    All these keywords.

    JEL classification:

    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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