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The Role Of Informal Institutions On Economic Growth: A Panel Data Analysis

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  • Dutta, Dilip
  • Fearnley, Nicholas

Abstract

Two factors that have become dominant in the search for the non-economic drivers of economic growth and development are culture and informal institutions. This paper uses Rokeach (1976) to unite both factors under the one conceptual framework of informal institutions. Cultural factors such as Limited Good Syndrome, Achievement Motivation and Generalized Trust from Marini’s study are interpreted as informal institutions. These informal institutions form the core of our panel data analysis investigating the extent to which they contribute to economic growth. The results show no single pattern in their contribution.

Suggested Citation

  • Dutta, Dilip & Fearnley, Nicholas, 2016. "The Role Of Informal Institutions On Economic Growth: A Panel Data Analysis," Working Papers 2016-21, University of Sydney, School of Economics.
    • Handle: RePEc:syd:wpaper:2016-21
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    References listed on IDEAS

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    1. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    2. Marini, Matteo, 2004. "Cultural evolution and economic growth: a theoretical hypothesis with some empirical evidence," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 33(6), pages 765-784, December.
    3. Hausman, Jerry, 2015. "Specification tests in econometrics," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 38(2), pages 112-134.
    4. T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
    5. Douglass C. North, 2005. "Introduction to Understanding the Process of Economic Change," Introductory Chapters, in: Understanding the Process of Economic Change, Princeton University Press.
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    Cited by:

    1. Amjad Naveed & Ghulam Shabbir, 2022. "Effect of Formal and Informal Institutional Indicators on Innovation Activities: An Empirical Analysis for a Global Sample," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 164(2), pages 665-691, November.

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    Keywords

    Informal institutions; economic growth; economic culture; limited good syndrome; achievement motivation; and generalized trust;
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