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Do institutions matter in the very long-run? : New evidence from OECD countries

Title data

Röthel, Tim ; Leschke, Martin:
Do institutions matter in the very long-run? : New evidence from OECD countries.
Bayreuth , 2023

Official URL: Volltext

Abstract in another language

Institutions are an important determinant of long-run economic growth. However, most studies only examine this relationship over a relatively short period and do not regularly include institutional variables in growth models. This article applies the pooled mean group (PMG) estimator to a panel of 18 OECD countries over 138 years.
We find evidence that institutions matter for economic growth in the very long-run and conclude that economists should include them in any empirical application of the neoclassical growth model. Our result is robust to various robustness checks.

Further data

Item Type: Working paper, discussion paper
Keywords: Institutions; Growth; PMG estimator; OECD
Subject classification: O11, O47
Institutions of the University: Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics V - Institutional Economics
Result of work at the UBT: Yes
DDC Subjects: 300 Social sciences > 330 Economics
Date Deposited: 06 Apr 2023 06:52
Last Modified: 06 Apr 2023 06:52