Institution Building and Growth in Transition Economies
47 Pages Posted: 10 Aug 2006
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Institution Building and Growth in Transition Economies
Date Written: June 2006
Abstract
Drawing on the recent literature on economic institutions and the origins of economic development, we offer a political economy explanation of why institution building has varied so much across transition economies. We identify dependence on natural resources and the historical experience of these countries during socialism as major determinants of institution building during transition. Using natural resource reliance and the years under socialism to extract the exogenous component of institution building, we also show the importance of institutions in explaining the variation in economic development and growth across transition economies during the first decade of transition.
Keywords: Transition economies, institutions, economic development
JEL Classification: O10, P20
Suggested Citation: Suggested Citation
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