Investment, institutions, and governance in Asia

Emmanuel de Dios () and Geoffrey Ducanes

No 201107, UP School of Economics Discussion Papers from University of the Philippines School of Economics

Abstract: We investigate the extent to which the investment slowdown in many Asian countries since the Asian Financial Crisis is attributable to changes in governance institutions. In the process we test the more general hypothesis that different aspects of governance will become relevant constraints to investment and growth at differing levels of countries' development. This hypothesis is validated and explains a standing paradox that finds certain governance aspects--notably voice and accountability and control of corruption--do not apparently figure as explanations in the average growth record. We show that in fact they do, though only at certain levels of development.

Pages: 22 pages
Date: 2011-09
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Published as UPSE Discussion Paper No. 2011-07, September 2011

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Persistent link: https://EconPapers.repec.org/RePEc:phs:dpaper:201107

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