Instituciones, recesiones y recuperación en las economías en transición

Geoffrey M. Hodgson ()

Revista de Economía Institucional, 2006, vol. 8, issue 15, pages 43-68

Abstract: This article analyses the 1989-2005 economic growth in the transitional economies in Europe and Central Asia, and signals factors that help to explain the differences in outcome. An econometric analysis finds prominent indices of property rights, corruption, economic freedom, tax incidence and civil liberties as statistically insignificant in this regard. Statistically significant variables include the degree of ethnic fractionalization and an index of democracy, both of which were negatively correlated with GDP growth. Overall, the analysis here shows the need for effective national institutions that can enforce legal and general rules of the economic game, reap positive benefits for democracy, and overcome the negative economic legacy of ethnic divisions.

Keywords: institutions; recessions; transitional economies; ethnic fractionalization; index of democracy (search for similar items in EconPapers)
JEL-codes: O43 P26 P27 (search for similar items in EconPapers)
Date: 2006
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