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INSTITUTIONS, CAPABILITIES AND ECONOMIC DEVELOPMENT

Antonio Cubel, Juan A. Sanchis Llopis () and Juan A. Sanchis-Llopis
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Antonio Cubel: Universidad de Valencia (Spain)
Juan A. Sanchis-Llopis: Department of Economic Structure, University of Valencia, Avda. dels Tarongers s/n, 46022 Valencia, Spain

No 1607, Working Papers from Department of Applied Economics II, Universidad de Valencia

Abstract: This paper studies the relevance of institutional disparities and social capabilities in economic performance for a set of 21 OECD countries during the second half of the XXth century (1953-2007). For this purpose, we have constructed a set of institutional variables to capture the post WWII institutional framework, characterized by the development of the Welfare State and by an increasing exposure of countries to international competence. Our results confirm that capital liberalization and trade openness together with social expenditure enhanced the economic development for the countries analysed. Conversely, other “social capabilities” such as the existence of job security institutions and the presence of social conflicts had a negative influence on economic development.

Keywords: economic development; institutional framework; capabilities (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cse and nep-his
Date: 2016-07
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