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Does investment spur growth everywhere? Not where institutions are weak

Thibaut Dort (), Pierre-Guillaume Méon () and Khalid Sekkat

No 13-030, Working Papers CEB from ULB -- Universite Libre de Bruxelles

Abstract: We investigate the impact of investment on growth in a sample of developed and developing countries, conditioning the marginal effect of investment on institutional quality. The panel structure of our dataset allows controlling for unobserved heterogeneity and dealing with the risk of endogeneity bias. In line with our expectations, we find that investment increases growth more in countries with high institutional quality than in countries with defective institutions. The results are essentially driven by government instability, corruption, and the rule of law.

Keywords: growth; investment; institutions (search for similar items in EconPapers)
JEL-codes: E00 O11 P48 (search for similar items in EconPapers)
Pages: 24 p.
Date: 2013-08-26
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Journal Article: Does Investment Spur Growth Everywhere? Not Where Institutions Are Weak (2014) Downloads
Journal Article: Does investment spur growth everywhere? Not where institutions are weak (2014) Downloads
Working Paper: Does investment spur growth everywhere? Not where institutions are weak (2014) Downloads
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