THE ROLE OF INFORMAL INSTITUTIONS ON ECONOMIC GROWTH: A PANEL DATA ANALYSIS

Dilip Dutta and Nicholas Fearnley

No 2016-21, Working Papers from University of Sydney, School of Economics

Abstract: Two factors that have become dominant in the search for the non-economic drivers of economic growth and development are culture and informal institutions. This paper uses Rokeach (1976) to unite both factors under the one conceptual framework of informal institutions. Cultural factors such as Limited Good Syndrome, Achievement Motivation and Generalized Trust from Marini’s study are interpreted as informal institutions. These informal institutions form the core of our panel data analysis investigating the extent to which they contribute to economic growth. The results show no single pattern in their contribution.

Keywords: Informal institutions; economic growth; economic culture; limited good syndrome; achievement motivation; and generalized trust (search for similar items in EconPapers)
Date: 2016-06
New Economics Papers: this item is included in nep-cul and nep-gro
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