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- W95582046 abstract "Recent research has shown that institutions contribute significantly to long-run economic growth. Paradoxically, a separate line of research has produced mixed results concerning the effect of political instability on economic growth. How can it be that political institutions matter, but that during periods of political instability there is no systematic effect on growth? We attempt to resolve this paradox by modeling an institutional equilibrium as a coordination game whose payoffs are related to the value of the nexus of contracts governed by the prevailing institutions. The stability of this equilibrium in the face of political instability depends on the extent to which formal political institutions govern the underlying nexus of contracts. If formal political institutions matter, then political instability should cause a large decline in the value of contracts and a change in the institutional equilibrium is more probable. If informal institutions play a greater role, then political instability should have less impact on the value of trades and the opportunity cost of institutional change is correspondingly higher. We test this theory using a System-GMM panel estimator approach and panel data on political instability, institutions, and economic growth. JEL Classifications: N0, 011, 040," @default.
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- W95582046 date "2006-01-01" @default.
- W95582046 modified "2023-09-27" @default.
- W95582046 title "Political Instability, Institutions, and Economic Growth" @default.
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