Institutions and the Stages of Growth
20 Pages Posted: 25 Jan 2017
Date Written: January 24, 2017
This paper reconsiders growth regressions from the perspective of Walt Whitman Rostow’s classic growth stages framework. We revised Rostow’s stages and then code every country that has data available according to the framework. We then estimate growth regression by stage and with interaction variables between institutions and growth stages. We find that the determinants of growth do vary by stage and that different institutions have different impacts by stage.
Keywords: growth stages, institutions, property rights, contracts
JEL Classification: O44
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