Yakira Fernández-Torres, Juan Carlos Díaz-Casero, Julián Ramajo-Hernández

Institutions and economic growth: ¿consensus in the literature?

The aim of this paper is to analyze the degree of consensus in the literature on the impact of institutions on economic growth, for which we differentiate between three dimensions: economic, political and social institutions. After a literature review from 1990 to today, as main conclusion we find that, generally, the revised authors find a positive effect of economic institutions and social capital and negative effect of political instability, while political freedom has less clear results. On the other hand, it can also be concluded that there are insufficient studies on the differences in the estimated effects and the sequence of implementation between dimensions, showing the necessity of more empirical analysis about this topic.

Keywords: New Institutional Economics, economic growth, institutions, institu- tional quality.

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