Industrial Growth and the Quality of Institutions : What Do (Transition) Economies Have to Gain from the Rule of Law?

Grigorian, David A. ; Martinez, Albert

World Bank, Washington, DC

关键词: ADMINISTRATIVE BARRIERS;    BARRIERS TO ENTRY;    BENCHMARK;    BUREAUCRACY;    BUREAUCRATIC QUALITY;   

DOI  :  10.1596/1813-9450-2475
RP-ID  :  WPS2475

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The authors empirically test the linkbetween industrial growth and indicators of institutionalquality. They find significant evidence that institutionalquality affects inindustrial growth in 27 Asian and LatinAmerican countries. Their results suggest that thedevelopment of the legal and regulatory framework works itsway to industrial growth through both investment and totalfactor productivity. The implications for policymakers intransition economies: Institution building should complementprivatization, public and private investment in education,research and development, and measures to promote foreigndirect investment. Specifically, policymakers should try toreduce corruption, eliminate bureacratic barriers, andimprove the legal environment and contract enforcement.Special attention should also be given to measures to deepenfinancial intermediation, improve the financial sectorinfrastructure, and increase the efficiency of financial transactions.