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Africa’s Growth Tragedy: Policies and Ethnic Divisions. (1997)

by W Easterly, R Levine
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The Colonial Origins of Comparative Development: An Empirical Analysis

by Daron Acemoglu, Simon Johnson, James A. Robinson - AMERICAN ECONOMIC REVIEW , 2002
"... We exploit differences in early colonial experience to estimate the effect of institutions on economic performance. Our argument is that Europeans adopted very different colonization policies in different colonies, with different associated institutions. The choice of colonization strategy was, at l ..."
Abstract - Cited by 1657 (41 self) - Add to MetaCart
We exploit differences in early colonial experience to estimate the effect of institutions on economic performance. Our argument is that Europeans adopted very different colonization policies in different colonies, with different associated institutions. The choice of colonization strategy was, at least in part, determined by the feasibility of whether Europeans could settle in the colony. In places where Europeans faced high mortality rates, they could not settle and they were more likely to set up worse (extractive) institutions. These early institutions persisted to the present. We document these hypotheses in the data. Exploiting differences in mortality rates faced by soldiers, bishops and sailors in the colonies during the 18th and 19th centuries as an instrument for current institutions, we estimate large effects of institutions on income per capita. Our estimates imply that a change from the worst (Zaire) to the best (US or New Zealand) institutions in our sample would be associated with a five fold increase in income per capita.

Financial Intermediation and Growth: Causality and Causes

by Ross Levine, Norman Loayza, Thorsten Beck - JOURNAL OF MONETARY ECONOMICS , 2000
"... This paper evaluates (1) whether the exogenous component of financial intermediary development influences economic growth and (2) whether cross-country differences in legal and accounting systems (e.g., creditor rights, contract enforcement, and accounting standards) explain differences in the level ..."
Abstract - Cited by 819 (72 self) - Add to MetaCart
This paper evaluates (1) whether the exogenous component of financial intermediary development influences economic growth and (2) whether cross-country differences in legal and accounting systems (e.g., creditor rights, contract enforcement, and accounting standards) explain differences in the level of financial development. Using both traditional cross-section, instrumental variable procedures and recent dynamic panel techniques, we find that the exogenous components of financial intermediary development is positively associated with economic growth. Also, the data show that cross-country differences in legal and accounting systems help account for differences in financial development. Together, these findings suggest that legal and accounting reforms that strengthen creditor rights, contract enforcement, and accounting practices can boost financial development and accelerate economic growth.
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...cy conditioning information set plus measures of political stability (the number of revolutions and coups and the number of assassinations per thousand inhabitants (Banks 1994)) and ethnic diversity (=-=Easterly and Levine 1997-=-). Thus, for each of the three financial intermediary development indicators, we present regression results for the (i) simple, (ii) policy, and (iii) full conditioning information sets. 3. Regression...

Finance and growth: Theory and evidence

by Ross Levine , 2004
"... This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial intermedia ..."
Abstract - Cited by 489 (23 self) - Add to MetaCart
This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial intermediaries and markets matter for growth and that reverse causality alone is not driving this relationship. Furthermore, theory and evidence imply that better developed financial systems ease external financing constraints facing firms, which illuminates one mechanism through which financial development influences economic growth. The paper highlights many areas needing additional research.

The causes of corruption: a cross-national study

by Daniel Treisman , 2000
"... Why is corruption — the misuse of public office for private gain — perceived to be more widespread in some countries than others? Different theories associate this with particular historical and cultural traditions, levels of economic development, political institutions, and government policies. Thi ..."
Abstract - Cited by 397 (2 self) - Add to MetaCart
Why is corruption — the misuse of public office for private gain — perceived to be more widespread in some countries than others? Different theories associate this with particular historical and cultural traditions, levels of economic development, political institutions, and government policies. This article analyzes several indexes of ‘perceived corruption’ compiled from business risk surveys for the 1980s and 1990s. Six arguments find support. Countries with Protestant traditions, histories of British rule, more developed economies, and (probably) higher imports were less ‘corrupt’. Federal states were more ‘corrupt’. While the current degree of democracy was not significant, long exposure to democracy predicted
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...on constructed from surveys of expatriate business people also turn out 1 Acknowledgments to follow. 2 For a few examples of use of perceived corruption indexes, see Mauro 1995, La Porta et al. 1997, =-=Easterly and Levine 1997.s-=-CORRUPTION\2 to be highly correlated with at least one Gallup poll of the relevant countries’ inhabitants. This reduces the fear that one is analysing not perceptions of corruption but the quirks or...

Determinants of long-term growth: a Bayesian Averaging of Classical Estimates (BACE) approach

by Xavier Sala-i-Martin, Gernot Doppelhofer, Ronald I. Miller , 2003
"... This paper examines the robustness and joint interaction of explanatory variables in cross-country economic growth regressions. It employs a novel approach, Bayesian Averaging of Classical Estimates (BACE), which constructs estimates as a weighted average of OLS estimates for every possible combina ..."
Abstract - Cited by 374 (3 self) - Add to MetaCart
This paper examines the robustness and joint interaction of explanatory variables in cross-country economic growth regressions. It employs a novel approach, Bayesian Averaging of Classical Estimates (BACE), which constructs estimates as a weighted average of OLS estimates for every possible combination of included variables. The weights applied to individual regressions are justified on Bayesian grounds in a way similar to the well-known Schwarz model selection criterion. Of 67 explanatory variables we find 18 to be robustly partially correlated with long-term growth and another three variables to be marginally related. Of all the variables considered, the strongest evidence is for the relative price of investment, primary school enrollment and the initial level of real GDP per capita.

Explaining African economic performance

by Paul Collier - Journal of Economic Literature , 1999
"... The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the World Bank, its Executive Directors, or the countries they represent. Acknowledgements: We would like to thank Anke Höffler for research assist ..."
Abstract - Cited by 367 (15 self) - Add to MetaCart
The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the World Bank, its Executive Directors, or the countries they represent. Acknowledgements: We would like to thank Anke Höffler for research assistance in section 2 and Chris Adam, Janine Aron, Kees Burger, Bill Kinsey, Remco Oostendorp, Ritva Reinikka, Francis Teal, Steve Younger and three referees for comments. Abstract: Africa has had slow growth and a massive exodus of capital. In many respects it has been the most capital-hostile region. We review and interpret the aggregate-level and microeconomic literatures to identify the key explanations for this performance. There is a reasonable correspondence of the two sets of evidence, pointing to four factors as being important. These are a lack of openness to international trade; a high-risk environment; a low level of social capital; and poor infrastructure. These problems are to a substantial extent attributable to government behaviour and the paper includes a review of the political economy literature which addresses that behaviour
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...xplanatory variables. If successful, this implies that the Africa dummy will be insignificant. Some regressions have found the Africa dummy to be both large and significant (e.g. Barro and Lee, 1993; =-=Easterly and Levine, 1997-=-), others eliminate it (Sachs and Warner, 1997; Collier and Gunning, 1997; Temple, 1998), though to an extent by transferring the puzzle elsewhere. Sachs and Warner find a significant ‘tropics’ dummy....

Tropics, germs, and crops: How endowments influence economic development

by William Easterly, Ross Levine - Journal of Monetary Economics , 2003
"... Abstract: Does economic development depend on geographic endowments like temperate instead of tropical location, the ecological conditions shaping diseases, or an environment good for grains or certain cash crops? Or do these endowments of tropics, germs, and crops affect economic development only t ..."
Abstract - Cited by 322 (12 self) - Add to MetaCart
Abstract: Does economic development depend on geographic endowments like temperate instead of tropical location, the ecological conditions shaping diseases, or an environment good for grains or certain cash crops? Or do these endowments of tropics, germs, and crops affect economic development only through institutions or policies? We test the endowment, institution, and policy views against each other using cross country evidence. We find evidence that tropics, germs, and crops affect development through institutions. We find no evidence that endowments affect country incomes directly other than through institutions, nor do we find any effect of policies on development once we control for institutions.
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...in 1500 have worse institutions and lower income today. Since urbanization and population density are a good proxy for income, this suggests a reversal in income ranking between 1500 and today. The 9 =-=Easterly and Levine 1997-=- and Mauro 1995 suggested ethnic fractionalization led to poor institutional outcomes. 9tropics hypothesis would predict persistence in income ranking, since latitude doesn’t change. AJR 2002 argue th...

Who trusts others?

by Alberto Alesina, Eliana La Ferrara , 2002
"... Both individual experiences and community characteristics influence how much people trust each other. Using individual level data drawn from US localities we find that the strongest factors associated with low trust are: (i) a recent history of traumatic experiences; (ii) belonging to a group that h ..."
Abstract - Cited by 297 (8 self) - Add to MetaCart
Both individual experiences and community characteristics influence how much people trust each other. Using individual level data drawn from US localities we find that the strongest factors associated with low trust are: (i) a recent history of traumatic experiences; (ii) belonging to a group that historically felt discriminated against, such as minorities (blacks in particular) and, to a lesser extent, women; (iii) being economically unsuccessful in terms of income and education; (iv) living in a racially mixed community and/or in one with a high degree of income disparity. Religious beliefs and ethnic origins do not significantly affect trust. The role of racial cleavages leading to low trust is confirmed when we explicitly account for individual preferences on inter racial relationships: within the same community, individuals who express stronger feelings against racial integration trust relatively less the more racially heterogeneous the community is.

Bank-Based or Market-Based Financial Systems: Which is Better?

by Ross Levine - Journal of Financial Intermediation , 2000
"... For over a century, economists and policy makers have debated the relative merits of bank-based versus market-based financial systems. Recently, however, proponents of the legal-based view of financial development have argued that the century long debate concerning bank-based versus market-based fin ..."
Abstract - Cited by 256 (14 self) - Add to MetaCart
For over a century, economists and policy makers have debated the relative merits of bank-based versus market-based financial systems. Recently, however, proponents of the legal-based view of financial development have argued that the century long debate concerning bank-based versus market-based financial systems is analytically vacuous. According to this view, the critical issue is establishing a legal environment in which both banks and markets can operate effectively. This paper represents the first broad, cross-country examination of which view of financial structure and economic growth is most consistent with the data.

Ethnic Diversity and Economic Performance

by Alberto Alesina, Eliana La Ferrara , 2004
"... ..."
Abstract - Cited by 240 (3 self) - Add to MetaCart
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