Influence of Selected Institutional Factors on the Economic Growth: Case Open Markets

Procházka, Pavel; Čermáková, Klára

doi:10.1016/s2212-5671(15)01319-2

Cited by 10 publications

(6 citation statements)

References 20 publications

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“…The behavior of the components need not be the same as that of the aggregated index. For example, Procházka and Čermáková (2015) analyze the relationship between the selected components of the Heritage Foundation index of economic freedom and economic growth for a large sample of countries. In some cases, there is no significant positive link between a given area of economic freedom and economic growth.…”

Section: Literature Reviewmentioning

confidence: 99%

Time stability of the impact of institutions on economic growth and real convergence of the EU countries: implications from the hidden Markov models analysis

Bernardelli

Próchniak

Witkowski

2021

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Research background: It is not straightforward to identify the role of institutions for the economic growth. The possible unknown or uncertain areas refer to nonlinearities, time stability, transmission channels, and institutional complementarities. The research problem tackled in this paper is the analysis of the time stability of the relationship between institutions and economic growth and real economic convergence. Purpose of the article: The article aims to verify whether the impact of the institutional environment on GDP dynamics was stable over time or diffed in various subperiods. The analysis covers the EU28 countries and the 1995?2019 period. Methods: We use regression equations with time dummies and interactions to assess the stability of the impact of institutions on economic growth. The analysis is based on the partially overlapping observations. The models are estimated with the use of Blundell and Bond?s GMM system estimator. The results are then averaged with the Bayesian Model Averaging (BMA) approach. Structural breaks are identified on the basis of the Hidden Markov Models (HMM). Findings & value added: The value added of the study is threefold. First, we use the HMM approach to find structural breaks. Second, the BMA method is applied to assess the robustness of the outcomes. Third, we show the potential of HMM in foresighting. The results of regression estimates indicate that good institution reflected in the greater scope of economic freedom and better governance lead to the higher economic growth of the EU countries. However, the impact of institutions on economic growth was not stable over time.

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Section: Literature Reviewmentioning

confidence: 99%

Time stability of the impact of institutions on economic growth and real convergence of the EU countries: implications from the hidden Markov models analysis

Bernardelli

Próchniak

Witkowski

2021

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“…Higher values of IEF variables indicate a higher efficiency of institutions. IEF was used in Murphy (2016), Ott (2018), Procházka & Čermáková (2015). Property rights quality can be measured using detailed measures prepared by Property Rights Alliance.…”

Section: Institutions In Contemporary Economiesmentioning

confidence: 99%

The quality of formal institutional subsystems of OECD countries

Borkowski

2021

EiP

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Motivation: Institutions are the core element of every economic system. Institutions condition all economic, social and political relations within the economy. They are universal. There is no doubt that a non-institutional analysis of contemporary economies is incomplete. The subject of this article are subsystems of formal institutions of OECD countries. This paper is an attempt to supplement contemporary economics with a structural model of formal institutional environments. Aim: The purpose of the article is to assess the quality of formal institutions of OECD economies and to identify the most important groups of institutions that shape the formal institutional environment of modern economies. A research hypothesis was adopted, stating that the quality of property rights has the strongest positive impact on the quality of formal institutional subsystems. Results: The analysis of the literature allowed the indication of the importance of (especially formal) institutions in the economy. The constructed soft model allowed for positive hypothesis verification. As it turns out, the quality of formal institutions is positively influenced by all three separate groups of formal institutions, but institutions of property rights are of the greatest importance.

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“…В работе P. Procházka, K. Čermáková анализируется взаимосвязь институциональных факторов и экономического роста [6] [7]. По результатам исследования все факторы оказались значимыми, однако импорт оказывает негативное влияние на экономический рост в долгосрочной перспективе, а денежные трансферты и прямые иностранные инвестиции оказывают положительное влияние как в краткосрочной, так и в долгосрочной перспективе.…”

Section: обзор литерат уры и обоснование гипотезunclassified

Impact of the Russian Stock Market on Economic Growth

Fedorova

Musienko

Афанасьев³

2020

jour

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Автор для корреспонденции АННОТАЦИЯ Авторы исследуют влияние фондового рынка на экономический рост. Цель исследования -определить степень влияния российского фондового рынка на валовой внутренний продукт, а также проанализировать значимость в этом процессе различных финансовых инструментов. Выдвинуты три гипотезы: 1) динамика изменения состояния фондового рынка в целом оказывает влияние на рост ВВП; 2) рост рынка акций положительно влияет на изменение ВВП; 3) на рост ВВП в большей степени влияет рынок акций, чем корпоративных облигаций. Для проверки данных гипотез использованы методы экономико-математического моделирования, построения модели векторной авторегрессии (VAR). Использованы данные Международного валютного фонда (IMF), Московской биржи (MOEX) и инвестиционного холдинга Финам за период с января 2000 по июль 2019 г. В результате исследования доказано, что на рост валового внутреннего продукта страны оказывают влияние не только традиционные макроэкономические и производственные факторы, но и положительная динамика фондового рынка. Установлено, что степень влияния роста индексов акций и корпоративных облигаций на изменение валового внутреннего продукта будет различной. При этом отмечена различная степень влияния фондового рынка на валовой внутренний продукт с течением времени. Сделан вывод, что обеспечение роста фондовых индексов является одним из условий достижения стабильного роста ВВП России. В наибольшей степени рост ВВП зависит от роста наиболее крупных ликвидных компаний, торгующих на российском фондовом рынке.

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Influence of Selected Institutional Factors on the Economic Growth: Case Open Markets

Cited by 10 publications

References 20 publications

Time stability of the impact of institutions on economic growth and real convergence of the EU countries: implications from the hidden Markov models analysis

Time stability of the impact of institutions on economic growth and real convergence of the EU countries: implications from the hidden Markov models analysis

The quality of formal institutional subsystems of OECD countries

Impact of the Russian Stock Market on Economic Growth

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