Do Institutions Cause Growth? Theory and Evidence from some Selected OIC Countries

Al Qasimia University Journal of Islamic Economics(2022)

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摘要
The main purpose behind this empirical investigation was to establish a relationship between institutional factors and economic growth. For this purpose, a sample of 40 countries belonging to Organization of Islamic Cooperation (OIC) is utilized. Panel data for the period 2002-2018 is collected from internationally reliable sources and suitable econometric tools are employed for the estimation purpose. Results revealed that indeed institutional factors matter for achieving higher economic growth. Control of corruption is found to be the main driving forces behind the economic growth of OIC countries. Similarly, constrains both executive and political are detrimental for economic growth. Rule of law and government effectiveness have played a positive role in the growth process; however, they are insignificant statistically. The control variables such as trade openness and mean years of schooling have played their expected positive role in economic growth. Moreover, employment level of the labor force and capital stock have impacted economic growth of these countries positively but insignificantly. The study recommends that countries belonging to the OIC shall move towards control corruption and relax constrains related to both executive and political regime and bring improvement in government and rule of law in order to speed up the process of economic growth. This study has provided detailed understanding about the role of institutions in economic growth both empirically and theoretically for OIC member countries for the first time.
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Institutional Quality
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