Scandinavian Working Papers in Economics

Working Papers in Economics,
University of Gothenburg, Department of Economics

No 206: Institutions and their Measures: A Black Box of Goodies

Gustav Hansson ()
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Gustav Hansson: Department of Economics, School of Business, Economics and Law, Göteborg University, Postal: Box 640, SE 405 30 GÖTEBORG

Abstract: The use of institutional measures in empirical work is widespread, but the question of what these measures actually capture and how they are constructed is something that is not given enough attention. Institutions and their measures are therefore like a “black box of goodies”: Something that we do not know much about but at the same time is given a very prominent role in explaining economic development. This paper is an attempt to deepen our understanding of institutional measures by critically examining four measures that have been given a prominent role in the recent literature on economic development.

Keywords: Institutions; Measurement; Methodology

JEL-codes: B40; C82; P48

38 pages, April 6, 2006

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