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What matters for growth in Europe? Institutions versus policies, quality versus instability

In English

Författare

Summary, in English

We study how the quality and instability of institutions and policies affect economic growth in 35 European countries. While stability entails valuable predictability, instability can reflect reforms that offer positive long-run consequences. We construct measures of quality and instability for a panel of countries for 1984-2009. Results suggest that the quality of policy is growth-promoting. Notably, this positive effect becomes larger the more unstable policies are. The findings suggest that for European countries, the benefits of policy flexibility - due to experimentation and learning or making rent seeking more difficult - dominate the costs of reduced predictability.

Publiceringsår

2015

Språk

Engelska

Sidor

69-88

Publikation/Tidskrift/Serie

Journal of Economic Policy Reform

Volym

18

Issue

1

Dokumenttyp

Artikel i tidskrift

Förlag

Taylor & Francis

Ämne

  • Economics

Nyckelord

  • policies
  • Europe
  • reforms
  • institutional change
  • institutions
  • growth
  • instability
  • O11
  • B52
  • O43
  • O17
  • D80

Status

Published

ISBN/ISSN/Övrigt

  • ISSN: 1748-7889