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Roberto Antonietti and Chiara Burlina
''Quality of institutions and standard of living: a panel cointegration analysis''
( 2021, Vol. 41 No.3 )
Does the quality of its institutions affect the average standard of living in a country? We aim to answer this question by conducting a panel cointegration analysis on a sample of 162 countries and 21 years, from 1996 to 2016. In the long run, the estimates show a mutual (Granger) causal effect between all six constitutive elements of institutional quality considered and GDP per capita, our proxy of a country's standard of living. In the short run, however, GDP per capita is only influenced by voice and accountability, and regulatory quality.
Keywords: quality of institutions, standard of living, panel cointegration, Granger causality
JEL: O1 - Economic Development: General
O4 - Economic Growth and Aggregate Productivity: General
Manuscript Received : Jun 11 2021 Manuscript Accepted : Sep 18 2021

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