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Crisis, Institutional Quality and Economic Growth
(2017) Vergil, Hasan; Teyyare, Erdoğan
Even though there is an agreement on the relationship between institutional quality and economic growth, the re-designing of institutions due to balance of payments and debt crises in some countries in the last 30 years has brought about a discussion of effects of crises on economic growth through changes in institutional quality. This study investigates whether economic crises have an effect on economic growth through changes in institutional quality by employing the Mankiw, Romer and Weil model. Employing panel data methodologies for Argentina, Mexico, Brazil, Thailand, Malaysia, Philippines, Indonesia, South Korea and Turkey, this study finds that changes due to economic crisis in bureaucratic quality, socioeconomic conditions, investment profile, religious tensions and democratic accountability amount to significant variables and, except for religious tensions, they have positive effects on economic growth. Thus, economic crises do change the level of institutional quality and this change, in turn, positively affects economic growth.