The Institutional Foundations of Macroeconomic Stability: Indonesia versus Nigeria

Abstract

A large body of historical and international cross-sectional evidence suggests that macroeconomic stability contributes in a major way to economic development. A key question is what is the set of institutions and policies that is the most appropriate one to insure macroeconomic stability within a specific setting at one point in time. A related question is what set (or subset) of initial conditions and specific shocks is likely to trigger a process of institutional change (and complementary policies over time) favourable to the achievement of macroeconomic stability and growth. Conversely, are there certain types of initial conditions and exogenous shocks that are likely to move the socioeconomic system further towards macroeconomic instability and stagnation? These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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