Institutions, public debt and growth in Europe

Klaus Masuch · Edmund Moshammer · Beatrice Pierluigi

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Fiscal Policies and Political Economy Economic Growth and Productivity Corruption and Economic Development

Abstract

This paper provides empirical evidence that supports the view that the quality of institutions is an important determinant of long-term growth in European countries.It shows that an initial high government debt level coupled with institutional quality below the EU average tends to be associated with particularly poor longterm real growth performance.Interestingly, the detrimental effect of high debt levels on long-term growth seems cushioned by the presence of very sound institutions.The paper offers some evidence that sound institutions may be particularly important for long-term growth in countries in which the exchange rate tool is no longer available and less so in countries with flexible exchange rate regimes.The empirical findings on the importance of institutions are robust to various measures of output growth, different measures of institutional indicators, different sample sizes, different country groupings and to the inclusions of additional control variables.Keywords: quality of institutions and real growth, real convergence in the EU, public governance, structural reforms, public debt, panel estimates klaus masuch, edmund moshammer and beatrice pierluigi: institutions, public debt and growth in europe public sector economics 41 (2) 159-205 (2017) klaus masuch, edmund moshammer and beatrice pierluigi: institutions, public debt and growth in europe public sector economics 41 (2) 159-205 (2017) klaus masuch, edmund moshammer and beatrice pierluigi: institutions, public debt and growth in europe public sector economics 41 (2) 159-205 (2017) klaus masuch, edmund moshammer and beatrice pierluigi: institutions, public debt and growth in europe public sector economics 41 (2) 159-205 (2017)

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References

2001The Colonial Origins of Comparative Development: An Empirical Investigation 1991Economic Growth in a Cross Section of Countries 1999Why do Some Countries Produce So Much More Output Per Worker than Others?2010The Worldwide Governance Indicators: Methodology and Analytical Issues 1999The quality of government 2009The building blocks of economic complexity 2002Reversal of Fortune: Geography and Institutions in the Making of the Modern World Income Distribution 2005What matters for financial development? Capital controls, institutions, and interactions

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