Publication: Governance and Economic Growth
Date
2003-07
ISSN
Published
2003-07
Author(s)
Gradstein, Mark
Abstract
Because protection of property rights
cannot be appropriated by any individual, it is widely
recognized as being the state's responsibility.
Moreover, recent empirical evidence suggests that protection
of property rights leads to higher investment levels and
faster growth. The extent of property rights protection
differs significantly across countries. The author
integrates the emergence of property rights within a simple
growth framework. Drawing on North (1990), he presents a
model where economic performance and enforcement of property
rights may reinforce each other. Initial conditions
determine the economy's convergence to a high-income or
a low-income steady state. Existing empirical evidence
offers tentative support for this theory.
Link to Data Set
Citation
“Gradstein, Mark. 2003. Governance and Economic Growth. Policy Research Working Paper;No. 3098. © World Bank, Washington, DC. http://hdl.handle.net/10986/18146 License: CC BY 3.0 IGO.”
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