Four essays on institutions and economics

  • Autor: Laura López Gómez
  • Director/es: Arielle Beyaert, José García Solanes
  • Defensa: 18/10/2019 - Facultad de Economía y Empresa. Universidad de Murcia
  • Tribunal: Máximo Camacho Alonso, María Dolores Guilló Fuertes, Ana María Cuadros Ramos
  • Calificación: Sobresaliente cum laude
  • Ver publicaciones relacionadas

ABSTRACT

The objective of this thesis is to analyse how institutional quality affects economic performance at different levels. We use various econometric techniques to study institutional convergence in the eurozone countries; we next carry out counterfactual analysis to determine to what extent the implementation of the single currency affected the level of corruption in the eurozone countries. The next step is to analyse the effect of institutional quality on long-term growth. Finally, we study the impact of institutions at an international level in two different aspects: we first evaluate the relationship between institutions and tourism demand at country level and second the spatial effects of the tourism demand.

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The underlying motivation is that institutional factors, apart from affecting economic performance in the short-run, are key determinants of the long run per-capita income levels of the countries. We apply the third-generation panel unit root test developed by Bai and Carrion-I-Silvestre (2009) to test for stochastic convergence and complete the results with distribution dynamics analysis. We find that no convergence has taken place either across the members of the whole eurozone, or in any of the several sub-groups of this area considered in the analysis; we also detect a general institutional degradation in the peripheral and Eastern countries with respect to the best positioned countries. We also find that the Eastern members of the eurozone suffered backsliding in Investment Profile since their accession to the euro area, but not in the other five institutional indicators. Our results suggest some policy prescriptions that would require a new approach towards the implementation of the European cohesion policies. [post_title] => Do institutions of the euro area converge? 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The underlying motivation is that institutional factors, apart from affecting economic performance in the short-run, are key determinants of the long run per-capita income levels of the countries. We apply the third-generation panel unit root test developed by Bai and Carrion-I-Silvestre (2009) to test for stochastic convergence and complete the results with distribution dynamics analysis. We find that no convergence has taken place either across the members of the whole eurozone, or in any of the several sub-groups of this area considered in the analysis; we also detect a general institutional degradation in the peripheral and Eastern countries with respect to the best positioned countries. We also find that the Eastern members of the eurozone suffered backsliding in Investment Profile since their accession to the euro area, but not in the other five institutional indicators. Our results suggest some policy prescriptions that would require a new approach towards the implementation of the European cohesion policies. [post_title] => Do institutions of the euro area converge? 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