Kiel Working Papers, Kiel Institute for World Economics
No 1163:
Property Rights and their Impact on the Wealth of Nations-A Cross-Country Study
Bernhard Heitger
Abstract: This paper investigates the quality of property rights and
long-term economic growth in an international cross-section of countries in
1975-1995. The empirical tests indicate that the impact of private
property rights on growth is positive and simultaneously determined.
Correcting for the simultaneity bias reveals a regression coefficient which
is quite remarkable: A doubling in the index of the quality of property
rights leads to a more than doubling in per capita incomes. In addition,
private property rights also impact the traditional determinants of
economic growth. Thus it seems appropriate to class private property rights
with the ultimate sources of economic growth.
Keywords: Economic Growth, Property Rights, Institutions; (follow links to similar papers)
JEL-Codes: O40; (follow links to similar papers)
31 pages, May 2003
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