Economists have recognized that ldquo;institutions matterrdquo; and the renewal of Institutional Economics has gained a large scientific authority, but institutions, as unit of analysis, stay a concept not understood on all its dimensions. Recently, a new concept appeared in the economic...

Both institutional quality and institutional stability have been argued to stimulate economic growth. But to improve institutional quality, a country must endure a period of institutional change, which implies at least a little and possibly a lot of institutional instability. We investigate the...

The main aim of this study is to explain how institutional change, based on processes of democratization, governs the origin and diffusion of technological innovation across economies. This study suggests that institutional change, based on a progressive democratization of countries, is a...

An intense discussion is taking place in International Political Economy on the influence of economic ideas on institutional change. Case studies so far have, however, mainly focused on the Western industrialised countries and research seems to be biased towards cases in which new ideas caused...

A stock exchange and the presence of functioning equity markets are part and parcel of an advanced market-based financial system. Previous research has also established that equity markets function more efficiently in the presence of supporting institutions such as property rights and rule of...

This article focuses on the roles of formal rules (laws) in institutional emergence, sustenance, crisis, and transition based on an examination of the Meiji Restoration and the Xinhai Revolution. It describes how formal rules in the polities of Qing China and Tokugawa Japan were enforced,...

The prediction of an institutional convergence between territories by institutional replication, must take into account the interdependence of institutions which characterizes the identity of territories, more than the replication itself. Basing the interdependence of institutions on the...

The contention that “inclusive” institutions are the deep determinants of economic growth remains unsatisfactory. This paper develops an alternative theoretical and empirical case that economic structures are the fundamental cause of economic performance. Economic structures determine the...

Simplifying business formalization and eliminating outdated formalities is often a good way of improving the institutional environment for firms. Unfortunately, the World Bank's Doing Business project is harming such policies by promoting a reform agenda that gives them priority even in...

Today the prevention of global challenges (from global security to the problems of poverty) relates to the institutional quality. Nowadays, the social standards or other "social rules" make the part of the market system, since they are built into the country's institutional structure. Neither...