In what sense are institutions a deep determinant of growth? In this paper, we address this question by examining the … factors in which institutions affect market integration more than market integration affects institutions. It was …

This paper examines the effect of trade integration and comparative advantage on one of a country’s institutions, which …

regions rich in marine resources differ from societies with a purely agrarian legacy in terms of institutions, cultural values …

The number of firm bankruptcies is surprisingly low in economies with poor institutions. We study a model of bank …. We show that institutions must improve significantly in order to yield a stable equilibrium in which the optimal number … of firms is liquidated. There is also a range where improving institutions may decrease the number of bad firms …

institutions. This paper shows how such institutions can emerge as a decentralized equilibrium. In a first stage, individuals …