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States and Markets: The Advantage of an Early Start
Authors:Valerie Bockstette  Areendam Chanda  Louis Putterman
Institution:(1) Department of Economics, North Carolina State University, Raleigh, NC, 27695;(2) Department of Economics, Brown University, Providence, RI, 02912
Abstract:In this paper, an index of the depth of experience with state-level institutions, or state antiquity, is derived for a large set of countries. We show that state antiquity is significantly correlated with measures of political stability and institutional quality, with income per capita, and with the rate of economic growth between 1960 and 1995. State antiquity contributes significantly to the explanation of differences in growth rates, explaining half of the differences in growth rates between countries like China and Mauritania, which are located at the two ends of the spectrum. It is also a good instrument for ldquosocial infrastructure,rdquo which explains cross-country differences in worker productivity.
Keywords:economic growth  economic development  comparative economic systems
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