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1、EconomicsofTransitionVolume13(3)2005,499–532BInstitutionsmatter,butwhichBlackwellPublishing,Ltd.Oxford,UKECOTTheEconomicsofTransition0967-0750©TheEuropeanBankforReconstructionandDevelopment,2005ifknownOriginalArticleInstitutionsMatter,ButWhichOnes?ardhanones?PranabBardhanU
2、niversityofCaliforniaatBerkeley,Berkeley,CA94720-3880,USA.E-mail:bardhan@econ.berkeley.eduAbstractThepurposeofthispaperistogobeyondthenarrowfocusofthecurrentinstitu-tionaleconomicsliteratureindevelopmentontheinstitutionsprotectingindividualpropertyrights,andtolookattheecon
3、omiceffectsofsomeotheraspectsofinstitutionalqualityonthedevelopmentprocess(likedemocraticparticipationrightsandinstitutionstoaddresscoordinationfailures).Anotherpurposeistosuggestanalternativeinstrumentalvariableinquantifyingtheeffectsofpropertyrightsinstitutions.Finally,w
4、especulatehow,onaccountofdistributiveconflicts,institutionsthathaveanadverseeffectoneconomicperformanceoftentendtopersistforlongperiodsoftimeinmanypoorcountries.JELclassifications:G2,K11,N10,O11,O17.Keywords:Propertyrights,coordinationfailures,dysfunctionalinstitutions.©Th
5、eEuropeanBankforReconstructionandDevelopment,2005.PublishedbyBlackwellPublishing,9600GarsingtonRoad,OxfordOX42DQ,UKand350MainStreet,Malden,MA02148,USA.500Bardhan1.IntroductionInthelasttwodecadesinstitutionaleconomicsofdevelopmenthasbeenenrichedbyhistoricaland,morerecently,
6、quantitativeanalysisoftheeffectsofthequalityofinstitutionsonthepaceandpatternofeconomicdevelopment.FollowingtheleadershipofDouglassNorth,thisliteraturehasshownhowimportantsecurepro-pertyrightsareinencouraginginvestmentandinnovations,allowingtheinvestorandtheinnovatortoreap
7、theharvestoftheirefforts.Thereis,however,ageneralimpressionintheliteratureasithasdevelopedsincethenthatifonecangettheruleoflawthatprotectspropertyrights(andpreferably,thelawsthemselvesareoftheAnglo-Saxontypewhicharesupposedtoprotectminorityshareholdersagainstinsiderabusein
8、thecorporatesector),themarketwilltakecareofmuchoftherest.Thispreoccupationoftheliterature
