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1、Publishedin:(2000)EconomicsandPolitics12(1):1-31TheInstitutionalEnvironmentforEconomicGrowthWitoldJ.Henisz*TheWhartonSchoolUniversityofPennsylvania2021SteinbergHall-DietrichHallPhiladelphia,PA19104-6370henisz@wharton.upenn.eduAbstract:Thisarticleforgesanexplicitlinkbetweenanob
2、jectivemeasureofpoliticalconstraintsandvariationincross-nationalgrowthrates.Itderivesanewmeasureofpoliticalconstraintsfromasimplespatialmodelofpoliticalinteractionthatincorporatesinformationonthenumberofindependentbranchesofgovernmentwithvetopowerandthedistributionofpreference
3、sacrossandwithinthosebranches.Thederivedvariableisfoundtohaveastatisticallyandeconomicallysignificantimpactongrowthratesusingsimpleordinaryleastsquares,three-stageleastsquaresandgeneralizedmethodofmomentsestimationtechniques.Keywords:growth,institutionalenvironment,positivepol
4、iticaltheoryJELClassification:O40,O57*ThispaperisaneditedversionofChapter2ofmydissertation:“TheInstitutionalEnvironmentforInternationalInvestment:SafeguardingAgainstStateSectorOpportunismandOpportunisticUseoftheState.”FundingforthispaperwasgenerouslyprovidedbytheBradleyandOlin
5、Foundations,theJoeShoongChairofInternationalBusinessandtheInstituteforManagement,InnovationandOrganization.IwouldliketothankOliverWilliamson,PabloSpiller,HenryBrady,PatMoreton,KyleMayer,BennetZelner,RobertPowell,J.BradfordDeLong,andseminarparticipantsatUCBerkeleyfortheircommen
6、tsonpreviousdrafts.1Despiteaflurryofrecentactivity,thelinkbetweentheoreticalargumentsforagovernment'sabilitytoprovideacrediblecommitmenttothereturnstoprivatepropertyandtheempiricalliteratureontheeconomicimpactsofsuchpoliticalinstitutionsremainsincomplete.Papersaimingtotestfort
7、heexistenceofthisrelationshipinareasasdisparateasmacroeconomicgrowth,internationalbusinessandindustrialorganizationhaverecentlyconvergedupontheuseofinstitutionalvariablesconstructedbytheInternationalCountryRiskGuide(ICRG).Theseindexesmeasuretheruleoflaw,thelikelihoodofgovernme
8、ntexpropriation,thelikelihoodofgovernmentcontractrepudiation,
