Institutions, economic growth and international competitiveness: a regional study

Roseline Wanjiru, Karla Prime

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    Abstract

    This chapter focuses on institutions as key determinants of economic growth. We explore the effect of institutions in the Caribbean region that tends to be overlooked within mainstream IB research. Using a three-stage model, we test for cross-national variance and the influence of institutions on productivity and output. We found that institutions influence long-run economic performance and that some institutions matter more than others. Our evidence suggests that institutions designed to regulate and legitimise markets and constrain inefficiencies, significantly affect levels of productivity . In turn, institutions designed to stabilise markets could have a growth-maximising effect beyond which increased bureaucracy reduces incentives to increase productivity.
    Original languageEnglish
    Title of host publicationContemporary Issues in International Business
    Subtitle of host publicationInstitutions, Strategy and Performance
    EditorsDavide Castellani, Rajneesh Narula, Quyen T. K. Nguyen, Irina Surdu, James T. Walker
    PublisherPalgrave Macmillan
    Chapter6
    Pages99-124
    Number of pages26
    ISBN (Electronic)978-3-319-70220-9
    ISBN (Print)978-3-319-70219-3
    Publication statusPublished - 27 Feb 2018

    Publication series

    NameThe Academy of International Business
    PublisherPalgrave Macmillan

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