How Governance Affects the Quality of Policy Reform and Economic Performance : New Evidence for Economies in Transition
نویسنده
چکیده
This paper investigates the impact of governance on economic reform and performance in transition economies. The applied concept of governance allows the identification of institutional impediments to transition in a comparative way. The empirical analysis of the concept confirms the view that governance matters. The panel data set constructed for this study allows to identify three independent governance factors, each of which can help improve the quality of policy making. Moreover, the paper provides new evidence that governance matters mainly in an indirect way by identifying a causal relationship from good governance to more effective policy reforms and a more stable and market-enhancing institutional framework, which, in turn, lead to higher investment and economic growth. JEL classification: H1, O1, P2, P3
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