Institutions and growth volatility

Anbarci, Nejat, Hill, Jonathan and Kirmanoglu, Hasan 2011, Institutions and growth volatility, Economic papers, vol. 30, no. 2, pp. 233-252.

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Title Institutions and growth volatility
Author(s) Anbarci, Nejat
Hill, Jonathan
Kirmanoglu, Hasan
Journal name Economic papers
Volume number 30
Issue number 2
Start page 233
End page 252
Publisher Wiley-Blackwell Publishing Asia
Place of publication Richmond, Vic.
Publication date 2011-06
ISSN 0812-0439
1759-3441
Keyword(s) democratic institutions
individualism
collectivism
investment volatility
growth volatility
Summary Recently some studies provided evidence that democratic political institutions generate less volatile growth. These studies, however, do not provide any link between democracy and investment volatility. Here, we focus on the specific channel that links individualistic societies and low growth volatility. We test whether investment volatility and consequently growth volatility are lower in individualistic societies. We construct a two-equation system of investment and income growth volatility, allowing various measures of individualism to influence growth volatility both directly and indirectly. We find that individualism significantly directly and indirectly influences growth volatility negatively.
Language eng
Field of Research 140212 Macroeconomics (incl Monetary and Fiscal Theory)
Socio Economic Objective 910103 Economic Growth
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2011, The Economic Society of Australia
Persistent URL http://hdl.handle.net/10536/DRO/DU:30036874

Document type: Journal Article
Collections: Faculty of Business and Law
School of Accounting, Economics and Finance
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