Institutions, economic growth and international competitiveness: a regional study

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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
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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