Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/80323
Authors: 
Knowles, Stephen
Weatherston, Clayton
Year of Publication: 
2006
Series/Report no.: 
CREDIT Research Paper 06/06
Abstract: 
There is a growing literature which analyses, using cross-country data, whether institutions or geography is the most important deep determinant of income per capita. The empirical proxies used for institutions in this literature, however, focus only on formal institutions, rather than informal institutions, despite the fact that North (1990) emphasised the importance of informal institutions. We include a measure of informal institutions, a concept we argue is closely related to social capital and cultural norms, in a representative deepdeterminants framework and find informal institutions to be just as important a deep determinant of income levels as are formal institutions.
Subjects: 
Institutions
deep determinants
social capital
culture
JEL: 
Z13
O11
Document Type: 
Working Paper

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