Article
Comparative Economic Studies (2006) 48, 77–99. doi:10.1057/palgrave.ces.8100072
Economic Systems of Developing Nations
1Swarthmore College, Swarthmore, PA 19081, USA. E-mail: fpryor1@swarthmore.edu
†I thank Walter Park, Dennis Quinn, and A Maria Toyoda for supplying data. I am grateful to Stephen A O'Connell and Zora Pryor for commenting on an early draft of this paper.
Abstract
This essay employs a database of covering 31 different types of economic institutions for 41 developing nations. Defining an economic system in terms of clusters of complementary institutions and performing a cluster analysis, I derive four different types of economic systems. Then I explore the impact of the economic system on the economic growth, inflation rate, and production volatility of the nations with each system.
Keywords:
economic system, institutions, all developing nations
JEL Classifications:
O-110; O-579; P-510
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