english Icono del idioma   español Icono del idioma  

Por favor, use este identificador para citar o enlazar este ítem: https://hdl.handle.net/20.500.12008/4237 Cómo citar
Título: Contract enforcement, investment and growth in Uruguay since 1870
Autor: Fleitas, Sebastián
Rius, Andrés
Román, Carolina
Willebald, Henry
Tipo: Documento de trabajo
Palabras clave: INVERSIONES, CRECIMIENTO ECONOMICO, MODELOS ECONOMETRICOS
Cobertura geográfica: URUGUAY
Fecha de publicación: 2013
Resumen: Institutions and their quality are central concepts in the recent development and institutional economics literatures. Our hypothesis is that inadequate contract enforcement has hindered investment and, in consequence, indirectly has had a negative effect on Uruguay\2019s long-term growth performance. We first review the main concepts and the approaches to define and measure the quality of contract enforcement. We then introduce one measure that has the advantages of being measurable into the past and not depending on subjective judgments; namely, the \201Ccontract intensive money\201D (CIM) indicator proposed by Clague et al. (1999). Using our long series for the CIM indicator, and extending key macroeconomic variables backwards to 1870, we are able to estimate a structural model to explore the plausibility of our hypothesis. In the estimation, based on the seemingly unrelated regressions (SUR) method, we find support for the thesis that the quality of contract enforcement influences growth through its impact on investment. Put differently, our results suggest that poor contract enforcement played a significant role at the root of Uruguay\2019s underperformance, and in its experience of (relative) long-run decline.
Editorial: UR.FCEA-IE
Serie o colección: Serie Documentos de Trabajo / FCEA-IE; DT01/13
ISSN: 1510-9305
e-ISSN: 1688-5090
Citación: FLEITAS, S., RIUS, A., ROMÁN, C., WILLEBALD, H. "Contract enforcement, investment and growth in Uruguay since 1870". Serie Documentos de Trabajo / FCEA-IE; DT01/13. UR.FCEA-IE, 2013.
Licencia: Licencia Creative Commons Atribución – No Comercial – Sin Derivadas (CC - By-NC-ND)
Aparece en las colecciones: Documentos de trabajo e informes de investigación - Instituto de Economía

Ficheros en este ítem:
Fichero Descripción Tamaño Formato   
dt-01-13.pdf407,19 kBAdobe PDFVisualizar/Abrir


Este ítem está sujeto a una licencia Creative Commons Licencia Creative Commons Creative Commons