The aim of this paper is to quantify the importance of institutions in economic growth and to identify the factors that determine institutional quality. For this purpose, we estimate a system of simultaneous equations with an income equation and another one of institutional quality and use a broad sample of countries with very different levels of development. The analysis is also carried out for three sub-samples of different income levels. In addition, a test of the robustness of the results to econometric techniques is performed.
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Fabro et al. (2009) studied this question.
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