Institutions' complementarity and coevolution

Pak Hung MO

Research output: Contribution to journalArticlepeer-review

1 Citation (Scopus)

Abstract

I sketch a framework of theoretical and empirical models to illustrate the interactions between government and market actors, and the resulting coevolution of related institutions. The choices and interactions of the rational actors, in addition to other stock variables, format the motivation matrix and determine the changes in economic outcomes and institutions. The changes accumulating over time reshape the institutional environment in subsequent periods. The empirical findings suggest that state variables, government policies and choices can generate virtuous or vicious spirals driving changes in institutions and the wellbeing of people for a long period of time. Understanding the mechanism is essential for building appropriate institutions and capacity to generate inclusive and sustained economic growth.

Original languageEnglish
Pages (from-to)133-150
Number of pages18
JournalMalaysian Journal of Economic Studies
Volume55
Issue number1
DOIs
Publication statusPublished - Jun 2018

Scopus Subject Areas

  • Economics, Econometrics and Finance(all)

User-Defined Keywords

  • Effects
  • Estimations
  • Evolution mechanism
  • Institutional changes JEL classification: O4

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