The Determinants of Economic Growth in Emerging Economies: A Comparative Analysis pp. 241-270
Authors: (Pasquale Tridico, University of “Roma Tre”, Department of Economics, Rome, Italy)
Abstract: Over the past decade Emerging and Transition Economies (ETE) have been experiencing economic growth and a consistent institutional change. The aim of this paper is twofold. First of all, a cross-country analysis of a group of ETE in the period 1998-2008 will be carried out in order to understand what determines economic growth among these countries. Secondly, a comparative analysis will be carried out. The countries will be classified according to their socio-economic models, and I will investigate whether institutions may have an impact on growth. The central hypothesis is that explaining economic growth is a complex issue which needs positive interaction of several socioeconomic and institutional factors. My analysis suggests that countries can grow with their own “style of capitalism”, and the determinant of economic growth is the ability of each country to associate appropriate governance and institutions with education level, export activity and non-income dimensions of human development.