عنوان مقاله [English]
Having proper level of development to enjoy from its benefit (wealth, welfare and equality) is one of priorities every society. There are many factors that effect on development. One of these factors is institutions and it has dedicated much discussion among development researchers and politician. Institutions by reducing the transaction costs, decrease investment risk and greater participation of people in economic activities, social and political can have a positive impact on development process .In this regard, in this paper, we investigate the effect of institutions (it shows using governance indicators) on development in the Islamic member countries of Group D8 within the period 1999-2013 by panel data method. The result show that variable of institutions has positive and significant effect on development. Also, variable of capital, variable of FDI and variable of equality have positive and significant effect on development. Human capital variable has positive and insignificant effect on development.
الماسی، مجتبی، و سپهبان قرهبابا، اصغر (1388). بررسی رابطه سرمایهگذاری در نیروی انسانی و سرمایهگذاری فیزیکی با رشد اقتصادی ایران طی دوره 1384-1350، فصلنامه پژوهش و برنامهریزی در آموزش عالی، 15(53)، 157-186.
سبحانی، حسن (1371). بازدهی سرمایهگذاریهای آموزشی. مجله تحقیقات اقتصادی، 45، 76-89.
Acemoglu, D., Johnson, S., & Robinson, J.A. (2001). The colonial origins of comparative development: an empirical investigation. American Economic Review, 91(5), 1369–1401.
Acemoglu, D., Johnson, S. & Robinson, J. A. (2006). Economic origins of dictatorship and democracy. Cambridge University Press, New York.
Acemoglu, D., & Robinson, J. A. (2008). The role of institutions in growth and development. Commission on Growth and Development, Working Paper No. 10.
Acemoglu, D., Garcia-Jimeno, C. & Robinson, J.A. (2012). Finding El Dorado: slavery and long-run development in colombia. Journal of Comparative Economics, 40(4), 534-564.
Acemoglu, D., Garcia-Jimeno, C. & Robinson, J.A. (2013). State capacity and development: A Network Approach. NBER, Working Paper No. 19813.
Acemoglu, D., Gallego, F.A. & Robinson, J.A. (2014). Institution, human capital and development. Instituto de Economia. Pontificia Universidad Católica de Chile, Working Paper No. 449.
Aderemi, T. (2014). Does human capital investment matter in economic development? Evidence from a Nigerian micro-data. Journal of Education Economics and Development, 5(2), 127-139.
Aisen, A. & Veiga, F. J. (2013). How does political instability affect economic growth?. Journal of Political Economy, 29(c), 151-167.
Ashraf, Q.H., Lester, A. & Weil, D. N. (2008). When does improving health raise GDP?. NBER, Working Paper No. 14449.
Azman-Saini, W.N.W. & Law, S-H & Ahmad, A-H. (2010). FDI and economic growth: New evidence on the role of financial markets. Journal of Economics Letters, 107(2), 211-213.
Bagchi, S. and Svejnar, J. (2013). Does wealth inequality matter for growth? the effect of billionaire wealth, Income Distribution, and Poverty. IZA, Working Paper No. 7733.
Banerjee, A. & Iyer, L. (2005). History, institutions, and economic performance: the legacy of colonial land tenure Systems in India. Journal of the American Review, 95(4), 1190-1213.
Barro, R.J. & Lee, J-W. (2015). A new data set of educational stainment in the world, 1950-2010. Available at the http://www.barrolee.com.
Baxamusa, M. & Jala, A. (2014). The effects of corruption on capital structure: when does it matter?. Journal of Developing Areas, 48(1), 315-335.
Becker, S.O. & Woessmann, L. (2009). Was weber wrong? A human capital Theory of protestant economic history. Quarterly Journal of Economics, 124(2), 531-596.
Bloom, D. E. & Canning, D. (2005). Health and economic growth: reconciling the micro and macro evidence. CDDRL, Working Paper, Online at: http://sddrl.stanford.edu/
Bloom, D. E., Canning, D. & Sevilla, J. (2004). The effect of health on economic growth: A production function approach. Journal of World Development, 32(1), 1-13.
Boikos, S. (2013). Corruption, public expenditure, and human capital accumulation. The Rimini Centre for Economic Analysis, Working Paper No. 17_13.
Borrmann, A., M. Busse & S. Neuhaus (2006). Institutional quality and the gains from trade. Journal of Kyklos, 59(3), 345-368.
Campos, N.F. & Nungent, J. B. (2000). Who is afraid of political instability? Journal of Development Economics, 67, 157-172.
Campos, N.F. & Karanasos, M. (2007). Growth, volatility & political instability: nonlinear time series evidence for Argentina 1896-2000. William Davidson Institute, University of Michigan, Working Paper No. 891.
Chang, H.-J. (2001). Intellectual property rights and economic development historical lessons and emerging issues. Journal of Human Development, 2(2), 287–309.
Chang, H.-J. (2011). Institution and economic development: theory, policy and history. Journal of Institutional Economics, 7(4), 473-498.
Chi, W (2008). The role of human capital in China's economic development:review and new evidence.China Economic Review, 19, 421–436.
Chintrakan, P. & Herzer, D. (2012). More inequality, more crime? A panel cointegration analysis for the United States. Journal of Economics Letters, 116(3) 389-391.
Ciccine, A. & Peri, G. (2006). Identifying human capital externalities: theory with applications. Review of Economic Studies, 73(2), 381-412.
Costantini, V. & Liberati, P. (2011). Technology transfer, institutions and development. University Degli Studi, Dipartimen to Di Economia, Working Paper No 135.
D`Agostino, G., Dunne, J. & Pieroni, L. (2012). Government spending, corruption and economic growth. University of Cape Town. Southern Africa Labor and Development Research Unit (SALDRU), Working Paper No. 74.
Dollar, D. & Kray, A. (2002). Institutions, trade and growth. Paper Prepares for the Carnegie-Rochester Conference Series on Public Policy.
Engerman, S.L. & Sokoloff, K.L. (1997). Factor endowment, institution and differential growth paths among new world economics. Stanford University Press, Stanford CA.
Engerman, S.L. & Sokoloff, K.L. (2011). Economic development in the americas Since 1500: endowments and institutions. Cambridge University Press, New York.
Fauzel, S., Seetanah, B. & Sannasee, R.V. (2015). Productivity spillovers of FDI in the manufacturing sector of Mauritius. Evidence from a dynamic framework. Journal of Developing Areas, 49(2), 295-316.
Freund, C. & Bolaky, B. (2008). Trade, regulations and income. Journal of Development Economics, 87(2), 309-321.
Frey, B.S. (2003). Direct democracy for transition countries. IEW, Working Paper No.165.
Furman, J. L. & Hayes, R. (2004). Catching up or standing still? National innovative productivity among ‘Follower’ countries 1978–1999. Research Policy, 33(9), 1329–1354
Gallego, F. & Woodberry, R.D. (2010). Christian missionaries and education in former African colonies: how competition mattered. Journal of African Economies, 19(3), 294-329.
Gennaioli, N., La Porta, R., Lopez-de-Silanes, F. & Schleifer, A. (2011). Human capital and regional development. Quarterly Journal of Economics, 128(1), 105-164.
Gisselquist, R. (2012). Good governance as a concept, and why this matters for development policy. World Institute for Development Economics Research, Working paper No. 2012/30.
Greene, W.H. (2005). Econometric analyses (Fifth Edition). Macmillan Publishing Company, New York University.
Gurgul, H. & Lach, L. (2012). Political instability and economic growth: evidence from two decades of transition in CEE. MPRA, Working Paper No. 37792.
Hunt, D. (1989). Economic Theory of development: an analysis of competing paradigms. The MIT Press, New York.
Iwaisako, T. & Futagami, K. (2013). Patent protection, capital accumulation, and economic growth. Journal of Economic Theory, 52(10), 631-668.
Iyer, L. (2010). Direct versus indirect colonial rule in India: long-term consequences. Journal of Review of Economics and Statistics, 92(4), 693-713.
Jutting, J. (2003). Institutions and development: a critical review. Social Institutions and Dialoue, Working Paper No. 210.
Kanayo, O (2013). The Impact of human capital formation on economic growth in Nigeria. Journal of Economics, 4(2), 121-132.
Kaufmann, D.,Kraay, A. & Mastruzzi, M. (2009). Governance matters VIII: aggregate and individual governance indicators 1996-2008. Policy Research of World Bank, Working Paper, No. 4978.
Knack, S. & Keefer, S. (1995). Institutions and economic performance: cross-country tests using alternative institutional measures. Journal of Economics and Politics, 7(3), 207-227.
Landon-Lane, J. & Robertson, P. (2003a). Accumulation and productivity growth in industrializing economies. Department of Economics of Rutgers University, Working Paper No. 200305.
Landon-Lane, J. & Robertson, P. (2003b). Structural change, accumulation and growth in developing economies. Royal Economic Society, Royal Economic Society Annual Conference 2003, No. 129.
La Porta, R., F. Lopez-de-Salinas, & Schleifer, A. (2008). The economic consequences of legal origins. Journal of Economic Literature, 46(2), 285–332.
Le, H.Q. (2008). The theories of trade, FDI and technology transfer: a survey. Development and Policies Research Center (DEPOCEN), Vietnam, Working Paper No. 13.
Melnyk, L., Kubatko, O. and Serhiy Pysarenko (2014). The impact of foreign direct investment on economic growth: case of post communism transition economies. Journal of Problems and Perspectives in Management, 12(1), 17-24.
Mitze, T., Bjorn, A. & Gerhard, U. (2010). Trade-FDI linkages in a simultaneous equations system of gravity models for German regional data. Journal of International Economics, 122(February), 121-162.
Myrdal, G. (1975). Against the stream, critical essays on economics. The Macmillan Press LTD, London.
Ncube, M., Anyanwu, J.C., & Hausken, K. (2013). Inequality, economic growth and poverty in the Middle East and North Africa (MENA). African Development Bank Group, Working Paper No. 195.
Ndikumana, L. & Vrick, S. (2007). The Linkages between FDI and domestic investment: unravelling the developmental impact of foreign investment. University of Massachusetts Amherst, Department of Economics, Working Paper No. 2007-13.
North, D.C. (1990). Institutions, institutional change and economic performance. Cambridge University Press, Cambridge
Przeworski, A., Alvarez, M., Cheibub, J. A. & Limongi, F. (2008). Democracy and development: political institutions and well-being in the world 1950-1990. Cambridge University Press, New York.
Putnam, R. (1993). Making democracy dork, Princeton University Press. Princeton.
Ravallion, M. (2012). Why don’t we see poverty convergence? American Economic Review, 102(1), 504-523.
Rodrik, D., Subramanian, A. & Trebbi, F. (2002). Institutions rule: the primacy of institutions geography and integration in economic development. NBER, Working Paper No. 9305.
Reuschemeyer, D., Stephens, E.H. & Sthephens, J.D. (1992). Capitalist development and democracy. Polity Press, Cambridge.
Sen, A. (1983). Development: which way now? The Economic Journal, 93(372), 745-762.
Schultz, T. W. (1961). Investment in human capital. American Economic Review, 51(1-2); 163-184.
Scorzafave, L.G. & Soares, M.K. (2009). Income inequality and pecuniary crimes. Journal of Economic Letters, 104(1), 40-42.
Silberberger, M. (2015). Regulation, trade and economic growth. Center for European Governance and Economic Development, Discussion Paper No. 255.
Soltanpanah, H. & Karami, M.S. (2011). Accumulation of human capital and FDI inflows in ASEAN-3 countries (Malaysia, Thailand, Indonesia). Journal of Timisoara of Economics, 4(2), 123-130.
Srithongkul, P. & Pastpipatkul, P. (2013), Impacts of economic variables and the corruption perception index on human development. Journal of the Empirical Econometrics and Quantitative Economics Letters, 2(1), 71-78.
Todaro, M.P. & Smith, S.C. (2012). Economic development. Pearson Press.
Trew, A.W. (2012). Contracting institutions and development. Journal of Review of Economics and institutions, 3(3), 1-17.
Tridico, P. (2013). The stage of development among former communist economies: social capital, the middle class and democracy. Journal of Socio-Economics, 44(c), 47-58.
United Nations (2007), Indicators of sustainable development: guidelines and methodologies. Printed by the United Nations Publication, New York.
United Nations Development Program (2014), Human development report 2014. Available at the http://hdr.undp.org/en/content/human-development-report-2014.
Williamson, O.E. (2000). The new institutional economics: taking stock, looking ahead. The Journal of Economic Literature, 38(3), 595-613.
World Bank (2002). World development report 2002: building institutions for markets. Oxford University Press, Oxford.
World Bank (2015). http://data.worldbank.org.
Xiaoqing, X. (2005). Investment in physical capital, investment in health and economic growth in china. Journal of Investment Management and Financial Innovations, 1, 23-29.
Zak, P. (2002). Institutions, property rights and growth. Université Catholique De Louvain, Institut de Recherches Economiqueset Sociales, Discussion Paper No. 2002014.