Fconomlc Growth TbdolEd

5.3.2 R..a-r.eldn8 In.tltutlons
Thc|! B t iLlnh ol lilc.ltur. linki.g E8ulatory qullilv of Doblic
insl'turio3 lo 4oomio
grc*rh (Chong .nd C!l&M 20m; S.nc 20Ol i Gngdhn ud Mtnin@ 2001 | Ditnkot g' al
2Oo2; Rrjkmr r tSwtup2OO2;s LlnsdorlT2ool). crodpti@ is vcl tnorhcr fom of
E.t stjns dat d b. delll bv prcFr instirutidll im'*ort vtg 'umbd ofetudi6 dom
c@plio of
on fiis rofic, in plniclle, w.i (1997,2ooot d 20006) sld thll ircEe
'n
!b@t m. sr.id.rd d.vidon lqld h..{uavtLnt lo 30% imde in |!c in lcms ot@ial
inDr.r. Tui .trd D.v@di (l99n tinl @dPrio to .{6iw ind unpmducl'w p{blic
inv.diar. lMing plhlic invBitrd Frductirilv sd qulitt This los of qu'lilv is mE
prsdM in l*lhh @ ud.dG.tio.l sffGupu.!.l (2lDl).
Pcd[c $. mlt imootul innibdoN e politicll idilulioN in tais of rh'ir
"f€r on
orhd insrimids, InsrnuriMl ralt6 k ds lo politi4l Enc lh.l @ b' culh'd thdgn
cn*lt od t l'|E m polilic.l 4o$ K4acr (2004) &d Kdfd ..d Kdt (Z[2) Vriot
$di6 hrw sho$cd 4id.@ tpoding lh.l pofiiql fitcdon.nd civil lih'ni" grsdv
in[EG sD*th ltd *lftF (Kmadi .nd M.gulF 1985: Scullv 1988; McMilLa R'ug
od Jonnsn l99l ), soft of rtE qrlibotid3 & H.ny d*ib.d b.b*.
DjDrov d d- (2@2) .mplotii8 tgubtion of ort daL ol85 @unlri.s' f@nd th.l dn|.ies
snh nirh l4i ol Esulttion lan b hisls ld.l of cmplid od hrEF uotrEitl
A ,ody by s@ (2001) htSlliahs hc* ol o!6ishr bv polili€r .utluilid d .hcn
b{@c61ic .gpnEi cd!6 th. clTcliv€F$ of 8o@h.ni
3pcrdins Tlcs alc.rs d$
Equic ! Lrsp bdspl to povid. public goodr du.lo $cn immci.rcics. This will i. nth
FnE srwlh. OnSono od M.niid (2{DI) .n n@ lo liid ! li.* hav*. quililv of