The purpose of this research is to provide empirical evidence about what institutions are most likely to favor development in its different stages. Firstly, we identify the three development stages that prevailed in the world between 1996 and 2011 according to the income classi- fication of the World Bank corroborated with data from the UNDP Human Development Index. Secondly, we consider that a country had a"successful"behavior if it improved its development stage in that period. Grouping countries based on"success", instead of according to the income level, allows us to introduce the dynamics of development in the analysis. Thirdly, we formulate a panel data and a probit model to determine the institutions thatare behind the success cases. The results identified economic freedom as the most important institution in all development stages; governance was also found essential, but only in the countries in the intermediate stage of development
En los últimos años el mundo ha registrado el mayor avance de su historia en términos de bienestar y prosperidad. En este proceso, la mejora de la gobernanza económica y el fortalecimiento del marco legal y de los derechos de propiedad, así como la apuesta por mayores cotas de libertad económica, se han revelado como factores determinantes para explicar el favorable desempeño de la economía mundial. Asimismo, el crecimiento económico fraguó en un fortalecimiento de la democracia y del ejercicio de las libertades civiles. La situación actual no debería hacer olvidar este período de éxito económico y social, y menos aún enturbiar el análisis de las razones que llevaron al mundo a alcanzar semejantes cotas de prosperidad. El objetivo de este artículo es analizar la importancia que tuvieron las variables institucionales en el logro de este éxito global y proponer líneas de actuación que permitan retomar la senda del crecimiento económico y el desarrollo a largo plazo.
Since the launch of the Barcelona Process in 1995 and later the Euro-Mediterranean Partnership, economic relationship between the European Union (EU) and Southern Mediterranean has grown tremendously. Trade volume, in terms of absolute value, between the EU and Southern Mediterranean has grown to an unprecedented height. Although the value has increased, foreign direct investment (FDI) from the EU to Southern Mediterranean remains low. South-to-North migration has also undoubtedly increased given the fact that it has become one of the priority concerns of the EU. Development has taken place through these economic exchanges. However, economic development growth rate remains considerably low compared to that of Latin America and Southeast Asia. This paper discusses about the economic development dynamic of Southern Mediterranean in comparison with that of Latin America and Southeast Asia through economic indicators, economic openness and trade, FDI and migration flows and structures. It also discusses about the challenges faced by Southern Mediterranean and how the economic crisis in the EU may affect their economic relationship
Since the launch of the Barcelona Process in 1995 and later the Euro-Mediterranean Partnership, economic relationship between the European Union (EU) and Southern Mediterranean has grown tremendously. Trade volume, in terms of absolute value, between the EU and Southern Mediterranean has grown to an unprecedented height. Although the value has increased, foreign direct investment (FDI) from the EU to Southern Mediterranean remains low. South-to-North migration has also undoubtedly increased given the fact that it has become one of the priority concerns of the EU. Development has taken place through these economic exchanges. However, economic development growth rate remains considerably low compared to that of Latin America and Southeast Asia. This paper discusses about the economic development dynamic of Southern Mediterranean in comparison with that of Latin America and Southeast Asia through economic indicators, economic openness and trade, FDI and migration flows and structures. It also discusses about the challenges faced by Southern Mediterranean and how the economic crisis in the EU may affect their economic relationship. ; Since the launch of the Barcelona Process in 1995 and later the Euro-Mediterranean Partnership, economic relationship between the European Union (EU) and Southern Mediterranean has grown tremendously. Trade volume, in terms of absolute value, between the EU and Southern Mediterranean has grown to an unprecedented height. Although the value has increased, foreign direct investment (FDI) from the EU to Southern Mediterranean remains low. South-to-North migration has also undoubtedly increased given the fact that it has become one of the priority concerns of the EU. Development has taken place through these economic exchanges. However, economic development growth rate remains considerably low compared to that of Latin America and Southeast Asia. This paper discusses about the economic development dynamic of Southern Mediterranean in comparison with that of Latin America and Southeast Asia through economic indicators, economic openness and trade, FDI and migration flows and structures. It also discusses about the challenges faced by Southern Mediterranean and how the economic crisis in the EU may affect their economic relationship.
