Bank of Thailand
273 Samsen Road
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NBER Working Papers and Publications
|August 2002||Institutional Causes, Macroeconomic Symptoms: Volatility, Crises and Growth|
with Daron Acemoglu, Simon Johnson, James Robinson: w9124
Countries that have pursued distortionary macroeconomic policies, including high inflation, large budget deficits and misaligned exchange rates, appear to have suffered more macroeconomic volatility and also grown more slowly during the postwar period. Does this reflect the causal effect of these macroeconomic policies on economic outcomes? One reason to suspect that the answer may be no is that countries pursuing poor macroeconomic policies also have weak 'institutions,' including political institutions that do not constrain politicians and political elites, ineffective enforcement of property rights for investors, widespread corruption, and a high degree of political instability. This paper documents that countries that inherited more 'extractive' instit utions from their colonial past w...
Published: Acemoglu, Daron, Simon Johnson, James Robinson and Yunyong Thaicharoen. "Institutional Causes, Macroeconomic Symptoms: Volatility, Crises And Growth," Journal of Monetary Economics, 2003, v50(1,Jan), 49-123. citation courtesy of