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Summer 2016

ISSN 0890-913X

Volume 31, Number 2

Categories: Summer 2016 | Economic development

Evaluating Alternative Measures of Institutional Protection of Private Property and Their Relative Ability to Predict Economic Development

Daniel L. Bennett, Baylor University

Hugo J. Faria, University of Miami

James D. Gwartney, Florida State University

Daniel R. Morales , Instituto Dominicano para la Evaluación e Investigación de la Calidad Educativa (IDEICE)

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TheJournalofPrivateEnterprise31(2),2016,57–78EvaluatingAlternativeMeasuresofInstitutionalProtectionofPrivatePropertyandTheirRelativeAbilitytoPredictEconomicDevelopmentDanielL.BennettPatrickHenryCollegeHugoJ.FariaUniversityofMiamiJamesD.GwartneyFloridaStateUniversityDanielR.MoralesInstitutoDominicanodeEvaluacióneInvestigacióndelaCalidadEducativa(IDEICE)______________________________________________________AbstractAgrowingbodyofresearchsuggeststhatprivatepropertyrightsareanimportantdeterminantofeconomicdevelopment.Thispaperassessesfivecommonlyusedmeasuresofpropertyrightsandtheirrelativeabilitytopredicteconomicdevelopment.TheInternationalCountryRiskGuideriskofexpropriationandWorldGovernanceIndicatorsruleoflawmeasures,aswellaspropertyrightsindicesfromtheFraserInstituteandHeritageFoundation,areallpositivelyandrobustlyassociatedwithGDPpercapita.PolityIV’sexecutiveconstraintsmeasurehasastatisticallyandeconomicallyweakerimpact.Thispaperalsoaddressesthemethodologicalstrengthsandweaknessesofeachmeasuretoguideresearchersinselectinganappropriatemeasureforempiricalstudies.______________________________________________________JELCodes:K11,O17,P14Keywords:comparativeeconomicdevelopment,economicfreedom,legalinstitutions,privatepropertyrights,ruleoflaw,institutionalmeasurementmethodologyI.IntroductionWhilescholarsappeartohavereachedaconsensusthatNorth(1990)wascorrectinhisassertionthatasociety’sinstitutionsdefinetheincentivestructurethateconomicactorsfaceandarethereforekey

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Title	Evaluating Alternative Measures of Institutional Protection of Private Property and Their Relative Ability to Predict Economic Development
Authors/Creators:	Daniel L. Bennett, Baylor University Hugo J. Faria, University of Miami James D. Gwartney, Florida State University Daniel R. Morales , Instituto Dominicano para la Evaluación e Investigación de la Calidad Educativa (IDEICE)
Year:	2016
Volume:	31
Number:	2
Pages:	57 - 78
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	comparative economic development, economic freedom, legal institutions, private property rights, rule of law, institutional measurement methodology

Citation:
Bennett, Daniel L.; Faria, Hugo J.; Gwartney, James D.; Morales, Daniel R. / 2016. "Evaluating Alternative Measures of Institutional Protection of Private Property and Their Relative Ability to Predict Economic Development." The Journal of Private Enterprise, 31(2): 57-78.