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Summer 2016
ISSN 0890-913X
Volume 31, Number 2

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

Daniel L. Bennett, Patrick Henry College
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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/index.php?action=ajax&rs=GDMgetPage&rsargs[]=2016 Journal of Private Enterprise vol 31 no 2 Summer parte4.pdf&rsargs[]=0
TheJournalofPrivateEnterprise31(2),2016,5778EvaluatingAlternativeMeasuresofInstitutionalProtectionofPrivatePropertyandTheirRelativeAbilitytoPredictEconomicDevelopmentDanielL.BennettPatrickHenryCollegeHugoJ.FariaUniversityofMiamiJamesD.GwartneyFloridaStateUniversityDanielR.MoralesInstitutoDominicanodeEvaluacióneInvestigacióndelaCalidadEducativa(IDEICE)______________________________________________________AbstractAgrowingbodyofresearchsuggeststhatprivatepropertyrightsareanimportantdeterminantofeconomicdevelopment.Thispaperassessesfivecommonlyusedmeasuresofpropertyrightsandtheirrelativeabilitytopredicteconomicdevelopment.TheInternationalCountryRiskGuideriskofexpropriationandWorldGovernanceIndicatorsruleoflawmeasures,aswellaspropertyrightsindicesfromtheFraserInstituteandHeritageFoundation,areallpositivelyandrobustlyassociatedwithGDPpercapita.PolityIVsexecutiveconstraintsmeasurehasastatisticallyandeconomicallyweakerimpact.Thispaperalsoaddressesthemethodologicalstrengthsandweaknessesofeachmeasuretoguideresearchersinselectinganappropriatemeasureforempiricalstudies.______________________________________________________JELCodes:K11,O17,P14Keywords:comparativeeconomicdevelopment,economicfreedom,legalinstitutions,privatepropertyrights,ruleoflaw,institutionalmeasurementmethodologyI.IntroductionWhilescholarsappeartohavereachedaconsensusthatNorth(1990)wascorrectinhisassertionthatasocietysinstitutionsdefinetheincentivestructurethateconomicactorsfaceandarethereforekey
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