مجلة بحوث الإدارة والاقتصاد
Volume 5, Numéro 3, Pages 566-589
2023-09-10
The Role Of Institutions On Accelerating Economic Growth Evidence From Mena Countries
Authors : Zakaria Bousseria . Fatiha Beldjilali .
Abstract
The relationship between institutions and economic growth has been studied in MENA nations on both a theoretical and practical level in many studies. In this study the World Governance Indicators (WGI) are used to assess the function of institutions in economic growth, and a standard approach is taken to look at how different institutions affect economic growth. For 14 MENA countries between 2003 and 2020, we employed dynamic panels with OLS and GMM panel data and Granger Causality. The results of the empirical research support the hypothesis that a composite WGI is positively correlated with economic growth in the chosen MENA countries. Therefore, there is a positive correlation between voice and accountability, political stability and the absence of violence or terrorism, government effectiveness, regulatory quality, rule of law, and corruption control. Other controlling factors demonstrated that, as the theory predicts, human and physical capital have a major impact on growth. There is a bidirectional causality effect between the two variables, according to this study's findings.
Keywords
Institutions ; Economic growth ; MENA Countries ; GMM ; OLS ; Granger Causality
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