RESEARCH ARTICLE Economic Vulnerability and Economic Growth: What is the Role of Institutions for MENA Countries? (original) (raw)

2013

Abstract

Manuscript History: This paper analyzes the role of institutions in mitigating the negative effects of shocks of terms of trade on economic growth. Utilizing a dynamic panel data approach for 15 MENA countries over the period 1996-2010, the results demonstrate that good institutional quality helps to mitigate the negative effects of economic vulnerability on economic growth. We also conclude that interaction terms between trade openness and institutions can reducing the negative effects of trade shocks linked to terms of trade fluctuations and trade openness can stimulate economic growth only when the threshold institutional level is reached.

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