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    An institutional approach to the prosperity of the nations

    This research summarizes the economic behavior of 134 nations of the world between 1996 and 2006. The cluster analisys showed three levels of development: underdeveloped stage, intermediate stage and advance stage. Some backward economies moved to the intermediate level of development during the period considered by means of a greater economic freedom (especially, trade openness and financial stability) together with a legal framework protecting the property rights. The reduction in the protection of the property rigths was also the key element to explain the failure of the other backward economies, which remain in the underdeveloped stage. The most effective institutional factor to explain the favorable development of intermediate economies was economic freedom: in particular, the consolidation of a monetary environment that favors international opening, along with strengthening economic governance (especially, the improvement of regulatory quality).

    This research has been published in the Spanish academic review Información Comercial Española (2009)

    ICE 848 Tribuna de Economía

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