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Twenty Years After Transition: An Empirical Study on Income Inequality, Institutional Development and Economic Growth

  • Journal of Regional Studies and Development
  • Abbr : JRSD
  • 2018, 27(1), pp.27-66
  • DOI : 10.18350/ipaid.2018.27.1.27
  • Publisher : Institute for Poverty Alleviation and International Development: IPAID
  • Research Area : Social Science > Area Studies > Regional Studies in general > Comparative / Statistical Regional Studies
  • Published : April 30, 2018

Changyong Choi 1 Dae Hong Kim 2

1한국개발연구원국제정책대학원대학교
2KDI 국제개발협력센터

Accredited

ABSTRACT

Compared to previous literatures that approached such investigations from the perspective of the factors of production, this study traced the degrees of importance and contribution as well as the direction of influence of each policy factor during economic transition phases. In particular, with the hypothesis that policies can have varying influences over economic development depending on transition phases, regions, and income levels, panel data covering 35 transition economies over the 20-year period(1996-2015) was constructed and analyzed. The results of analyses of the whole period indicated that income inequality had negative effects on economic growth, that improvements in institutional conditions generally had positive influences, and that other explanatory variables such as stabilization of macro economy and level of human capital also showed statistically significant impacts over economic development as well. From these results, it can be inferred that implementation of policies ameliorating income inequality and polarization are critical during the stabilization period of economic transition. Furthermore, the results also implied that improvements in governance factors are important key policy objects for sustaining economic developments regardless of transition phases, regions, and income levels of countries.

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