We present a simple model that illustrates how democracy may improve the quality of economic institutions. The model further suggests that institutional quality varies more across autocracies than across democracy and that the positive effect of democracy on institutional quality is increasing...

This paper shows how colonial powers permanently shaped the pattern of Chinese cities through the establishment of Concessions - foreign enclaves within Chinese cities. Based on a sample of 130 city districts within 10 Chinese cities, we find that districts with Concessions have higher land...

The topic of this paper is an analysis of the growth of the Serbian economy. The paper is primarily devoted to the analysis of the sources of growth of the Serbian economy. In this regard, apart from conventional decomposition of growth (into contributions of capital, labor, and total factor...

The topic of this paper is comparative analysis of the economic growth in the former SFRY countries. The paper is primarily devoted to the analysis of the sources of economic growth in these countries. In this regard, apart from conventional decomposition of growth (contributions of capital,...

We analyze how regional quality affects firm’s efficiency by identifying the impaired firms receiving financial assistance as those paying an implicit interest rate lower than the prime rate. Then, we decompose them into: real impaired firms unable to repay their loans, and those not repaying...

The performance of a firm is influenced by decisions made by the firm itself as well as factors external to it. Firm competencies are important but also competencies that pertain to territories. External factors encompass different aspects of the environmental context in which firms operate,...

In this paper we investigate the relevance of bargaining institutions for the decline of the labor share. Several explanations for the decline exist, which consider the relevance of technology, globalization and markups. Neglected so far is the influence of bargaining institutions, in particular...

The aim of this paper is to provide a closer look of the institutional development in educational system and its impact on economic growth. Accumulation of human capital and technological development are factors that are considered to be crucial for economic growth. Thus, investing in education,...

The aim of this paper is to present the role of institutional development in creating knowledge based economies which will further foster higher prospects for economic growth. A knowledge based economy is one that exploits knowledge to develop and maintain long-term economic growth. One of the...

Agglomeration economies reflect proximity and are an important explanation for industrial location. They feature prominently in the theories of location, including intermediate inputs and labour of the new economic geography and knowledge spillovers in the new growth theory. However, while there...