Claudia Williamson försöker utröna i vilken mån formella respektive informella (dvs. kulturella och sociala) institutioner påverkar hur väl privat ägande skyddas i olika länder. Abstract:
Development literature examines the relationships between secure, well-defined property rights institutions and economic growth. However, this research fails to identify the specific channels through which property rights impact an economy. This paper is a first step towards unbundling the black box of property rights institutions. I decouple this institution into its formal and informal components and empirically determine the significance of each in securing property rights. My findings suggest that informal institutions are significant in explaining the security of property rights, while formal constraints are insignificant. These results are robust to a variety of model specifications and control variables.