The impact of institutions on economic convergence of the Central and Eastern European Countries: a quantitative analysis

ORCID: Mariusz Próchniak: 0000-0003-2642-9510

Strony: 11-34

Wydanie: Lublin 2013

DOI: --

Abstrakt: This study aims to assess the impact of institutions on the process of economic growth and convergence of the Central and Eastern European (CEE) countries. Institutions are examined in terms of the three institutional indicators: the Heritage Foundation index of economic freedom, the Fraser Institute index of economic freedom, and the World Bank worldwide governance indicator. The analysis covers the EU28 countries and the 1993-2012 period. The results show that institutions played an important role in explaining the economic growth of the EU countries and were among the most important factors that accelerated the convergence of the CEE countries towards Western Europe.