Corruption, Financial Development and Economic Growth: Theory and Evidence from an Instrumental Variable Approach With Human Genetic Diversity
Corruption, Financial Development and Economic Growth: Theory and Evidence from an Instrumental Variable Approach With Human Genetic Diversity
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腐败、金融发展和经济增长：人类遗传多样性工具变量方法的理论和证据
DOI：
10.1111/ecno.12061
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发表时间：
2016
期刊：
影响因子：
1.5
通讯作者：
Akihisa Shibata
中科院分区：
文献类型：
--
作者：
Takuma Kunieda;Keisuke Okada;Akihisa Shibata
由于Ashraf和Galor(2013a；《美国经济评论》103：1-46)预测的人类基因多样性在跨国增长回归中可以被严格视为外生的，因此我们将其及其平方作为腐败的工具变量来调查其对经济增长的影响。我们的经验发现，腐败既对经济增长有直接的负面影响，也通过金融发展产生间接的负面影响。此外，我们的证据表明，人类基因多样性是腐败的根源之一，对腐败具有显著的U型效应：当人类特征更同质或更异质时，腐败发生得更频繁，当人类特征多样性处于中等水平时，腐败发生得更少。我们的理论框架论证了与腐败相关的内生性问题，澄清了从金融发展到腐败的因果关系，并支持经验规范，澄清了腐败对经济增长产生负面影响的渠道。
Because the predicted human genetic diversity created by Ashraf and Galor (2013a; American Economic Review 103: 1–46) can be considered strictly exogenous in cross‐country growth regressions, we use it and its square as instrumental variables for corruption to investigate its impact on economic growth. Our empirical finding is that corruption has both a direct, negative impact on economic growth and an indirect, negative impact through financial development. Moreover, our evidence suggests that human genetic diversity is an origin of corruption, with a significant U‐shaped effect on corruption: when human traits are more homogeneous or more heterogeneous, corruption occurs more frequently, and when the diversity of human traits is at an intermediate level, corruption occurs less frequently. Our theoretical framework demonstrates the endogeneity problem associated with corruption, clarifying causality from financial development to corruption, and it supports empirical specifications, clarifying the channels through which corruption negatively affects economic growth.