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Conditional mean regressions show that economic institutions ( insteco ) correlate positively to regime durability, the quality of political institutions, human capital and GDP per capita. However, using dynamic panel quantile regressions with fixed effects and instrumental variables, we detect that  insteco  evolves asymmetrically. Adverse shocks worsen  insteco  of countries with better political institutions and more durable regimes, while positive innovations cause  insteco  of countries with better political institutions and longer political regime to improve even further. Among advanced economies, negative shocks cause a stronger effort to ameliorate  insteco  the higher the human capital and GDP per capita. Our exercises include 129 countries.

The asymmetric evolution of economic institutions: evidence from dynamic panel quantile regression with IV and fixed effects