A Selective Review of Recent Developments in the Economic Growth Literature

The role of institutions in the process of economic growth and development has generated considerable interest among researchers over the past few decades. In particular, incorporating institutional variables into the established growth theories and empirics involves understanding the impact and mechanisms through which institutions affect growth. In surveying recent developments in the economic growth literature, this review pays attention to the resurgent institutionalist research trend and its implications for growth theory and empirical research on growth. Policy issues primarily focused on Asian Pacific developing countries are highlighted.