Cointegrating Institutions: The Time-Series Properties of Country Institutional Measures
利用面板单位根和协整检验，分析多种制度指标的时间序列特性，探究制度变迁是否具有持久性以及哪些制度子集趋于共同变动，对制度改革的可行性和方式有重要启示。
A country’s political and economic institutions are critical for economic prosperity. The literature abounds with institutional measures, precisely because institutions are multidimensional. We use panel unit root and cointegration tests to examine the time-series properties of several institutional measures to answer two questions. First, do institutional changes tend to be permanent? Second, which subsets of institutions tend to converge or move together? These answers have important implications for whether permanent institutional reform is possible and whether reforms can be undertaken one institutional area at a time or instead must simultaneously encompass multiple institutional areas.