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One More Time : What are Institutions and How Do They Change? / Islam, Roumeen.
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- Islam, Roumeen.
- Series:
- Policy research working papers.
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Aid Effectiveness.
- Common Property Resource Development.
- Competitiveness and Competition Policy.
- Economic Adjustment and Lending.
- Educational Sciences.
- Institutions.
- International Trade and Trade Rules.
- Legal Products.
- Legal Reform.
- Macroeconomics and Economic Growth.
- Private Sector Development.
- Public Policy.
- Social Policy.
- Taxation and Subsidies.
- Local Subjects:
- Aid Effectiveness.
- Common Property Resource Development.
- Competitiveness and Competition Policy.
- Economic Adjustment and Lending.
- Educational Sciences.
- Institutions.
- International Trade and Trade Rules.
- Legal Products.
- Legal Reform.
- Macroeconomics and Economic Growth.
- Private Sector Development.
- Public Policy.
- Social Policy.
- Taxation and Subsidies.
- Physical Description:
- 1 online resource (39 pages)
- Other Title:
- One More Time
- Place of Publication:
- Washington, D.C. : The World Bank, 2018.
- System Details:
- data file
- Summary:
- This paper defines institutions, presents their basic characteristics, and discusses forces for institutional change. It draws on a wealth of research and study by scholars in different fields and follows from the flagship 2002 World Development Report on this topic, including relevant new research since then that illuminates key issues. The definition of institutions includes rules and organizations (specifically rules guiding peoples' actions). The paper emphasizes the diversity of institutions that can effectively perform similar functions, the arguments for and against standardization of institutions across specific transactions or groups, and the implications of these choices. It highlights the relationship between informal and formal institutions. It discusses forces for institutional change influencing all economies, ranging from external shocks (whether they be economic or weather-related shocks or driven by wars) to internal dynamics, such as those following population growth or compositional changes, and those following technological innovations. Many of these forces have a two-way relationship with institutions: they are affected by them and, in turn, influence whether and when they change. A special section is devoted to institutional transplants and their effectiveness. The paper concludes with a discussion of whether and under what conditions institutional change can be externally directed and the lessons for aid donors.
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