Master of Science in Economics

Faculty / School

Faculty of Business Administration (FBA)


Department of Economics

Date of Award

Fall 2019


Dr. Qaiser Munir

Committee Member 1

Dr. Qaiser Munir, Institute of Business Administration, Karachi, Pakistan

Project Type

MS Economics Research Project

Access Type

Restricted Access


Economic policy

Abstract / Summary

This research attempts to investigate whether informal institutions, also known as culture, can play a role in explaining economic growth in countries. The hypothesis accentuates that cultural aspects of a country can influence its economic organization. To test my hypothesis, I consider various aspects of culture as identified in the literature by Tabellini (2008). Cultural aspects including but not limited to; respect, trust, control, and obedience, impact economic growth. As they evolve, these traits change an individual’s attitudes towards economic dealings and consequently lead to a better economy. The paper explores the link between culture and GDP per capita, as a proxy for economic growth, in a sample of countries for the period 1981 to 2014, within the framework of an augmented Solow-swan model of economic growth. While using the system GMM technique for panel data analysis, I find that culture considerably influences the level of economic growth. To ensure the robustness of my findings I include regional dummies as well as polity and income indicators in my analysis.


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