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The Impacts of Institutions, Openness and Macroeconomic Stability on Economic Growth: A Panel Data Analysis on Middle Income Countries

This study aims to analyze the impacts of indirect determinants such as institutions, trade-financial openness and macroeconomic stability on economic growth in 48 middle income countries. With this purpose, the impacts of the ten indicators in total belonging to the aforesaid variables for the term of 2002-2011 on economic growth are econometrically analyzed by using panel data analyses. According to the results of the analysis, institutions (political stability and absence of violence, regulatory quality and rule of law), trade and financial openness (M2/GDP), and macroeconomic stability (central government revenues/GDP) affect economic growth in a positive way. The results of the analysis show that institutions, openness and macroeconomic stability in middle income countries contribute to economic growth but that the level of this contribution is low.