ADAPTIVE EFFICIENCY DURING THE GREAT RECESSION : an analysis of the institutional and ... organizational determinants of crisis resilience

Robert Fritzsch provides an institutional economic analysis of the Great Recession. The author shows that institutions matter as determinants of crisis resilience - however in a different way than predicted by the prominent theories of Olson (1982) and North, Wallis, Weingast (2009), as the crisis was most severe in developed countries with democratic political institutions, rule of law and restrained regulations. The empirical results support theoretical predictions only within the sub-group of developed countries, where rule of law and restrained regulations show a positive association with crisis resilience. Contents Political Institutions, Interest Group Activity and Crisis Resilience Economic Institutions and Crisis Resilience Target Groups Scholars and students of economics, political science, and sociology Politicians, public employees About the Author Robert Fritzsch is research associate at the chair of institutional economics and economic policy at the University of Erfurt. Front Matter ....Pages I-XVI Introduction (Robert Fritzsch)....Pages 1-4 Theories of Adaptive Efficiency and the Determinants of Crisis Resilience (Robert Fritzsch)....Pages 5-54 The Empirical Approach to Studying the Determinants of Crisis Resilience (Robert Fritzsch)....Pages 55-66 The Empirical Analysis of Adaptive Efficiency during the Great Recession 2008 to 2012 (Robert Fritzsch)....Pages 67-194 Conclusion and Outlook (Robert Fritzsch)....Pages 195-197 Back Matter ....Pages 199-379