Institutions and Welfare in Colombia: a comparative analysis
Diego A. González
Institutions and Welfare in Colombia: a comparative analysis
Diego A. González
Abstract
Based on different sources about institutions and welfare in Colombia, the association between the efficiency of the institutions, and the economic development are evaluated. Adding information from nations such as Chile and Venezuela, the comparison with countries with similarities in culture and economy is executed. In theory, the institutions’ strength is related to improvements in welfare. Considering this aspect, the situation of Colombia as a developing country is highlighted from a point of view, thus the recommendations on improvement of current institutional and welfare-related points at issue are worth mentioning. Positive relationships were found between the institutions and economy in most of the scenarios for each country assessed, however, exhibited negative and significant relationships to resources of commodities and economic development.
Table of Contents
2.1. Institutions
2.2.1. Human Development Index (HDI)
2.2.2. Millennium development goals (MDG)
2.2.3. Happiness in an economy: Easterlin Paradox
2.3. Relationship of institutions and welfare
2.3.1. Influence of institutions on welfare
2.3.2. Industrialization theory on institutions
2.3.3. Modernization theory on institutions
3. Country profile: Latin America region
4.2. Health: Life expectancy and infant mortality
4.3. Education: Expected and mean years of schooling
4.5. Basic Needs: Water and Electricity
4.6. Human Development Index: The representation of the quality of life
4.7. Strength of Institutions: Law and corruption
List of Figures and Tables
List of Figures
Figure 1 Determinants of income 12
Figure 2 Human Development Index components 22
Figure 3 Easterlin Paradox: Happiness vs GNI p.c. 35
Figure 4 Dutch Disease: Demand and offer changes 46
List of Tables
Table 1 Determinants of development: Channels of Influence 14
Table 2 Evolution of the dominant meaning and measurement of welfare 19
Table 3 Life expectancy at birth 71
Table 4 Infant mortality rate per 1000 live births 73
Table 5 Expected years of schooling 74
Table 6 Mean years of schooling 75
Table 7 GNI per capita PPP 76
Table 8 Poverty headcount ratio at 1.90 USD a day (%) 78
Table 9 Share of the total population with improved water sources 79
Table 10 Access to electricity (% of the population) 80
Table 11 HDI with country comparison 82
Table 12 Country Perception Index 2018 (CPI) 85
List of abbreviations
CPI Corruption Perception Index
GDP Gross Domestic Product
GNI Gross National Product
IMF International Monetary Fond
HDI Human Development Index
IEA International Energy Agency
OECD Organisation for Economic Cooperation and Development
OLS Ordinary Least Squares
PPP Purchasing Power Parity
UNDESA United Nations, Department