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      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

       List of Figures and Tables

       List of abbreviations

       1. Introduction

       2. Theoretical Framework

       2.1. Institutions

       2.2. Welfare

       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

       2.3.4. Dutch Disease

       3. Country profile: Latin America region

       3.1. Colombia

       3.2. Chile

       3.3. Venezuela

       4. Results

       4.1. Data and statistics

       4.2. Health: Life expectancy and infant mortality

       4.3. Education: Expected and mean years of schooling

       4.4. Economy: GNI and poverty

       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

       5. Recommendations

       6. Conclusion and Discussion

       References

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

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