Diego Gonzalez - Institutions and Welfare in Colombia - a comparative analysis

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 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 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 of Economic and Social Affairs UNESCO United Nations Educational, Scientific and Cultural Organization UNICEF United Nations Children's Fund UNDP United Nations Development Programme WHO World Health Organization

1. Introduction Institutions and Welfare in Colombia: a comparative analysis Diego A. González Institutions and Welfare in Colombia: a comparative analysis Diego A. González

2. Theoretical Framework Institutions and Welfare in Colombia: a comparative analysis Diego A. González Institutions and Welfare in Colombia: a comparative analysis Diego A. González

2.1. Institutions

2.2. Welfare Institutions and Welfare in Colombia: a comparative analysis Diego A. González Institutions and Welfare in Colombia: a comparative analysis Diego A. González

2.2.1. Human Development Index (HDI) Institutions and Welfare in Colombia: a comparative analysis Diego A. González Institutions and Welfare in Colombia: a comparative analysis Diego A. González

2.2.2. Millennium development goals (MDG) Institutions and Welfare in Colombia: a comparative analysis Diego A. González Institutions and Welfare in Colombia: a comparative analysis Diego A. González

2.2.3. Happiness in an economy: Easterlin Paradox Institutions and Welfare in Colombia: a comparative analysis Diego A. González Institutions and Welfare in Colombia: a comparative analysis Diego A. González

2.3. Relationship of institutions and welfare Institutions and Welfare in Colombia: a comparative analysis Diego A. González Institutions and Welfare in Colombia: a comparative analysis Diego A. González

2.3.1. Influence of institutions on welfare Institutions and Welfare in Colombia: a comparative analysis Diego A. González Institutions and Welfare in Colombia: a comparative analysis Diego A. González

2.3.2. Industrialization theory on institutions Institutions and Welfare in Colombia: a comparative analysis Diego A. González Institutions and Welfare in Colombia: a comparative analysis Diego A. González

2.3.3. Modernization theory on institutions Institutions and Welfare in Colombia: a comparative analysis Diego A. González Institutions and Welfare in Colombia: a comparative analysis Diego A. González

2.3.4. Dutch Disease Institutions and Welfare in Colombia: a comparative analysis Diego A. González Institutions and Welfare in Colombia: a comparative analysis Diego A. González

3. Country profile: Latin America region Institutions and Welfare in Colombia: a comparative analysis Diego A. González Institutions and Welfare in Colombia: a comparative analysis Diego A. González

3.1. Colombia Institutions and Welfare in Colombia: a comparative analysis Diego A. González Institutions and Welfare in Colombia: a comparative analysis Diego A. González

3.2. Chile Institutions and Welfare in Colombia: a comparative analysis Diego A. González Institutions and Welfare in Colombia: a comparative analysis Diego A. González

3.3. Venezuela Institutions and Welfare in Colombia: a comparative analysis Diego A. González Institutions and Welfare in Colombia: a comparative analysis Diego A. González

4. Results Institutions and Welfare in Colombia: a comparative analysis Diego A. González Institutions and Welfare in Colombia: a comparative analysis Diego A. González

4.1. Data and statistics Institutions and Welfare in Colombia: a comparative analysis Diego A. González Institutions and Welfare in Colombia: a comparative analysis Diego A. González

4.2. Health: Life expectancy and infant mortality Institutions and Welfare in Colombia: a comparative analysis Diego A. González Institutions and Welfare in Colombia: a comparative analysis Diego A. González

4.3. Education: Expected and mean years of schooling Institutions and Welfare in Colombia: a comparative analysis Diego A. González Institutions and Welfare in Colombia: a comparative analysis Diego A. González

4.4. Economy: GNI and poverty Institutions and Welfare in Colombia: a comparative analysis Diego A. González Institutions and Welfare in Colombia: a comparative analysis Diego A. González

4.5. Basic Needs: Water and Electricity Institutions and Welfare in Colombia: a comparative analysis Diego A. González Institutions and Welfare in Colombia: a comparative analysis Diego A. González

4.6. Human Development Index: The representation of the quality of life Institutions and Welfare in Colombia: a comparative analysis Diego A. González Institutions and Welfare in Colombia: a comparative analysis Diego A. González

4.7. Strength of Institutions: Law and corruption Institutions and Welfare in Colombia: a comparative analysis Diego A. González Institutions and Welfare in Colombia: a comparative analysis Diego A. González

5. Recommendations Institutions and Welfare in Colombia: a comparative analysis Diego A. González Institutions and Welfare in Colombia: a comparative analysis Diego A. González