Abstract
Investment and Institutional Uncertainty: A Comparative Study of Different Uncertainty Measures. — There is ample empirical evidence of a negative relationship between aspects of institutional uncertainty and investment. Most studies, however, do not allow a comparison between different dimensions of such uncertainty because they focus on specific indicators, particular regions or different periods. The paper concludes with an evaluation of the quantitative effects of the significant uncertainty indicators on investment finding that a lack of rule of law, high corruption, and volatility in real exchange rate distortions are the most detrimental for investment.
Zusammenfassung
Investitionen und institutionelle Unsicherheit: Eine vergleichende Studie verschiedener Unsicherheitsma\e. — Es gibt reichlich empirische Belege für eine negative Beziehung zwischen der Unsicherheit über Institutionen und den Investitionen. Die meisten Untersuchungen gestatten aber keinen Vergleich zwischen unterschiedlichen Dimensionen solcher Unsicherheit, weil sie sich auf spezifische Indikatoren, bestimmte Regionen oder verschiedene Perioden konzentrieren. Die Verfasser schlie\en mit einer Bewertung der quantitativen Wirkungen der signifikanten Unsicherheitsindikatoren und finden, da\ Rechtsunsicherheit, ein hohes Ma\ an Korruption und UnbestÄndigkeit der realen Wechselkursverzerrungen besonders hinderlich für Investitionen sind.
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