We use data on Russian regions to examine the effect of institutional quality on institutionally dependent manufacturing sectors in terms of both output levels and growth rates. Unlike the existing literature on this topic, which mostly uses cross-sectional or pooled specifications for either country-level or regional data, we use panel data. This approach allows us to distinguish between short-term and long-term impacts and mitigates endogeneity concerns. As an additional contribution to the literature, we estimate the full marginal effects of institutions on manufacturing sectors with different degrees of institutional dependence. In terms of policy recommendations, our results imply that significant institutional improvements would be needed for the Russian economy to diversify away from heavy reliance on oil and natural gas.

我们使用俄罗斯地区的数据来研究制度质量对制度依赖制造业在产出水平和增长率方面的影响。与该主题的现有文献主要使用国家级或区域数据的横截面或汇总规范不同，我们使用面板数据。这种方法使我们能够区分短期和长期影响，并减轻内生性问题。作为对文献的额外贡献，我们估计了制度对具有不同制度依赖程度的制造业部门的全部边际影响。在政策建议方面，我们的结果表明，俄罗斯经济需要进行重大的制度改进，才能摆脱对石油和天然气的严重依赖。