Property rights and the effects on economic growth: An analysis on selected OECD countries

Institutions and institutional structure have been one of the most studied concepts in the field of economics in recent years. Especially, new growth theories focus on the importance of institutional structures and institutions. Allocation of resources has been major issue in the economics and property matters are also emphasized, in this context, in recent years. The impact of right of using, income generation and transfer arising from property on economic growth in the scope private property and institutions attract attention as economic actors. Property rights are considered as one of the key elements of institutional structure and economic growth. In this study, effect of property rights on economic growth on 32 of the OECD countries was investigated by using cross sectional method. The econometric analysis done to investigate the impact of property rights on economic growth reveal that countries with high levels of economic growth are characterized by high levels of protected property rights.