It includes current production data of energy resources in Turkey.
The question of why development of some countries is faster than others is one of
the most debated issues in the modern economic development literature. While some
researchers try to explain this phenomenon with geography and trade openness, others
point out differences in institutional quality across countries. This study aims to determine
the relationship between the above-mentioned factors and economic development; and to
test the hypothesis that improvements in institutional quality increase economic
development. For this purpose, first of all, the relationship between geography, trade
openness, institutional quality and economic development has been examined
theoretically, then the impact of institutional quality on economic development has been
analyzed for 122 countries using the panel data analysis for the period of 1996-2012. The
results have confirmed our hypothesis and revealed that the effect of institutional quality
on economic development is statistically significant and positive.
