| الوصف: |
Property-rights capital stands as a fragile entity, encountering obstacles, regressions, and challenges worldwide. This underscores the necessity to endogenize both property-rights capital accumulation and physical capital accumulation within an integrated dynamic framework. Through this approach, our paper explores the complex interplay between economic variables and institutional capital, with a specific focus on property-rights capital. It emphasizes the necessity of integrating the accumulation of property-rights capital and physical capital within a dynamic framework to fully grasp their interaction. The study reveals that property-rights capital, serving as institutional capital, is deeply interconnected with the accumulation of physical capital, economic growth, and development. Notably, when the cost of new investments in property-rights capital formation rises, it results in decreased long-run property-rights investment, property-rights capital, physical capital, and consumption. Similarly, an increase in the depreciation rate of property-rights capital leads to reductions in long-run property-rights investments, the accumulation of property-rights capital, physical capital, and consumption. Conversely, an increase in the total factor productivity is associated with higher long-run property-rights investments, accumulation of property-rights capital, physical capital, and consumption. |
