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Inequality and the Instability of Polity and Policy

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  • Pushan Dutt
  • Devashish Mitra

Abstract

We create alternative measures of political instability, which capture only movements from dictatorship to democracy and vice versa and, unlike older, well-known measures, does not capture government changes that preserve the democratic or dictatorial structure of the country. We show that inequality is positively correlated with our measures of political instability as well as with a well-known measure (used by Alesina and Perotti) but the impact of inequality on the latter is only through components of political instability captured by our measures. We show that our measures have significant policy implications - political instability increases both fiscal and trade polity volatility. Copyright (C) The Author(s). Journal compilation (C) Royal Economic Society 2008.

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Bibliographic Info

Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 118 (2008)
Issue (Month): 531 (08)
Pages: 1285-1314

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Handle: RePEc:ecj:econjl:v:118:y:2008:i:531:p:1285-1314

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Cited by:
  1. Eller, Markus & Fidrmuc, Jarko & Fungácová , Zuzana, 2013. "Fiscal policy and regional output volatility: Evidence from Russia," BOFIT Discussion Papers 13/2013, Bank of Finland, Institute for Economies in Transition.
  2. Manoel Bittencourt, 2010. "Democracy, Populism and Hyperinflation(s): Some Evidence from Latin America," Working Papers 169, Economic Research Southern Africa.
  3. Manoel Bittencourt, 2009. "Polarisation, Populism and Hyperinflation[s]: Some Evidence from Latin America," Working Papers 200921, University of Pretoria, Department of Economics.
  4. Fenske, James, 2012. "African polygamy: Past and present," MPRA Paper 41618, University Library of Munich, Germany.
  5. Bittencourt, Manoel, 2010. "Democracy, Populism and Hyperinflation[s]: Evidence from Latin America," Proceedings of the German Development Economics Conference, Hannover 2010 47, Verein für Socialpolitik, Research Committee Development Economics.
  6. Roe, Mark J. & Siegel, Jordan I., 2011. "Political instability: Effects on financial development, roots in the severity of economic inequality," Journal of Comparative Economics, Elsevier, vol. 39(3), pages 279-309, September.
  7. Vatcharin Sirimaneetham, 2006. "Explaining policy volatility in developing countries," Bristol Economics Discussion Papers 06/583, Department of Economics, University of Bristol, UK.
  8. Caruso, Raul & Schneider, Friedrich, 2011. "The socio-economic determinants of terrorism and political violence in Western Europe (1994–2007)," European Journal of Political Economy, Elsevier, vol. 27(S1), pages S37-S49.
  9. Klomp, Jeroen & de Haan, Jakob, 2009. "Political institutions and economic volatility," European Journal of Political Economy, Elsevier, vol. 25(3), pages 311-326, September.
  10. Antonio Fatás & Ilian Mihov, 2013. "Policy Volatility, Institutions, and Economic Growth," The Review of Economics and Statistics, MIT Press, vol. 95(2), pages 362-376, May.
  11. Lucifora, Claudio & Moriconi, Simone, 2012. "Political Instability and Labor Market Institutions," IZA Discussion Papers 6457, Institute for the Study of Labor (IZA).

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