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Democracy and Reforms: Evidence from a New Dataset

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  • Paola Giuliano

    (UCLA, NBER, CEPR and IZA)

  • Prachi Mishra

    (IMF)

  • Antonio Spilimbergo

    (IMF, CEPR, and WDI)

Abstract

Empirical evidence on the relationship between democracy and economic reforms is limited to few reforms, countries, and years. This paper studies the impact of democracy on the adoption of economic reforms using a new dataset on reforms in the financial, capital and banking sectors, product markets, agriculture, and trade for 150 countries over the period 1960-2004. Democracy has a positive and significant impact on the adoption of economic reforms but there is no evidence that economic reforms foster democracy. Our results are robust to the inclusion of a large variety of controls and estimation strategies.

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Bibliographic Info

Paper provided by Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo in its series CARF F-Series with number CARF-F-247.

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Length: 44 pages
Date of creation: May 2011
Date of revision:
Handle: RePEc:cfi:fseres:cf247

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  2. Wacziarg, Romain & Welch, Karen Horn, 2003. "Trade Liberalization and Growth: New Evidence," Research Papers 1826, Stanford University, Graduate School of Business.
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  8. Torsten Persson, 2005. "Forms of Democracy, Policy and Economic Development," NBER Working Papers 11171, National Bureau of Economic Research, Inc.
  9. Pauline Grosjean & Claudia Senik, 2011. "Democracy, Market Liberalization, and Political Preferences," The Review of Economics and Statistics, MIT Press, vol. 93(1), pages 365-381, February.
  10. Xavier Sala-i-Martin, 2006. "The World Distribution of Income: Falling Poverty and ... Convergence, Period," The Quarterly Journal of Economics, MIT Press, vol. 121(2), pages 351-397, May.
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  15. Alessandro Olper & Jan Falkowski & Johan Swinnen, 2009. "Political Reforms and Public Policies: Evidence from Agricultural Protection," LICOS Discussion Papers 25109, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
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Cited by:
  1. Hugo J. Faria & Hugo M. Montesinos-Yufa & Daniel R. Morales, 2014. "Should the Modernization Hypothesis Survive Acemoglu, Johnson, Robinson, and Yared? Some More Evidence," Econ Journal Watch, Econ Journal Watch, vol. 11(1), pages 17-36, January.
  2. Baskaran, Thushyanthan, 2013. "Taxation and democratization," Center for European, Governance and Economic Development Research Discussion Papers 164, University of Goettingen, Department of Economics.
  3. Serhan Cevik & Mohammad Rahmati, 2013. "Breaking the Curse of Sisyphus," IMF Working Papers 13/2, International Monetary Fund.
  4. Braga de Macedo, Jorge & Oliveira Martins, Joaquim & Rocha, Bruno, 2014. "Are complementary reforms a “luxury” for developing countries?," Journal of Comparative Economics, Elsevier, vol. 42(2), pages 417-435.

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