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Democracy and Reforms

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Author Info
Giuliano, Paola
Mishra, Prachi
Spilimbergo, Antonio

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Abstract

Empirical evidence on the relationship between democracy and economic reforms is scarce, limited to few reforms and countries and for few years. This paper studies the impact of democracy on the adoption of economic reforms using a new dataset on reforms in the financial, capital, public, and banking sectors, product and labor 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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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 7194.

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Date of creation: Mar 2009
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Handle: RePEc:cpr:ceprdp:7194

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Related research
Keywords: economic liberalization; financial markets; institutions; political economy; product markets; transition;

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Find related papers by JEL classification:
E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
O57 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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