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Economic Growth and Institutional Reform in Modern Monarchies and Republics: : A Historical Cross-Country Perspective 1820-2000

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Author Info

  • Bjørnskov, Christian

    ()
    (Department of Economics, Aarhus School of Business)

  • Kurrild-Klitgaard, Peter

    (Dept. of Political Science)

Abstract

Standard theoretical arguments suggest that republics ought to grow faster than monarchies and experience lower transitional costs following reforms. We employ a panel of 27 countries observed from 18202000 to explore whether regime types and institutional reforms have differential growth effects in monarchies and republics. A set of Barrotype regressions show that there are no significant growth differences between the two regime types and that the effects of incremental reforms do not differ between them, but that those of largescale reforms do. Specifically, we find a strong “valleyoftears” effect of large reforms in republics while monarchies benefit from such reforms in the tenyear perspective adopted here. We offer some tentative thoughts on the underlying mechanisms responsible for the results.

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Bibliographic Info

Paper provided by University of Aarhus, Aarhus School of Business, Department of Economics in its series Working Papers with number 08-15.

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Length: 50 pages
Date of creation: 30 Jul 2008
Date of revision:
Handle: RePEc:hhs:aareco:2008_015

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Postal: The Aarhus School of Business, Prismet, Silkeborgvej 2, DK 8000 Aarhus C, Denmark
Phone: +45 89 486396
Fax: +45 8615 5175
Web page: http://www.asb.dk/departments/nat.aspx
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Keywords: Growth; Institution; Reform; Monarchy;

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