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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)

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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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File URL: http://research.asb.dk/fbspretrieve/3856/wp_08-15
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Publisher 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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Related research
Keywords: Growth; Institution; Reform; Monarchy;

Find related papers by JEL classification:
D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Models of Political Processes: Rent-seeking, Elections, Legislatures, and Voting Behavior
N00 - Economic History - - General - - - General
O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
P14 - Economic Systems - - Capitalist Systems - - - Property Rights
P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
P17 - Economic Systems - - Capitalist Systems - - - Performance and Prospects
P48 - Economic Systems - - Other Economic Systems - - - Other Economic Systems: Political Economy; Legal Institutions; Property Rights
P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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