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Political Partisanship and Financial Reforms in Advanced Countries

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    Abstract

    Applying regressions on a sample of 18 OECD countries from 1970 to 2009 using new indicators, we find that right-wing governments liberalize more the financial sector that left-wing governments. We show that if a left-wing government accepts to liberalize the financial sector, an increase of social security expenditures can facilitate the adoption of a new legislation in the financial sector. To estimate the impact of the government partisan affiliation on the corporate governance legislation, we use a probit model and a conditional Cox model in gap time in 16 OECD over the 1970-2009 period. Statistically, we find that right-wing governments enhance more pro-shareholder policies.

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    File URL: ftp://mse.univ-paris1.fr/pub/mse/CES2011/11063.pdf
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    Bibliographic Info

    Paper provided by Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne in its series Documents de travail du Centre d'Economie de la Sorbonne with number 11063.

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    Length: 39 pages
    Date of creation: Oct 2011
    Date of revision:
    Handle: RePEc:mse:cesdoc:11063

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    Keywords: Political Partisanship; financial liberalization; corporate governance; institutional change.;

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    1. Ashoka Mody & Abdul Abiad, 2003. "Financial Reform," IMF Working Papers 03/70, International Monetary Fund.
    2. Reinhard H. Schmidt, 2004. "Corporate Governance in Germany: An Economic Perspective," Working Paper Series: Finance and Accounting 118, Department of Finance, Goethe University Frankfurt am Main.
    3. Gatti, Donatella & Vaubourg, Anne-Gaël, 2009. "Unemployment and Finance: How Do Financial and Labour Market Factors Interact?," IZA Discussion Papers 4075, Institute for the Study of Labor (IZA).
    4. Putnam, Robert D., 1988. "Diplomacy and domestic politics: the logic of two-level games," International Organization, Cambridge University Press, Cambridge University Press, vol. 42(03), pages 427-460, June.
    5. Hall, Peter A. & Soskice, David (ed.), 2001. "Varieties of Capitalism: The Institutional Foundations of Comparative Advantage," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780199247752, October.
    6. repec:hal:psewpa:halshs-00586260 is not listed on IDEAS
    7. Barker, Roger M., 2010. "Corporate Governance, Competition, and Political Parties: Explaining Corporate Governance Change in Europe," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780199576814, October.
    8. Roe, Mark J., 2006. "Political Determinants of Corporate Governance: Political Context, Corporate Impact," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780199205301, October.
    9. Alesina, Alberto, 1987. "Macroeconomic Policy in a Two-party System as a Repeated Game," Scholarly Articles 4552531, Harvard University Department of Economics.
    10. Amable, Bruno & Gatti, Donatella & Schumacher, Jan, 2006. "Welfare State Retrenchment: The Partisan Effect Revisited," IZA Discussion Papers 1995, Institute for the Study of Labor (IZA).
    11. Mark J. Roe, 1997. "The Political Roots Of American Corporate Finance," Journal of Applied Corporate Finance, Morgan Stanley, vol. 9(4), pages 8-22.
    12. Brian Burgoon & Panicos Demetriades & Geoffrey Underhill, 2008. "Financial Liberalisation and Political Variables: a response to Abiad and Mody," Discussion Papers in Economics 08/30, Department of Economics, University of Leicester.
    13. Nicholas Economides & R. Glenn Hubbard & Darius Palia, 1995. "The Political Economy of Branching Restrictions and Deposit Insurance: A Model of Monopolistic Competition among Small and Large Banks," NBER Working Papers 5210, National Bureau of Economic Research, Inc.
    14. repec:hal:journl:hal-00185083 is not listed on IDEAS
    15. Gérard Charreaux & Peter Wirtz, 2007. "Corporate Governance in France," Working Papers CREGO 1070201, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    16. Amable, Bruno, 2003. "The Diversity of Modern Capitalism," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780199261147, October.
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