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Do Good Institutions Lower the Benefit of Democratization?

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  • Andreas Assiotis
  • Kevin Sylwester

Abstract

Recent studies have reported positive associations between democratization and economic growth. They have also explored how these associations could differ across regions or income levels. However, might the effects of democratization upon growth also depend upon other factors such as institutions promoting law and order (or the lack thereof)? Using a panel specification, we employ a democratization-law and order interactive term to examine if the effects of democratization upon economic growth depend upon these other institutions. We find that the coefficient on the interaction term is negative. The positive effects of democratization diminish in countries where other institutions are strong. In fact, we find that democratization could even lower growth where the rule of law already prevails.

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File URL: http://papers.econ.ucy.ac.cy/RePEc/papers/05-13.pdf
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Bibliographic Info

Paper provided by University of Cyprus Department of Economics in its series University of Cyprus Working Papers in Economics with number 05-2013.

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Length: 46 pages
Date of creation: Mar 2013
Date of revision:
Handle: RePEc:ucy:cypeua:05-2013

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Web page: http://www.econ.ucy.ac.cy

Related research

Keywords: Democratization; Economic Growth; Institutions;

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  1. Acemoglu, Daron & Cantoni, Davide & Johnson, Simon & Robinson, James A, 2009. "The Consequences of Radical Reform: The French Revolution," CEPR Discussion Papers 7245, C.E.P.R. Discussion Papers.
  2. Papaioannou, Elias & Siourounis, Gregorios, 2008. "Economic and social factors driving the third wave of democratization," Journal of Comparative Economics, Elsevier, vol. 36(3), pages 365-387, September.
  3. Elias Papaioannou & Gregorios Siourounis, 2007. "Democratization And Growth," CEDI Discussion Paper Series 07-13, Centre for Economic Development and Institutions(CEDI), Brunel University.
  4. William R. Hauk & Romain Wacziarg, 2004. "A Monte Carlo Study of Growth Regressions," NBER Technical Working Papers 0296, National Bureau of Economic Research, Inc.
  5. Eicher, Theo S. & Schreiber, Till, 2010. "Structural policies and growth: Time series evidence from a natural experiment," Journal of Development Economics, Elsevier, vol. 91(1), pages 169-179, January.
  6. Bluedorn, John C., 2001. "Can democracy help? Growth and ethnic divisions," Economics Letters, Elsevier, vol. 70(1), pages 121-126, January.
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