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What does political economy tell us about economic development - and vice versa?

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  • Keefer, Philip

Abstract

The author reviews how three pillars of political economy-collective action, institutions, and political market imperfections-help us answer the question: Why do some countries develop and others do not? Each makes tremendous advances in our understanding of who wins and who loses in government decision making, generally, but only a subset of this literature helps us answer the question. The study of political market imperfections strongly suggests that the lack of credibility of pre-electoral political promises and incomplete voter information are especially robust in explaining development outcomes. From the institutional literature, the most powerful explanation of contrasting development outcomes links political checks and balances to the credibility of government commitments.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 3250.

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Date of creation: 01 Mar 2004
Date of revision:
Handle: RePEc:wbk:wbrwps:3250

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Related research

Keywords: Parliamentary Government; Decentralization; National Governance; Environmental Economics&Policies; Economic Theory&Research; National Governance; Economic Theory&Research; Parliamentary Government; Environmental Economics&Policies; Governance Indicators;

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Citations

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Cited by:
  1. Busse, Matthias & Hefeker, Carsten, 2007. "Political risk, institutions and foreign direct investment," European Journal of Political Economy, Elsevier, vol. 23(2), pages 397-415, June.
  2. World Bank, 2008. "The Political Economy of Policy Reform : Issues and Implications for Policy Dialogue and Development Operations," World Bank Other Operational Studies 7782, The World Bank.
  3. Temple, Jonathan R.W., 2010. "Aid and Conditionality," Handbook of Development Economics, Elsevier.
  4. Akramov, Kamiljon T. & Qureshi, Sarfraz & Birner, Regina & Khan, Bilal Hasan, 2008. "Decentralization, local government elections and voter turnout in Pakistan:," IFPRI discussion papers 754, International Food Policy Research Institute (IFPRI).
  5. Dixit, Avinash, 2006. "Evaluating recipes for development success," Policy Research Working Paper Series 3859, The World Bank.
  6. Carro Fernandez, Martha, 2007. "Welcoming Foreign Direct Investment? A Political Economy Approach to FDI Policies in Argentina and Brazil," MPRA Paper 47252, University Library of Munich, Germany.
  7. Pereira, Carlos & Kuhl Teles, Vladimir, 2009. "Political institutions as substitute for democracy: a political economy analysis of economic growth," Textos para discussão 196, Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil).
  8. Erdal Atukeren, 2006. "Politico-Economic Determinants of the Crowding-in Effects of Public Investments in Developing Countries," KOF Working papers 06-126, KOF Swiss Economic Institute, ETH Zurich.
  9. Manuel Palma-Rangel, 2006. "Institutions and development in Mexico. Are formal economic reforms enough?," Revista de Analisis Economico – Economic Analysis Review, Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines, vol. 21(2), pages 83-103, December.

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