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The sequencing of economic and political reforms in Latin America

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  • Grier, Robin
  • Grier, Kevin

Abstract

We investigate whether the sequencing of democratization and economic liberalization affects a country’s economic performance. We focus on Brazil, El Salvador, and Mexico as they cover all five possible sequences. Brazil experienced simultaneous democratization and economic liberalization in 1985. El Salvador democratized in 1982 but underwent economic liberalization in the 1990s. Mexico initiated economic liberalization in the late 1980s, followed by democratization in 1997. Using the synthetic control method, we find that economic liberalizations following democratization or simultaneous economic and political liberalization are the only reforms that significantly increase national income.

Suggested Citation

  • Grier, Robin & Grier, Kevin, 2026. "The sequencing of economic and political reforms in Latin America," Journal of Comparative Economics, Elsevier, vol. 54(3), pages 824-845.
    • Handle: RePEc:eee:jcecon:v:54:y:2026:i:3:p:824-845
    DOI: 10.1016/j.jce.2026.01.008
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    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • P00 - Political Economy and Comparative Economic Systems - - General - - - General
    • P11 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Planning, Coordination, and Reform

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