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Has Democracy Slowed Growth in Asia?

  • Rock, Michael T.
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    Summary Has democracy slowed growth in Asia? While there are a number of reasons to suggest that it has, no one has tested this hypothesis. Hypotheses linking Asia's democracies and autocracies to growth are tested in a within panel regression framework that controls for country fixed effects, global time fixed effects, the other major variables affecting growth, and for endogeneity between the right-hand side regressors. The democracy slows growth hypothesis is tested against the toughest counterfactual--the bureaucratically capable authoritarian regimes of East Asia's developmentally minded governments. Findings reject the democracy slows growth hypothesis and show that democracy causes growth and investment to rise.

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    Article provided by Elsevier in its journal World Development.

    Volume (Year): 37 (2009)
    Issue (Month): 5 (May)
    Pages: 941-952

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    Handle: RePEc:eee:wdevel:v:37:y:2009:i:5:p:941-952
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