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Economic Growth and Institutional Reform in Modern Monarchies and Republics: A Historical Cross-Country Perspective 1820-2000

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  • Christian Bjørnskov
  • Peter Kurrild-Klitgaard

Abstract

Conventional arguments suggest that republics ought to grow faster than monarchies and experience lower transitional costs following reforms. We employ a panel of 27 countries observed from 1820 to 2000 to estimate these differences. Results show no significant growth differences between the two regime types. Effects of incremental reforms do not differ between them, but those of large-scale reforms do. Specifically, we find a strong valley-of-tears effect of large reforms in republics, and monarchies benefit from such reforms in the ten-year perspective adopted here. We offer some tentative thoughts on the underlying mechanisms responsible for the results.

Suggested Citation

  • Christian Bjørnskov & Peter Kurrild-Klitgaard, 2014. "Economic Growth and Institutional Reform in Modern Monarchies and Republics: A Historical Cross-Country Perspective 1820-2000," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 170(3), pages 453-481, September.
  • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(201409)170:3_453:egairi_2.0.tx_2-u
    DOI: 10.1628/093245613X13946249258832
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    References listed on IDEAS

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    1. Barro, Robert J, 1996. "Democracy and Growth," Journal of Economic Growth, Springer, vol. 1(1), pages 1-27, March.
    2. Toke S. Aidt & Martin Gassebner, 2010. "Do Autocratic States Trade Less?," World Bank Economic Review, World Bank Group, vol. 24(1), pages 38-76, January.
    3. Clague, Christopher & Keefer, Philip & Knack, Stephen & Olson, Mancur, 1996. "Property and Contract Rights in Autocracies and Democracies," Journal of Economic Growth, Springer, vol. 1(2), pages 243-276, June.
    4. James E. Anderson & Douglas Marcouiller, 2002. "Insecurity And The Pattern Of Trade: An Empirical Investigation," The Review of Economics and Statistics, MIT Press, vol. 84(2), pages 342-352, May.
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    Cited by:

    1. Christian Bjørnskov & Pierre-Guillaume Méon, 2013. "Is trust the missing root of institutions, education, and development?," Post-Print CEB, ULB -- Universite Libre de Bruxelles, vol. 157(3-4), pages 641-669, December.
    2. George Tridimas, 2016. "On the overthrow or endurance of kings," Constitutional Political Economy, Springer, vol. 27(1), pages 41-65, March.
    3. George Tridimas, 2014. "Why some democracies are headed by a monarch?," ICER Working Papers 07-2014, ICER - International Centre for Economic Research.
    4. Mazaheri Nimah, 2013. "The Saudi monarchy and economic familism in an era of business environment reforms," Business and Politics, De Gruyter, vol. 15(3), pages 295-321, October.
    5. repec:bpj:ajlecn:v:7:y:2016:i:3:p:305-322:n:4 is not listed on IDEAS

    More about this item

    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • N00 - Economic History - - General - - - General
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • P14 - Economic Systems - - Capitalist Systems - - - Property Rights
    • P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
    • P17 - Economic Systems - - Capitalist Systems - - - Performance and Prospects
    • P48 - Economic Systems - - Other Economic Systems - - - Political Economy; Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies
    • P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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