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Democracy and Reforms

  • Giuliano, Paola

    ()

    (University of California, Los Angeles)

  • Mishra, Prachi

    ()

    (International Monetary Fund)

  • Spilimbergo, Antonio

    ()

    (International Monetary Fund)

Empirical evidence on the relationship between democracy and economic reforms is scarce, limited to few reforms and countries and for few years. This paper studies the impact of democracy on the adoption of economic reforms using a new dataset on reforms in the financial, capital, public, and banking sectors, product and labor markets, agriculture, and trade for 150 countries over the period 1960-2004. Democracy has a positive and significant impact on the adoption of economic reforms but there is no evidence that economic reforms foster democracy. Our results are robust to the inclusion of a large variety of controls and estimation strategies.

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File URL: http://ftp.iza.org/dp4032.pdf
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Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 4032.

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Length: 43 pages
Date of creation: Feb 2009
Date of revision:
Publication status: published in: American Economic Journal: Macroeconomics, 2013, 5(4), 179-204
Handle: RePEc:iza:izadps:dp4032
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