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Globalization, Democracy and Development

  • Jorge Braga de Macedo
  • Luis Brites Pereira
  • Joaquim Oliveira Martins
  • João Tovar Jalles

This paper addresses the interactions between globalization, the quality of democracy, and economic convergence using simultaneous estimation techniques. To reflect process, we use multi-dimensional, de facto, and continuous measures of democracy and globalization. To reflect context, as defined by space (geography) and time (history), we control for the distance to the income frontier. Using this measure of development, we extend the test for the two-way relationship between democracy and globalization put forward by Eichengreen and Leblang (2008) for the period 1870-2000. Focusing on the more recent wave of globalization (1970-2005), we find a two-way relationship between democracy and globalization and also significant two-way relationships with development. In the restricted sample of non-OECD countries, however, democracy hurts development.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 19575.

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Date of creation: Oct 2013
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Handle: RePEc:nbr:nberwo:19575
Note: IFM
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  1. Miaojie YU, 2005. "Trade Globalization and Political Liberalization: A Gravity Approach," International Trade 0511005, EconWPA.
  2. Fali Huang, 2006. "The Coevolution of Economic and Political Development," Working Papers 22-2006, Singapore Management University, School of Economics.
  3. Giuliano, Paola & Nunn, Nathan, 2013. "The Transmission of Democracy: From the Village to the Nation-State," Scholarly Articles 11986384, Harvard University Department of Economics.
  4. Torsten Persson & Guido Tabellini, 2007. "The Growth Effect of Democracy: Is it Heterogenous and how can it be Estimated?," CESifo Working Paper Series 2016, CESifo Group Munich.
  5. M. Hashem Pesaran, 2007. "A simple panel unit root test in the presence of cross-section dependence," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 22(2), pages 265-312.
  6. Claude Diebolt & Tapas Mishra & Bazoumana Ouattara & Mamata Parhi, 2013. "Democracy and Economic Growth in an Interdependent World," Review of International Economics, Wiley Blackwell, vol. 21(4), pages 733-749, 09.
  7. Persson, Torsten & Tabellini, Guido, 2006. "Democratic Capital: The Nexus of Political and Economic Change," CEPR Discussion Papers 5654, C.E.P.R. Discussion Papers.
  8. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Wiley Blackwell, vol. 58(2), pages 277-97, April.
  9. Federico Bonaglia & Jorge Braga de Macedo & Maurizio Bussolo, 2001. "How Globalisation Improves Governance," OECD Development Centre Working Papers 181, OECD Publishing.
  10. J. Ernesto Lopez-Cordova & Christopher M. Meissner, 2005. "The Globalization of Trade and Democracy, 1870-2000," NBER Working Papers 11117, National Bureau of Economic Research, Inc.
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