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Democracy and Volatility: Do Special-Interest Groups Matter?

Author

Listed:
  • Bonnie Wilson

    (Department of Economics, Saint Louis University)

  • Dennis Coates

    (Department of Economics, University of Maryland Baltimore County)

  • Jac Heckelman

    (Department of Economics, Wake Forest University)

Abstract

This paper empirically explores the relationship between special-interest groups and volatility, with focus on the interplay between groups and democracy and on the impact of groups on policy volatility. We find that countries with more interest groups are characterized by less policy volatility; that the number of interest groups has a direct impact on growth volatility, in addition to an indirect impact through policy volatility; and that interest groups appear to be a channel through which democracy impacts both policy volatility and growth volatility.

Suggested Citation

  • Bonnie Wilson & Dennis Coates & Jac Heckelman, 2008. "Democracy and Volatility: Do Special-Interest Groups Matter?," Working Papers 2008-01, Saint Louis University, Department of Economics, revised Aug 2009.
    • Handle: RePEc:slu:wpaper:2008-01
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    File URL: http://jcsb.slu.edu/repec/slu/democ_vol_p.pdf
    File Function: Revised version, 2010
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    Citations

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    Cited by:

    1. Francesco Grigoli & Zachary Mills, 2014. "Institutions and public investment: an empirical analysis," Economics of Governance, Springer, vol. 15(2), pages 131-153, May.
    2. Grigoli, Francesco & Mills, Zachary, 2011. "Do high and volatile levels of public investment suggest misconduct ? the role of institutional quality," Policy Research Working Paper Series 5735, The World Bank.
    3. Dennis Coates & Jac Heckelman & Bonnie Wilson, 2011. "Special-interest groups and growth," Public Choice, Springer, vol. 147(3), pages 439-457, June.
    4. Berggren, Niclas & Bergh, Andreas & Bjã˜Rnskov, Christian, 2012. "The growth effects of institutional instability," Journal of Institutional Economics, Cambridge University Press, vol. 8(2), pages 187-224, June.

    More about this item

    Keywords

    special interest groups; volatility; democracy;
    All these keywords.

    JEL classification:

    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • D7 - Microeconomics - - Analysis of Collective Decision-Making

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