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Democracy and Reforms: Evidence from a New Dataset

Author/Editor: Giuliano, Paola | Mishra, Prachi | Spilimbergo, Antonio
Authorized for Distribution: July 1, 2010
Electronic Access: Free Full Text (PDF file size is 1,200KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: Empirical evidence on the relationship between democracy and economic reforms is limited to few reforms, countries, and years. This paper studies the impact of democracy on the adoption of economic reforms using a new dataset on reforms in the financial, capital and banking sectors, product 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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Series: Working Paper No. 10/173
Subject(s): Cross country analysis | Agricultural policy | Capital account liberalization | Political economy | Trade policy | Financial sector | Economic reforms
Author's keyword(s): Institutions | political economy | transition | economic liberalization
 
English  
    Published:   July 1, 2010        
            Format:   Paper
    Stock No:   WPIEA2010173   Pages:   39
    Price:   US$18.00
       
     
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