Democracy and Reforms: Evidence from a New Dataset

• 成果类型: Article
• 署名作者: Giuliano, Paola; Mishra, Prachi; Spilimbergo, Antonio
• 署名单位: University of California System; University of California Los Angeles; National Bureau of Economic Research; International Monetary Fund
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.5.4.179
• 发表日期: 2013
• 页码: 179-204
• 关键词: trade; economies; GROWTH

摘要

Empirical evidence on the relationship between democracy and economic reforms is limited to few reforms, countries, and years. This paper studies the effect 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 scarce evidence that economic reforms foster democracy. Our results are robust to the inclusion of a large variety of controls and estimation strategies.