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American Economic Journal: Macroeconomics: Vol. 5 No. 4 (October 2013)

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Democracy and Reforms: Evidence from a New Dataset

Article Citation

Giuliano, Paola, Prachi Mishra, and Antonio Spilimbergo. 2013. "Democracy and Reforms: Evidence from a New Dataset." American Economic Journal: Macroeconomics, 5(4): 179-204.

DOI: 10.1257/mac.5.4.179

Abstract

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.

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Authors

Giuliano, Paola (UCLA and IZA, Bonn)
Mishra, Prachi (IMF)
Spilimbergo, Antonio (IMF)

JEL Classifications

D72: Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
E02: Institutions and the Macroeconomy
E60: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General
L51: Economics of Regulation
O17: Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
O20: Development Planning and Policy: General

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