Democracy and Reforms

Democracy and Reforms

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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.... .2 .4 .6 8 1 O 2 .4 .6 8 1 O 2 .4 .6 .8 1 Po||ty2 Po||ty2 Po||ty2 1- _ AZE eoe ZMB G11 G15 G18 G22 1- _ TKM sap CHE 1- _ EGY UGA sap ... Ii w i Q g _ PAK G04 NGA BGD t a#39; g Q _ i_ 6 PAK G01 MOZ mo a#39; uzs EGY aquot;rum ETH mm |r~u:agt; G20 q AZE G03 G06 Q: - svn MAR . ... (electricity and telecommunications), (iv) agriculture, (V) labor, (vi) trade (based on tariffs) and (vii) current account transactions. The country codes and groups used in this figures are described in Tables A2 and A3.

Title:Democracy and Reforms
Author: Mr. Antonio Spilimbergo, Paola Giuliano, Prachi Mishra
Publisher:International Monetary Fund - 2010-07-01

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