Democracy and Reforms: Evidence from a New Dataset

By Antonio Spilimbergo, Paola Giuliano, Prachi Mishra

July 1, 2010

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Format: Chicago

Antonio Spilimbergo, Paola Giuliano, and Prachi Mishra. Democracy and Reforms: Evidence from a New Dataset, (USA: International Monetary Fund, 2010) accessed November 23, 2024

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.

Subject: Banking, Commodity markets, Current account, Expenditure, Securities markets

Keywords: Country, Democracy, Lagged democracy, WP

Publication Details

Pages:

39
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2010/173
Stock No:

WPIEA2010173
ISBN:

9781455201846
ISSN:

1018-5941

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