Democracy and Reforms

Antonio Spilimbergo, Paola Giuliano and Prachi Mishra

No 7194, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: Empirical evidence on the relationship between democracy and economic reforms is scarce, limited to few reforms and countries and for few years. This paper studies the impact of democracy on the adoption of economic reforms using a new dataset on reforms in the financial, capital, public, and banking sectors, product and labor 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.

Keywords: Economic liberalization; Financial markets; Institutions; Political economy; Product markets; Transition (search for similar items in EconPapers)
JEL-codes: E6 O57 (search for similar items in EconPapers)
Date: 2009-03
New Economics Papers: this item is included in nep-pol
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Citations: View citations in EconPapers (5)

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Working Paper: Democracy and Reforms (2010)
Working Paper: Democracy and Reforms (2009)
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