Political Instability and Economic Growth: UK Time Series Evidence
Dimitrios Asteriou () and
Simon Price ()
Scottish Journal of Political Economy, 2001, vol. 48, issue 4, 383-99
This paper tests for the influence of political instability on UK economic growth between 1961 and 1997. We construct six variables that quantify political instability and examine the effect on growth. The results suggest that there is a strong link. GARCH-M models reveal negative effects of instability on growth and positive effects on growth uncertainty. Uncertainty in itself does not affect growth. Copyright 2001 by Scottish Economic Society.
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