DEMOCRACY AND GROWTH: A DYNAMIC PANEL DATA STUDY

Jeffry A. Jacob () and Thomas Osang
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Jeffry A. Jacob: Department of Business and Economics, Bethel University, 3900 Bethel Dr., St. Paul, MN 55112, USA
Thomas Osang: Department of Economics, Southern Methodist University, 3300 Dyer St., Dallas, TX 75275, USA

The Singapore Economic Review (SER), 2020, vol. 65, issue 01, 41-80

Abstract: In this paper, we investigate the idea whether democracy has a direct effect on economic growth. We use a system GMM framework that allows us to model the dynamic aspects of the growth process and control for the endogenous nature of many explanatory variables. In contrast to the growth effects of institutions, regime stability, openness, geography and macro-economic policy variables, we find that measures of democracy matter little, if at all, for the economic growth process.

Keywords: Democracy; growth; institutions; openness; dynamic panel (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (8)

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DOI: 10.1142/S0217590817470075

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