Learning the Wealth of Nations

Francisco Buera, Giorgio Primiceri and Alexander Monge-Naranjo

No 8030, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: We study the evolution of market-oriented policies over time and across countries. We consider a model in which own and neighbors' past experiences influence policy choices through their effect on policymakers' beliefs. We estimate the model using a large panel of countries and find that it fits a large fraction of the policy choices observed in the postwar data, including the slow adoption of liberal policies. Our model also predicts that there would be reversals to state intervention if nowadays the world was hit by a shock of the size of the Great Depression.

Keywords: beliefs; Development; Growth; Market-oriented policy (search for similar items in EconPapers)
JEL-codes: O11 O43 P00 (search for similar items in EconPapers)
Date: 2010-09
New Economics Papers: this item is included in nep-dev
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Related works:
Journal Article: Learning the Wealth of Nations (2011)
Working Paper: Learning the Wealth of Nations (2008)
Working Paper: Learning the Wealth of Nations (2008)
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