Democracy and Reforms; Evidence from a New Dataset
Antonio Spilimbergo (),
Paola Giuliano () and
No 10/173, IMF Working Papers from International Monetary Fund
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.
Keywords: Political economy; institutions, transition, economic liberalization, correlation, statistical significance, neighboring countries, trade reforms, statistics, Comparative Studies of Countries, Macroeconomic - Aspects Of Public Finance, Macroeconomic Policy, And General Outlook, (search for similar items in EconPapers)
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Journal Article: Democracy and Reforms: Evidence from a New Dataset (2013)
Working Paper: Democracy and Reforms: Evidence from a New Dataset (2012)
Working Paper: Democracy and Reforms: Evidence from a New Dataset (2011)
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