Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/35836
Authors: 
Campos, Nauro F.
Coricelli, Fabrizio
Year of Publication: 
2009
Series/Report no.: 
IZA Discussion Papers 4338
Abstract: 
The relationship between economic and political liberalization has received a great deal of attention lately, yet the possibility of a nonlinear relationship and the role of reversals remain largely neglected. Focusing on democratization and financial reform, this paper offers evidence for a U-shaped relationship across countries, over time as well as in a panel setting using a wide range of estimators for various reform measures. We link this non-linear relationship to the notion of partial or captured democracy. We provide as well econometric support showing that even when de facto is modelled as a function of de jure financial liberalization, this non-linearity obtains.
Subjects: 
Reform reversals
political liberalization
economic liberalization
financial reform
JEL: 
C23
D72
O38
P16
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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