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Title:Financial liberalization and democracy: the role of reform reversals PDF Logo
Authors:Campos, Nauro F.
Coricelli, Fabrizio
Issue Date: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:urn:nbn:de:101:1-20090909376
Document Type:Working Paper
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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