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http://hdl.handle.net/10419/35836
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| Title: | | Financial liberalization and democracy: the role of reform reversals  |
| 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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