| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7024 |
| DP7024 Uncertainty, Climate Change and the Global Economy | |
| Torsten Persson; David von Below | |
| 发表日期 | 2008-10-24 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | This paper challenges cross-sectional findings that democratic institutions have a negligible direct effect on economic growth. We employ a newly constructed data-set of permanent democratic transitions during the so-called Third Wave of Democratization and examine the within effect of democratization in countries that abandoned autocracy and consolidated representative institutions. We study democratization in a before-after event study approach that enables us to control for time-invariant country-specific effects and general time trends. The panel estimates imply that on average democratizations are associated with a one half to one percent increase in annual per capita growth. The dynamic analysis also reveals a J-shaped growth pattern: during the transition growth is slow and on average negative; in the medium and especially long run, however, growth stabilizes at a higher level. The evidence supports "development" theories of democracy and growth that highlight the positive impact of representative institutions on economic activity. They also favour Friedrich Hayek (1960)?s idea that the merits of democracy appear in the long run. |
| 主题 | International Macroeconomics |
| 关键词 | Annual growth Institutions Democracy Event study Political economy |
| URL | https://cepr.org/publications/dp7024 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535861 |
| 推荐引用方式 GB/T 7714 | Torsten Persson,David von Below. DP7024 Uncertainty, Climate Change and the Global Economy. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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