Financial liberalization and democracy: the role of reform reversals

Arbeitspapier

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.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: IZA Discussion Papers ; No. 4338

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Models ; Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior ; Technological Change: Government Policy ; Capitalist Systems: Political Economy
• Thema: Reform reversals ; political liberalization ; economic liberalization ; financial reform ; Deregulierung ; Liberalismus ; Wirtschaftsliberalismus ; Kapitalmarktliberalisierung ; Politische Reform ; Demokratisierung ; Transformationsstaaten

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Campos, Nauro F. ; Coricelli, Fabrizio
• Ereignis: Veröffentlichung
• (wer): Institute for the Study of Labor (IZA)
• (wo): Bonn
• (wann): 2009

Weitere Informationen

• Handle: http://hdl.handle.net/10419/35836
• URN: urn:nbn:de:101:1-20090909376
• Letzte Aktualisierung: 10.03.2025, 11:46 MEZ