Journal ArticleDOI
Democracy and Economic Growth: A Historical Perspective
TLDR
In this paper, the authors argue that the causal effect of democracy can be measured by a country's regime status in a particular year (T), which is correlated with its growth performance in a subsequent period (T+l).Abstract:
Recent studies appear to show that democracy has no robust association with economic growth. Yet all such work assumes that the causal effect of democracy can be measured by a country's regime status in a particular year (T), which is correlated with its growth performance in a subsequent period (T+l). The authors argue that democracy must be understood as a stock, rather than a level, measure. That is, a country's growth performance is affected by the number of years it has been democratic, in addition to the degree of democracy experienced during that period. In this fashion, democracy is reconceptualized as a historical, rather than a contemporary, variable—with the assumption that long-run historical patterns may help scholars to understand present trends. The authors speculate that these secular-historical influences operate through four causal pathways, each of which may be understood as a type of capital: physical capital, human capital, social capital, and political capital. This argument is tested in a crosscountry analysis and is shown to be robust in a wide variety of specifications and formats.read more
Citations
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Journal ArticleDOI
Relationship between democracy and economic growth: A panel data analysis
Fuat Sekmen,Filiz Ozkan +1 more
TL;DR: In this article, the authors examined whether there was a relationship between the level of democracy and economic growth in developed countries, also developing and some of the Eastern European countries and panel data analysis has been used to observe the relationship.
Journal ArticleDOI
Democracy, growth, heterogeneity, and robustness
TL;DR: The authors investigated the long-run growth effects of democratisation across countries and found that in the long run, democracy has a positive and significant average effect on per capita income, albeit at best half the magnitude of recent estimates in the literature.
Journal ArticleDOI
Of the People, by the People, for the People's Development?
TL;DR: In this article, the relationship between economic development and democracy is explained through historical analysis, and it is argued that both are endogenous to human progress and thus what begs explanation is the historical process itself.
Book ChapterDOI
South Korea's Rise: Economic development, state power, and foreign policy
Uk Heo,Terence Roehrig +1 more
Book ChapterDOI
Politics of Growth and Redistribution in a Democratic Context
TL;DR: For example, when redistributive policies are progressive or universal, they may improve the incomes and wellbeing of the poor and reduce social hierarchies and divisions as discussed by the authors. But they are not universal for all countries.
References
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Book
Institutions, Institutional Change and Economic Performance
TL;DR: Douglass C. North as discussed by the authors developed an analytical framework for explaining the ways in which institutions and institutional change affect the performance of economies, both at a given time and over time.
Journal ArticleDOI
Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations.
Manuel Arellano,Stephen Bond +1 more
TL;DR: In this article, the generalized method of moments (GMM) estimator optimally exploits all the linear moment restrictions that follow from the assumption of no serial correlation in the errors, in an equation which contains individual effects, lagged dependent variables and no strictly exogenous variables.
Posted Content
Institutions, Institutional Change, and Economic Performance
Douglass C. North,John Alt +1 more
TL;DR: In this article, the authors examine the role that institutions, defined as the humanly devised constraints that shape human interaction, play in economic performance and how those institutions change and how a model of dynamic institutions explains the differential performance of economies through time.
ReportDOI
A simple, positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix
Whitney K. Newey,Kenneth D. West +1 more
TL;DR: In this article, a simple method of calculating a heteroskedasticity and autocorrelation consistent covariance matrix that is positive semi-definite by construction is described.
Book
Capitalism, Socialism and Democracy
TL;DR: In this paper, the authors present a history of the first half of the 20th century, from 1875 to 1914, of the First World War and the Second World War.