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| Author: | Papaioannou, E. Siourounis, G. |
| Title: | Democratisation and growth |
| Journal: | Economic Journal
2008 : OCT, VOL. 118:532, p. 1520-1551 |
| Index terms: | democracy growth political systems |
| Language: | eng |
| Abstract: | Cross-sectional results suggesting that democracy has a negligible effect of growth are challenged in this paper. A new dataset of political transitions during the Third Wave of Democratisation is used and the within effect of democratisation in countries that abandoned autocracy and consolidated representative institutions is examined. It is implied by the panel estimates that on average democratisations are associated with a 1% increase in annual per capita growth. It is revealed by the dynamic analysis that while during the transition growth is slow, in the medium and long run it stabilizes at a higher level. |
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