We study the effect of democratization on stock market liquidity across Spanish political regimes between 1914 and 1936. We use press news related to mass mobilization in favor of political and redistributive reforms to build a monthly index of political uncertainty, and test its impact on...

Blair et al. (2023) examine the effect of UN peacekeeping on democratization in conflict-affected countries. They use fixed effects and instrumental variable estimators and find evidence that "UN missions with democracy promotion mandates are strongly positively correlated with the quality of...