Papaioannou, Elias; Siourounis, Gregorios - C.E.P.R. Discussion Papers - 2008
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 … institutions. We study democratization in a before-after event study approach that enables us to control for time-invariant country …