a major determinant of the comparatively slow development of resource- or land-abundant regions like South America and …, development is faster in a democratic system. We also endogenize the trade regime and demonstrate that, in political equilibrium …

a major determinant of the comparatively slow development of resource- or land-abundant regions like South America and …, development is faster in a democratic system. We also endogenize the trade regime and demonstrate that, in political equilibrium …

Economic development in Latin America has trailed most other world regions over the past four decades despite its … relatively high initial development and school attainment levels. This puzzle can be resolved by considering the actual learning …

Economic development in Latin America has trailed most other world regions over the past four decades despite its … relatively high initial development and school attainment levels. This puzzle can be resolved by considering the actual learning …

smaller countries that were historically backward and developed a different set of political and economic institutions during … political institutions for the long-run evolution of wealth-income ratios. …

innovation in an individualist culture. This cultural effect may offset the negative effects of bad institutions on growth … robust even after controlling for the effect of institutions and other factors. We also provide evidence of a two-way causal … effect between culture and institutions. …

We analyze the role of risk-sharing institutions in transitions to modern economies. Transitions requires individual …-level, idiosyncratic risk implies that distinct risk-sharing institutions - even those providing the same level of insurance - can lead to … different growth trajectories if they differently motivate risk-taking. Historically, risk sharing institutions were selected …

1950s. Finally, we turn to the determinants of a broad array of development indicators for the year 1960 and for the 1960 …-2000 period. Our main conclusion is that race, rather than political institutions and education policies, is the main force …