We consider a model of policy choice in which appropriate policies depend on a country's own circumstances, but the presence of a successful leader generates an informational externality and results in too little "policy experimentation." Corrupt governments are reined in while honest...

We consider a model of policy choice in which appropriate policies depend on a country's own circumstances, but the presence of a successful leader generates an informational externality and results in too little 'policy experimentation.' Corrupt governments are reined in while honest...

The past two decades have witnessed many episodes of economic reform across the developing world. Although initiated with popular enthusiasm, sustaining and completing these reform packages has turned out to be much more difficult, with policymakers having to `walk the line' between success and...

We analyze whether or not the globalization of capital, `disciplines' governments and improves gov- ernance. We demonstrate that globalization a ects governance, by increasing a country's vulnerability to sudden capital ight. This increased threat of capital ight can discipline governments and...

This paper develops a dynamic framework to analyze the political sustainability of economic reforms in developing countries. First, we demonstrate that economic reforms that are proceeding successfully may run into a political impasse, with the reform’s initial success having a negative impact...

Why are some leaders able to rally mass support and successfully catalyze revolutionary change while others fail? We argue that the key to understanding a leader’s effectiveness lies in dissecting the symbiotic relationship between the leader and his committed activist-followers. Good leaders...

This paper develops a dynamic framework to analyze the political sustainability of economic reforms in developing countries. First, we demonstrate that economic reforms that are proceeding successfully may run into a political impasse, with the reform’s initial success having a negative impact...