This paper provides new evidence on the negative effect of natural catastrophes on economic development. The findings indicate that private insurance markets accommodate the negative effects of natural catastrophes in developed countries, whereas they do not seem to be effective in developing...

This paper attempts to add to the understanding of the causes for the differing recent developments in inequality in OECD countries. The similarity of shocks and technological changes affecting these countries suggests that interactions of these shocks and countryspecific institutions are...

Economically highly developed countries are mostly democratic. But does this association constitute a causal relationship according to which democracy is a determinant of economic development? Or is it, conversely, economic development that paves the way for democratization? This paper gives an...