There is voluminous literature on the impact of reforms, but little attention to the impact of institutional reforms on economic outcomes. Therefore, the focus of this paper is to examine the effects of economic and political institutional reforms on growth and investment in Africa. Treatment...

If the effects of institutional reforms are long-term and unpredictable, why do leaders undertake them? We analyze reforms where the incentives of agents pursuing a change, and the effects of that change, are highly asymmetric in time and policy dimensions. We examine detailed evidence from...