TY - JOUR
T1 - Economic growth and institutional reform in modern monarchies and republics
T2 - A historical cross-country perspective 1820-2000
AU - Bjørnskov, Christian
AU - Kurrild-Klitgaard, Peter
PY - 2014
Y1 - 2014
N2 - Conventional arguments suggest that republics ought to grow faster than monarchies and experience lower transitional costs following reforms. We employ a panel of 27 countries observed from 1820 to 2000 to estimate these differences. Results show no significant growth differences between the two regime types. Effects of incremental reforms do not differ between them, but those of large-scale reforms do. Specifically, we find a strong valley-of-tears effect of large reforms in republics, and monarchies benefit from such reforms in the ten-year perspective adopted here. We offer some tentative thoughts on the underlying mechanisms responsible for the results.
AB - Conventional arguments suggest that republics ought to grow faster than monarchies and experience lower transitional costs following reforms. We employ a panel of 27 countries observed from 1820 to 2000 to estimate these differences. Results show no significant growth differences between the two regime types. Effects of incremental reforms do not differ between them, but those of large-scale reforms do. Specifically, we find a strong valley-of-tears effect of large reforms in republics, and monarchies benefit from such reforms in the ten-year perspective adopted here. We offer some tentative thoughts on the underlying mechanisms responsible for the results.
U2 - 10.1628/093245614X13946249258832
DO - 10.1628/093245614X13946249258832
M3 - Journal article
SN - 0932-4569
VL - 170
SP - 453
EP - 481
JO - Journal of Institutional and Theoretical Economics
JF - Journal of Institutional and Theoretical Economics
IS - 3
ER -
