Hayo, Bernd; Voigt, Stefan - International Centre for Economic Research (ICER) - 2005
We argue that a higher degree of de facto independence of the legal system from the other government branches as well … independence of the central bank. In the empirical section of the paper, we present evidence in favor of both channels in a sample … independence, checks and balances within government, and openness can explain 60% of the variation in the logarithm of the …