Reforms often occur in waves, seemingly cascading from country to country. We argue that such reform waves may be … driven by informational spillovers: uncertainty about the outcome of reform is reduced by learning from the experience of …

We investigate the effects of economic crises on the subsequent economic performance, economic reform, democratization … economic reform, economic growth and, with a delay, on investment and institutional change. Episode of high inflation, moreover …, translate into lower subsequent inflation. Crises thus appear to serve as catalysts of reform and institutional change and lead …

decreasing efficiency, which becomes more severe as the centralized budget increases. We also analyze partial ex-ante commitment … through alternative decision-making institutions: Both majority rule and exogenous tax rules can improve efficiency. …

by the Ramsey government not only increases aggregate efficiency, but it also decreases inequality. This result is in …