by a generalized tradeoff model where leverage via risky non-recourse debt provides significant diversification benefits … equity further improve diversification and raise the entrepreneur's valuation of the firm. Finally, entrepreneurial risk …

importance of the two mechanisms (sectoral specialization and cross-country diversification) and provide a new answer to the …

most effective ones for processing and aggregating local knowledge. Democracy is a meta-institution for building good …

's global share of GDP means that liberal Asian nations will be poised to take up the role of promoting liberal democracy …

We explore the question of how political institutions and particularly democracy affect economic growth. Although … empirical evidence of a positive effect of democracy on economic performance in the aggregate is weak, we provide evidence that … democracy influences productivity growth in different sectors differently and that this differential effect may be one of the …

years. Democratic capital -- measured by a nation's historical experience with democracy and by the incidence of democracy … in its neighborhood -- reduces the exit rate from democracy and raises the exit rate from autocracy. In democracies, a …, promoting economic development jointly with the consolidation of democracy …

Does democracy promote economic development? We review recent attempts to address this question, which exploit the … within-country variation associated with historical transitions in and out of democracy. The answer is positive, but depends … effect of democracy …

of democracy (rather than democracy vs. non-democracy) has important consequences for the adoption of structural polices … opposed to majoritarian) and permanent (as opposed to temporary) democracy appear to produce the most growth …

The debate over whether political democracy is the least bad regime, as Churchill once said, remains unresolved because …