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We test the hypotheses that zombie firms are less productive and have lower employment growth and lower gross investment ratios than non-zombie firms in the same industry sector and that they are a source of contagion for the latter. Ever since Caballero et al. (2008), it has been taken for...
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This paper describes private actors involvement in Colombia s policymaking process. While more transparent and formal channels are used to discuss horizontal policies, they are also less effective. The adoption of targeted policies, however, follows a faster track and depends more on political...
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This article challenges recent findings that democracy has sizable effects on economic growth. As extensive political … paper focuses on this endogeneity concern. Using a worldwide survey of 165 country-specific democracy experts conducted for … these more exogenous democratizations strongly indicates that democracy does not cause growth. Consequently, the common …
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Broadening democracy by lowering the voting age is on the political agenda in many democratic societies. Previous … democracy proxied by the strength of direct democratic institutions and (ii) the size of the new electorate. Our results provide … democracy and affects citizens' willingness to lower the voting age. Moreover, we find systematic price reactions of present …
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