international financial decision-making, also as it relates to the legitimacy of the international system in the eyes of the public …

the preservation of the central bank’s legitimacy requires that a clear line be drawn between the central bank’s provision …

We construct a model of revolution and transition to democracy under an individualistic and a collectivist culture. The … culture are more likely to end up adopting democracy faster than countries with a collectivist culture. Our instrumental … democracy, even after controlling for other determinants of democracy emphasized in the literature. We also give evidence that …

This paper investigates the endogenous emergence of democracy and rule of law in an economy where heterogeneous … conditional on beliefs about property rights enforcement. Democratization is endogenous, but the features of democracies are shown … to be crucially related to the conditions under which democratization initially takes place. Democratic transitions …

democracy during the following two years by around 3 percentage points. A 5% fall in income due to low rainfall raises the … probability of democratization by around 7 percentage points. We also find that rainfall does not affect transitions from … democracy to autocracy. …

democracy. To address the potential endogeneity of economic growth, we use variation in precipitation, temperatures, and … reduces the short-run likelihood of institutional change toward democracy. Output contractions due to adverse weather shocks …

This paper investigates the role of violent civil conflicts during the process of democratization for the quality of … different groups may engage in violent conflict in order to become the ruler predicts a crucial role of the democratization … scenario. A peaceful democratization leads to democracies with a high degree of civil liberties, reflecting a social contract …

We identify permanent democratic transitions during the Third Wave of Democratization and the nineties, when many … relatively stable democracy to autocracy and 6 episodes of small improvements in representative institutions. We also classify … prerequisites for democracy in these countries that enter the Third Wave as non-democracies. Examining initially autocratic …

Theory and empirics are ambiguous on the effect of democracy on growth. Cross-country studies find that democracy has … democracy. We reconcile this inconsistency by showing that the positive effect of political transition is a result of swift … regime change and not democratization. We identify and examine 90 successful, failed, and gradual transitions that have …