We theoretically and empirically examine the relationship between natural resource revenues and financial development. In the theoretical part, we present a politico-economic model in which contract enforcement is low and decreasing in resource revenues when political institutions are poor, but...

Democracy and media freedom have been suggested as useful tools in the ?ght against political corruption, but so far their interplay in this ?ght has received scant attention. We present a game theoretic model which predicts that the corruption-reducing e?ect of democracy becomes stronger as...