The relationship between economic and political liberalization has received a great deal of attention lately, yet the possibility of a non-linear relationship and the role of reversals remain largely neglected. Focusing on democratization and financial reform, this paper offers evidence for a...

President Putin's reassertion of state control over more and more of the economy combined with his radical reversal of many of the country's political reforms is ominous. Correcting for some of the political and economic excesses of the original reforms is all to the good, but unless he can do...

We identify multiple structural breaks in a growth series using the econometric method developed by Bai and Perron (1998, 2003). We then regress the indicator of detected positive and negative breaks on three kinds of explanatory variables: external shocks, institutions and policies. Our results...

What accounts for the dynamics of financial reforms? This paper identifies the political regime as main factor. Focusing on democratization and financial reform, it puts forward novel evidence for a U-shaped relation, across countries, over time as well as in a panel setting for different reform...

What accounts for the dynamics of financial reforms? This paper identifies the political regime as main factor. Focusing on democratization and financial reform, it puts forward novel evidence for a U-shaped relation, across countries, over time as well as in a panel setting for different reform...

The role of institutions in economic growth has recently begun to receive greater attention in academic circles. Although the impact of institutions has been acknowledged by most, definitive conclusions still remain a question, particularly given the problem of endogeneity. We use panel least...

The essay argues that the influential neoliberal economic philosophers assume that market and price mechanisms should be promoted to achieve economic development and calls for economic liberalization undermining the role of policy instruments. The essay challenges the presuppositions of these...

This paper focuses on time preference and individual measures of expropriation risk. We use survey data on Italian households and on the 50+ population in eleven European countries. The surveys provide measures of discount rate and proxies for expropriation due to criminal offenses. We show that...

In 2002, Argentina devalued its currency and froze public utility rates thus breaching the guarantees granted to investors the decade before. Those guarantees had lowered investors' cost of capital by substantially reducing expropriation risk. This paper looks into the governance structure...

This paper applies the methodology of real options for valuing firms that for any reason are subject to a possible expropriation. In the development of this research is added to the valuation by discounted cash flows the value of the premium which shareholders would receive as compensation for...