This paper throws new light on the relationship between income and democracy. Using data for 162 countries over 1960-2018, we show that the causal relationship between political and economic development is U- shaped: "intermediate" political regimes significantly lead to inferior economic...

Analyzing a large firm-level database for European countries, the paper shows that during the Great Recession trade credit amplified the liquidity squeeze on SMEs induced by the contraction of bank credit. Because of their generally weaker bargaining power in the inter-enterprise credit market,...

Central Eastern European Countries (CEECs) went through a process of deep financial integration with advanced European countries, spurred by the entry in the European Union. Financial integration took place through an unprecedented entry of foreign banks in local banking markets, which led to a...

This paper throws new light on the relationship between income and democracy. Using data for 162 countries over 1960-2018, we show that the causal relationship between political and economic development is U-shaped: "intermediate" political regimes significantly lead to inferior economic...

This paper throws new light on the relationship between income and democracy. Using data for 162 countries over 1960-2018, we show that the causal relationship between political and economic development is U-shaped: "intermediate" political regimes significantly lead to inferior economic...