Using data on a panel of 56 democratic countries in the period 1975-2004, we find evidence of a negative association between political stability and economic growth which is stronger and empirically more robust in countries with high bureaucratic costs. Motivated by these results, which contrast...

We analyze under which conditions temporary migration of unskilled and skilled workers increases human capital accumulation in the host country. We also show that the negative welfare effect of lower unskilled wages may be counterbalanced by deeper human capital formation

This paper investigates the economic consequences of international migration from the point of view of destination countries. Consistently with international evidence on migration flows, we build a model where the migration rate is higher among the highly-educated. A negative relationship is...

Differently from Atkinson and Morelli (2011) who detect no clear link between increases in income inequality and systemic banking crises, we show that a large majority of crises occurred between 1982 and 2008 have been preceded by persistently high levels of income inequality. Such association...

Differently from Atkinson and Morelli (2011) who detect no clear link between increases in income inequality and systemic banking crises, we show that a large majority of crises occurred between 1982 and 2008 have been preceded by persistently high levels of income inequality. Such association...