Excessive concentration increases national risk in an uncertain world. This paper views economic and political … diversification as an essential aspect of national risk management aimed at promoting efficiency, growth, and welfare. The paper first … presents economic and political diversification side by side in a cross-country framework and discusses how they interact and …

opportunities to enhance long-term output per capita and productivity growth. -- financial crises ; democracy ; political …

of democracy (rather than democracy vs. non-democracy) has important consequences for the adoption of structural polices … opposed to majoritarian) and permanent (as opposed to temporary) democracy appear to produce the most growth …

Several studies have documented a negative relationship between democracy and volatility. The latter is usually … institutions, macroeconomic policies and financial development, we find that democracy is the most robust predictor of a country … entry for new firms. This leads to less sectoral diversification: fewer sectors are operated but more resources are …