The European Monetary Union (EMU) has removed crucial instruments of macroeconomic management from the control of democratically accountable governments. Worse still, the EMU has systemically caused destabilizing macroeconomic imbalances that member states found difficult or impossible to...

In dominant party regimes, party cadres' participation in decision-making constrains dictators from arbitrarily changing policy. Party based regimes are also better at mobilizing supporters in exchange for extensive patronage. The conventional wisdom is that these two mechanisms work together to...

Despite a recent surge in the academic literature on central bank independence (CBI), little is known about its drivers in authoritarian states. Our theoretical argument starts from the simple idea that no country is an island. Whereas autocratic regimes possessing abundant resource wealth have...