There is a broad agreement that political and economic institutions matter for long-term development. Yet relatively little is known as to how to adopt good quality institutions and reform weak or poor institutions, for which one needs to know how institutions change. This paper provides a...

Placing constraints on elected officials is thought to bind their hands and render government policies credible. In turn, credible policies attract investment because investors can extend their policy and regulatory time horizons. Yet, a scholarship on LMICs suggests that too many constraints on...