Gundlach, Erich (contributor); Paldam, Martin (contributor); … - 2008
reveals the strong effect of income on democracy. -- Democracy ; modernization hypothesis ; fixed-effects estimation …Acemoglu, Johnson, Robinson, and Yared (2008) demonstrate that estimation of the standard adjustment model with country …-fixed and time-fixed effects removes the statistical significance of income as a causal factor of democracy. We argue that their …