We find that new states are perceived to be more corrupt even though businesses do not report more bribery in newer states. This is suggestive of an unearned, and likely high, reputational cost to being a new state. These findings hold over a number of specifications that include additional...

During the global response to COVID-19, the analogy of fighting a war was often used. In 2022, the world faced a different war altogether, an unprovoked Russian invasion of Ukraine. Since 2020 the world has faced these unprecedented shocks. Although we realise these events' health and economic...