TY  - RPRT
        AU  - Campos, Nauro F.
AU  - Coricelli, Fabrizio
        TI  - Financial Liberalization and Democracy: The Role of Reform Reversals
        PY  - 2009/Aug/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 4338
        UR  - https://www.iza.org/index.php/publications/dp4338
        AB  - The relationship between economic and political liberalization has received a great deal of attention lately, yet the possibility of a nonlinear relationship and the role of reversals remain largely neglected. Focusing on democratization and financial reform, this paper offers evidence for a U-shaped relationship across countries, over time as well as in a panel setting using a wide range of estimators for various reform measures. We link this non-linear relationship to the notion of partial or captured democracy. We provide as well econometric support showing that even when de facto is modelled as a function of de jure financial liberalization, this non-linearity obtains.
        KW  - reform reversals
KW  - political liberalization
KW  - economic liberalization
KW  - financial reform
        ER  -