@TechReport{iza:izadps:dp4338,
            	author={Campos, Nauro F. and Coricelli, Fabrizio},
            	title={Financial Liberalization and Democracy: The Role of Reform Reversals},
            	year={2009},
	month={Aug},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={4338},
            	url={https://www.iza.org/publications/dp4338},
	abstract={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.},
	keywords={reform reversals;political liberalization;economic liberalization;financial reform},
            }