%0 Report
        %A Campos, Nauro F.
%A Coricelli, Fabrizio
        %T Financial Liberalization and Democracy: The Role of Reform Reversals
        %D 2009
        %8 2009 Aug
        %I Institute of Labor Economics (IZA)
        %C Bonn
        %7 IZA Discussion Paper
        %N 4338
        %U https://www.iza.org/publications/dp4338
        %X 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.
        %K reform reversals
%K political liberalization
%K economic liberalization
%K financial reform