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The Path of Liberalization and Economic Growth
In: Kyklos: international review for social sciences, Band 55, Heft 1, S. 57-80
ISSN: 1467-6435
Empirical research has shown that both more economic freedom and a higher stability of policy variables are supportive for economic growth. Thus, the path of policy liberalization may have a considerable influence on a nation's growth performance. Using the Fraser‐index of economic freedom, this article shows empirically that policy volatility proves to be growth depressing, even if the state liberalizes the economy in the long‐run. Growth is significantly higher if liberalization occurs on a smoother path.
A race to liberalization? Diffusion of economic policy reform among OECD-economies
In: Public choice, Band 132, Heft 1-2, S. 159-178
ISSN: 1573-7101
A race to liberalization? Diffusion of economic policy reform among OECD-economies
In: Public choice, Band 132, Heft 1, S. 159-178
ISSN: 0048-5829
The Impact of Growth Performance and Political Regime Type on Economic Policy Liberalization
In: Kyklos: international review for social sciences, Band 61, Heft 2, S. 258-278
ISSN: 1467-6435
SUMMARYWhile economic policy liberalization is a key to higher overall growth, reforms are often not implemented due to a fierce opposition from politically powerful prospective losers from reforms. In this respect, it is frequently claimed that economic crises can help overcome resistance to policy liberalization. Furthermore, political authorities not constrained by democratic checks and balances are supposed to be more decisive and are thus expected to carry out market‐friendly policy change in times of crises more easily. Rules of democratic participation and checks and balances may however also be good for policy reform, as they can serve as an institutional mechanism for peaceful conflict resolution.The paper investigates empirically the interaction between economic growth performance and political institutions in producing free‐market reform. We explore whether political regime types shape systematically government policy responses to good or bad growth performance, employing panel econometric techniques and using recently updated data for economic reform and political institutions. Contrary to conventional wisdom we find that a bad growth performance is conducive to reforms in democracies, but not in autocracies. Democracies not only carry out more liberal economic policies in general, but they are also more responsive to economic growth crises. Democratic rule seems to be favorable for policy liberalization, but a very good growth performance weakens liberalization incentives considerably.
Individualistic values, institutional trust, and interventionist attitudes
In: Journal of institutional economics, Band 13, Heft 3, S. 575-598
ISSN: 1744-1382
AbstractA popular explanation for economic development is that 'individualistic values' provide a mind-set that is favorable to the creation of growth-promoting institutions. The present paper investigates the relationship between individualistic values and personal attitudes toward government intervention. We consider two key components of an individualistic culture to be particularly relevant for attitude formation: self-direction ('social' individualism) and self-determination ('economic' individualism). Results indicate that both are negatively associated with interventionist attitudes. Effects of self-direction are much weaker though, than self-determination. Moreover, the effects of self-direction are mitigated through higher trust in the state and lower confidence in companies, while that is not the case for self-determination values. We conclude that especially economic individualism supports attitudes conducive to the formation of formal market-friendly institutions.
The demand for transparency: an empirical note
In: The review of international organizations, Band 5, Heft 2, S. 177-195
ISSN: 1559-7431
World Affairs Online
The demand for transparency: An empirical note
In: The review of international organizations, Band 5, Heft 2, S. 177-195
ISSN: 1559-744X
Do crises promote the extent of economic liberalization?: an empirical test
In: European journal of political economy, Band 19, Heft 3, S. 565-581
ISSN: 1873-5703
Does social distrust always lead to a stronger support for government intervention?
In: Public choice, Band 163, Heft 3-4, S. 355-377
ISSN: 1573-7101
Does social distrust always lead to a stronger support for government intervention?
In: Public choice, Band 163, Heft 3, S. 355-377
ISSN: 0048-5829
Is confidence in major companies rooted in generalized social trust, or regulatory quality, or both?
In: Journal of institutional economics, Band 16, Heft 3, S. 287-303
ISSN: 1744-1382
AbstractWhile confidence in the business sector is crucial for well-functioning markets, there is surprisingly little empirical work on its sources. Available research recognizes generalized social trust and macroeconomic performance (especially unemployment and economic growth) as major forces explaining confidence in institutions and organizations in general. By assuming that confidence in companies hinges on rules, formal procedures, and practices that shape how organizations function, economic regulation is frequently advocated to foster confidence in companies, not least as it is supposed to reduce the scope for opportunistic behavior. Based on individual-level data from World Values Survey/European Values studies and economic regulation data from the Economic Freedom of the World project we investigate statistical associations of confidence in major companies with generalized social trust and macroeconomic performance as well as the intensity and quality of business regulation. From an economic policy perspective our findings suggest that confidence in the business sector can be facilitated by an implicit guarantee from governments of fair and impartial treatment.
Social trust, institutional and political constraints on the executive and deregulation of markets
In: European Journal of Political Economy, Band 39, S. 249-268
Die Akzeptanz von sozial- und wirtschaftspolitischen Maßnahmen: mehr Politik als Wirtschaftspolitik?
In: Österreichische Zeitschrift für Politikwissenschaft, Band 40, Heft 3, S. 217-236
Do equalization payments affect subnational borrowing? Evidence from regression discontinuity
In: European Journal of Political Economy, Band 53, S. 84-108