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Etudes & documents ; The political economy of finance literature emphasizes the critical role of political institutions in promoting financial development. Related empirical findings highlight a robust positive effect of democratic regimes on financial development compared to dictatorships. However, no study focused so far on identifying the precise political institutions explaining the financial development enhancing effect of democracies. In this paper, we study the effects of disaggregated political institutions on financial development along three institutional dimensions, namely forms of government, electoral rules and state forms. Using a large panel of 140 countries over 1984-2007, we show that institutional details are of crucial importance, since the positive effect of democracies on financial development clearly depends on the precise institutional dimensions at work, namely: parliamentary governments and, to a lesser extent federal states. Thus, our study contributes to the institutional design debate, by showing that the simple promotion of democratic regimes might not be sufficient to foster financial development.

Etudes & documents ; The political economy of finance literature emphasizes the critical role of political institutions in promoting financial development. Related empirical findings highlight a robust positive effect of democratic regimes on financial development compared to dictatorships. However, no study focused so far on identifying the precise political institutions explaining the financial development enhancing effect of democracies. In this paper, we study the effects of disaggregated political institutions on financial development along three institutional dimensions, namely forms of government, electoral rules and state forms. Using a large panel of 140 countries over 1984-2007, we show that institutional details are of crucial importance, since the positive effect of democracies on financial development clearly depends on the precise institutional dimensions at work, namely: parliamentary governments and, to a lesser extent federal states. Thus, our study contributes to the institutional design debate, by showing that the simple promotion of democratic regimes might not be sufficient to foster financial development.

The West needs to change its attitudes & behaviors towards the Muslim world. So far the West has been hypocritical in regard to its treatments of countries in the Middle East. An example of this is seen in Saudi Arabia, which is one of the most oppressive regimes in the Islamic world, but because of its economic ties with America it does not receive the same treatment as the Chinese & Sudanese. Also, there are differences in opinion about what democracy is. For example, in the Muslim world with each succeeding leader, the constitution is rewritten, making it a policy statement rather then a leading document. The West should not harbor fundamentalist groups but rather should encourage the democratic process & accept its consequences. R. Larsen

The popular pressures for reforms of the democratic process have mounted across the OECD nations over the past generation. In response, democratic institutions are changing, evolving, expanding in ways that may alter the structure of the democratic process. These changes include reforms of representative democracy proceses, the expansion of direct democracy, and the introduction of new forms of advocacy democracy. Indeed, some observers claim that we are witnessing the most fundamental transformation of the democratic process since the creation of mass democracy in the early 20th Century. This essay first summarizes the institutional reforms that are occurring in advanced industrial democracies. Given these changes, we consider how each of the three modes fulfills Dahl's criteria for democracy, and how the shifting patterns of democratic access are transforming the relationship between citizens and their political system. This essay is adapted from their edited volume, Democracy Transformed? Expanding Political Opportunities in Advanced Industrial Democracies (Oxford University Press, 2003).