Democratic capital
Subtitle: the nexus of political and economic change
By: Torsten Persson, Guido Tabellini
Contributors: Tabellini, Guido; National Bureau of Economic Research
Series: NBER working paper series -- working paper 12175; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 12175.
Publisher: National Bureau of Economic Research
Published: 2006
Place of publication: Cambridge, MA
Language: eng
Format: [electronic resource] :
Description: "We study the joint dynamics of economic and political change.  Predictions of the simple model that we formulate in the paper get considerable support in a panel of data on political regimes and GDP per capita for about 150 countries over 150 years.  Democratic capital -- measured by a nation's historical experience with democracy and by the incidence of democracy in its neighborhood -- reduces the exit rate from democracy and raises the exit rate from autocracy.  In democracies, a higher stock of democratic capital stimulates growth in an indirect way by decreasing the probability of a successful coup.  Our results suggest a virtuous circle, where the accumulation of physical and democratic capital reinforce each other, promoting economic development jointly with the consolidation of democracy"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 5/24/2006.

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