What Determines Long-Run Macroeconomic Stability?: Democratic Institutions
We examine the deep determinants of long-run macroeconomic stability in a cross-country framework. We find that conflict, openness, and democratic political institutions have a strong and statistically significant causal impact on macroeconomic stability. Surprisingly the most robust relationship of...
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| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, D.C
International Monetary Fund
2004
|
| Series: | IMF Working Papers
Working Paper No. 04/215 |
| Online Access: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Summary: | We examine the deep determinants of long-run macroeconomic stability in a cross-country framework. We find that conflict, openness, and democratic political institutions have a strong and statistically significant causal impact on macroeconomic stability. Surprisingly the most robust relationship of the three is for democratic institutions. A one standard deviation increase in democracy can reduce nominal instability nearly fourfold. This impact is robust to alternative measures of democracy, samples, covariates, and definitions of conflict. It is particularly noteworthy that a variety of nominal pathologies discussed in the recent macroeconomic literature, such as procyclical policy, original sin, and debt intolerance, have common origins in weak democratic institutions. We also find evidence that democratic institutions both strongly influence monetary policy and have a strong, independent positive effect on stability after controlling for various policy variables |
| Physical Description: | 1 Online-Ressource (52 p) |
| ISBN: | 145187507X 9781451875072 |
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| spelling | Subramanian, Arvind Verfasser aut What Determines Long-Run Macroeconomic Stability? Democratic Institutions Subramanian, Arvind Washington, D.C International Monetary Fund 2004 1 Online-Ressource (52 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 04/215 We examine the deep determinants of long-run macroeconomic stability in a cross-country framework. We find that conflict, openness, and democratic political institutions have a strong and statistically significant causal impact on macroeconomic stability. Surprisingly the most robust relationship of the three is for democratic institutions. A one standard deviation increase in democracy can reduce nominal instability nearly fourfold. This impact is robust to alternative measures of democracy, samples, covariates, and definitions of conflict. It is particularly noteworthy that a variety of nominal pathologies discussed in the recent macroeconomic literature, such as procyclical policy, original sin, and debt intolerance, have common origins in weak democratic institutions. We also find evidence that democratic institutions both strongly influence monetary policy and have a strong, independent positive effect on stability after controlling for various policy variables Online-Ausg Satyanath, Shanker Sonstige oth http://elibrary.imf.org/view/IMF001/07877-9781451875072/07877-9781451875072/07877-9781451875072.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Subramanian, Arvind What Determines Long-Run Macroeconomic Stability? Democratic Institutions |
| title | What Determines Long-Run Macroeconomic Stability? Democratic Institutions |
| title_auth | What Determines Long-Run Macroeconomic Stability? Democratic Institutions |
| title_exact_search | What Determines Long-Run Macroeconomic Stability? Democratic Institutions |
| title_exact_search_txtP | What Determines Long-Run Macroeconomic Stability? Democratic Institutions |
| title_full | What Determines Long-Run Macroeconomic Stability? Democratic Institutions Subramanian, Arvind |
| title_fullStr | What Determines Long-Run Macroeconomic Stability? Democratic Institutions Subramanian, Arvind |
| title_full_unstemmed | What Determines Long-Run Macroeconomic Stability? Democratic Institutions Subramanian, Arvind |
| title_short | What Determines Long-Run Macroeconomic Stability? |
| title_sort | what determines long run macroeconomic stability democratic institutions |
| title_sub | Democratic Institutions |
| url | http://elibrary.imf.org/view/IMF001/07877-9781451875072/07877-9781451875072/07877-9781451875072.xml |
| work_keys_str_mv | AT subramanianarvind whatdetermineslongrunmacroeconomicstabilitydemocraticinstitutions AT satyanathshanker whatdetermineslongrunmacroeconomicstabilitydemocraticinstitutions |