Democratic Institutions and Economic Growth
نویسندگان
چکیده
The institutional structure of an economy is modeled as a portfolio. This model predicts that a sample of countries with highly diversi ed institutional structures should have a lower variance of economic growth rates than a sample of countries with homogeneous institutional structures. It also predicts that growth rates over time for individual countries with highly diversi ed institutional structures should, on average, have lower variances. These predictions are supported by statistical
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