Crises, What Crises? New Evidence on the Relative Roles of Political and Economic Crises in Begetting Reforms
研究了1960-2000年间约100个发达国家和发展中国家的数据，发现政治危机比经济危机更能推动劳动市场和贸易自由化等结构性改革。
Crises beget reforms is a powerful hypothesis. But which type of crises - economic or political - are the main drivers of structural reforms? To answer this question, we construct measures of labour market and trade liberalisation and the two types of crises for a panel of about 100 developed and developing countries between 1960 and 2000. We find that political crises are more important determinants of structural reforms than economic crises. This finding is robust to the inclusion of interdependencies between crises, feedbacks between reforms, different estimators and various alternative measures of crises.