Democratisation and Growth
利用第三波民主化期间的政治转型数据，发现民主化平均带来人均年增长率1%的提升，且长期增长效应稳定，支持民主促进发展的理论。
This article challenges cross-sectional findings that democracy has a negligible effect on growth. We employ a new dataset of political transitions during the Third Wave of Democratisation and examine the within effect of democratisation in countries that abandoned autocracy and consolidated representative institutions. The panel estimates imply that on average democratisations are associated with a 1% increase in annual "per capita" growth. The dynamic analysis reveals that: while during the transition growth is slow, in the medium and long run it stabilises at a higher level. This evidence favours development theories of democratic rule and Friedrich Hayek (1960) 's idea that the merits of democracy appear in the long run. Copyright © The Author(s). Journal compilation © Royal Economic Society 2008.