Private investment and democracy in Latin America

Pastor, Manuel; Hilt, Eric

doi:10.1016/0305-750x(93)90105-i

Cited by 31 publications

(18 citation statements)

References 27 publications

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“…The first thing that one should notice is that the coefficient of the variables "democratic" and "authoritarian" are statistically significant in the base regression. In accordance with previous findings by Kormendi and Meguire (1985), Pastor and Hilt (1993) and Pastor and Sung (1995), we find that democracy has a positive effect on investment, while authoritarian rule has adverse effects on investment. However, as the last column of Table 3 shows, neither effect is robust.…”

Section: Indirect Effects Of Democracy On Economic Growthsupporting

confidence: 81%

New evidence on the relationship between democracy and economic growth

Haan¹,

Siermann

1996

Public Choice

121

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It is often maintained that democracy is a luxury which comes at a price in terms of subsequent slower increases in national living standards. However, various recent cross-section studies on economic growth have found evidence that tack of civil and political liberties is negatively correlated with economic growth. Using a new measure of democracy, which is based upon the number of years that a country can be regarded as a democracy, the robustness of this relationship is examined. Both direct and indirect effects of lack of democratic liberties are analysed. Our main conclusion is that the relationship between democracy and economic growth is not rubust.

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Section: Indirect Effects Of Democracy On Economic Growthsupporting

confidence: 81%

New evidence on the relationship between democracy and economic growth

Haan¹,

Siermann

1996

Public Choice

121

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“…2 See, among others, Campos and Nugent (1998), Easterly et al (1997), Pastor and Hilt (1993), Lora and Barrera (1997), Lora (1998), Fernandez-Arias andIADB (1997). 3 Teledensity or penetration rate as a measure of total main lines per 100 hundred inhabitants is the proxy for investment.…”

Section: Introductionmentioning

confidence: 99%

Telecommunications liberalization and regulatory governance: lessons from Latin America

Gutiérrez

Berg²

2000

Telecommunications Policy

117

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“…An array of studies has focused on the interrelationship between institutions and private investment (Greene and Villanueva, 1990;Pastor and Hilt, 1993;Pastor and Sung, 1995;Feng and Chen, 1997;Feng, 2001;Salahuddon and Islam, 2008). 2 Political scientists and economists have recognized that in addition to economic failures in developing countries leading to a decline in economic growth, political and institutional failures also adversely affect economic performance.…”

Section: Socio-political Determinantsmentioning

confidence: 98%

“…16 This dataset is fully described above when discussing private investment data. 17 Pastor and Hilt (1993) take the former view, Green and Villanueva (1990) argue the latter. 18 The real interest rate is measured as ln[ (1 ) …”

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confidence: 96%

The Joint Effect of Macroeconomic Uncertainty, Sociopolitical Instability, and Public Provision on Private Investment

Kottaridi¹

2014

jda

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ABSRACTMost studies on private investment focus either on macroeconomic conditions or sociopolitical climate to explain private investment patterns. We go a step further and examine empirically the joint effect of macroeconomic uncertainty, sociopolitical instability and public provision on private investment using data from 37 developing countries between 1970 and 2000. Our results show that macroeconomic instability, macroeconomic uncertainty and socio-political instability jointly have a negative impact on private investment. Our empirical findings enable identification of particular social and political imbalance attributes that deter private investment. Furthermore we establish a detrimental effect of public provision, when measured by public investment, on private investment and a beneficial effect when measured by infrastructure availability. Influential policy implications are then developed, especially in the face of the unprecedented Eurozone crisis in the post war period. JEL Classification: E62; F31; H54

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Private investment and democracy in Latin America

Cited by 31 publications

References 27 publications

New evidence on the relationship between democracy and economic growth

New evidence on the relationship between democracy and economic growth

Telecommunications liberalization and regulatory governance: lessons from Latin America

The Joint Effect of Macroeconomic Uncertainty, Sociopolitical Instability, and Public Provision on Private Investment

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