Kiel Working Papers, Kiel Institute for World Economics
No 1458:
Income and Democracy. A Comment on Acemoglu, Johnson, Robinson, and Yared (2008)
Erich Gundlach and Martin Paldam
Abstract: Acemoglu, Johnson, Robinson, and Yared (2008) demonstrate
that estimation of the standard adjustment model with country-fixed and
time-fixed effects removes the statistical significance of income as a
causal factor of democracy. We argue that their empirical approach must
produce insignificant income effects and that a small change in the
estimation process immediately reveals the strong effect of income on
democracy
Keywords: Democracy, Modernization hypothesis, fixed-effects estimation; (follow links to similar papers)
JEL-Codes: D72,; O43; (follow links to similar papers)
9 pages, October 2008
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