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Applied Economics Volume 39, 2007 - Issue 13
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Original Articles

Towards an equilibrium level of market reform: how politics affects the dynamics of policy change

Leone Leonida Department of Economics, Queen Mary Uinversity of London, United Kingdom; Department of Economics, Universita di Messinà, Piazza Pugliatti 1, 98100 Messina, Italy
,
Dario Maimone Ansaldo Patti Department of Economics, Universita di Messinà, Piazza Pugliatti 1, 98100 Messina, Italy; Department of Economics, University of Essex, United KingdomCorrespondence[email protected]
&
Pietro Navarra Department of Economics, Universita di Messinà, Piazza Pugliatti 1, 98100 Messina, Italy; CPNSS, London School of Economics, United Kingdom
Pages 1627-1634 | Published online: 30 Oct 2009
 
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Abstract

In this article we examine the dynamics of economic reforms that are implemented by incumbent policy-makers interested in maintaining their political power. We use a sample of 86 countries over a time period going from 1980 to 2001 and find that the achievement of an equilibrium level of market liberalization is highly costly. Our results are robust to endogenity and model specification.

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