Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
What accounts for the dynamics of financial reforms? This paper identifies the political regime as one of the main factors. Focusing on democratization and financial reform, it puts forward novel evidence for a U-shaped relation, across countries and over time, for different reform measures and a wide range of estimators. Partial democracy is a main obstacle to financial reforms and democratization, when incomplete, may lead to severe financial reform reversals.—Nauro F. Campos and Fabrizio Coricelli