Political Freedom, Political Instability, and Policy Uncertainty: A Study of Political Institutions and Private Investment in Developing Countries
Political Freedom, Political Instability, and Policy Uncertainty: A Study of Political Institutions and Private Investment in Developing Countries
复制标题
政治自由、政治不稳定和政策不确定性：发展中国家政治制度和私人投资研究
DOI：
--
复制
发表时间：
2001
期刊：
影响因子：
--
通讯作者：
Yi Feng
中科院分区：
文献类型：
--
作者：
Yi Feng
本文考察了民主和政治机构的其他主要特征是否会对私人投资产生重大影响。我将可能影响财产权和私人投资的三个政治决定因素分离出来：政治自由、政治不稳定和政策不确定性。本文的主要发现如下：政治自由促进了私人投资，特别是通过改善人力资本形成的渠道。以政治自由的多变性衡量的政治不稳定对私人投资有负面影响。最后，以政府能力的变化性衡量的政策不确定性对私人投资产生不利影响。通过使用控制国内和国际条件的变量，这些发现得到了严格的检验。
This paper examines whether democracy and other major characteristics of political institutions have any significant consequences for private investment. I isolate three political determinants that may affect property rights and private investment: political freedom, political instability, and policy uncertainty. The major findings in this paper can be characterized as follows: Political freedom promotes private investment, particularly through the channel of improving human capital formation. Political instability, as measured by the variability of political freedom, has a negative effect on private investment. Finally, policy uncertainty, as measured by the variability of government capacity, adversely affects private investment. These findings have been tested rigorously through using variables controlling for both domestic and international conditions.