Learning the Wealth of Nations /
Buera, Francisco J.
Learning the Wealth of Nations / Francisco J. Buera, Alexander Monge-Naranjo, Giorgio E. Primiceri. - Cambridge, Mass. National Bureau of Economic Research 2008. - 1 online resource: illustrations (black and white); - NBER working paper series no. w14595 . - Working Paper Series (National Bureau of Economic Research) no. w14595. .
December 2008.
We study the evolution of market-oriented policies over time and across countries. We consider a model in which own and neighbors' past experiences influence policy choices, through their effect on policymakers' beliefs. We estimate the model using a large panel of countries. We find that there is a strong geographical component to learning, which is crucial to explain the slow adoption of liberal policies during the postwar period. Our model also predicts that there would be a substantial reversal to state intervention if nowadays the world was hit by a shock of the size of the Great Depression.
System requirements: Adobe [Acrobat] Reader required for PDF files.
Mode of access: World Wide Web.
Learning the Wealth of Nations / Francisco J. Buera, Alexander Monge-Naranjo, Giorgio E. Primiceri. - Cambridge, Mass. National Bureau of Economic Research 2008. - 1 online resource: illustrations (black and white); - NBER working paper series no. w14595 . - Working Paper Series (National Bureau of Economic Research) no. w14595. .
December 2008.
We study the evolution of market-oriented policies over time and across countries. We consider a model in which own and neighbors' past experiences influence policy choices, through their effect on policymakers' beliefs. We estimate the model using a large panel of countries. We find that there is a strong geographical component to learning, which is crucial to explain the slow adoption of liberal policies during the postwar period. Our model also predicts that there would be a substantial reversal to state intervention if nowadays the world was hit by a shock of the size of the Great Depression.
System requirements: Adobe [Acrobat] Reader required for PDF files.
Mode of access: World Wide Web.