Title Political Institutions and Output Collapses / Patrick Imam, Jonathan Temple

Published Washington, D.C. : International Monetary Fund, 2023

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Description 1 online resource (60 pages) Series 1\ IMF Working Papers, 1018-5941 IMF Working Papers; Working Paper ; No. 2023/036 Summary Major output collapses are costly and frequent in the developing world. Using cross-country data, we classify five-year periods using a two-dimensional state space based on growth regimes and political institutions. We then model the joint evolution of output growth and political institutions as a finite state Markov chain, and study how countries move between states. We find that growth is more likely to be sustained under democracy than under autocracy; output collapses are more persistent under autocracy; and stagnation under autocracy can give way to outright collapse. Democratic countries appear to be more resilient Notes Description based on print version record Form Electronic book Author Temple, Jonathan

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