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- All HBS Web
(8,635)
- People (48)
- News (2,746)
- Research (4,062)
- Events (40)
- Multimedia (66)
- Faculty Publications (1,509)
- September 2011
- Article
Political Instability: Effects on Financial Development, Roots in the Severity of Economic Inequality
By: Mark J. Roe and Jordan I. Siegel
We here bring forward strong evidence that political instability impedes financial development, with its variation a primary determinant of differences in financial development around the world. As such, it needs to be added to the short list of major determinants of... View Details
Keywords: Financial Development; Political Instability; Government and Politics; Finance; Growth and Development; Economics; Equality and Inequality
Roe, Mark J., and Jordan I. Siegel. "Political Instability: Effects on Financial Development, Roots in the Severity of Economic Inequality." Journal of Comparative Economics 39, no. 3 (September 2011): 279–309. (We here bring forward strong evidence that political instability impedes financial development, with its variation a primary determinant of differences in financial development around the world. As such, it needs to be added to the short list of major determinants of financial development. First, structural conditions first postulated by
Engerman and Sokoloff (2002) as generating long-term inequality are shown here empirically to be exogenous determinants of political instability. Second, that exogenously-determined political instability in turn holds back financial development, even when we control for factors prominent in the last decade's cross-country studies of
financial development. The findings indicate that inequality-perpetuating conditions that result in political instability are fundamental roadblocks for international organizations like the World Bank that seek to promote financial development. The evidence here includes country fixed effect regressions and an instrumental model inspired by Engerman and Sokoloff's (2002) work, which to our knowledge has not yet been used in finance and which is consistent with current tests as valid instruments. Four conventional measures of national political instability — Alesina and Perotti's (1996) well-known index of instability, a subsequent index derived from Banks' (2005) work,
and two indices of managerial perceptions of nation-by-nation political instability — persistently predict a wide range of national financial development outcomes for recent decades. Political instability's significance is time consistent in cross-sectional regressions back to the 1960's, the period when the key data becomes available, robust
in both country fixed-effects and instrumental variable regressions, and consistent across multiple measures of instability and of financial development. Overall, the results indicate the existence of an important channel running from structural inequality to political instability, principally in nondemocratic settings, and then to financial
backwardness. The robust significance of that channel extends existing work demonstrating the importance of political economy explanations for financial development and financial backwardness. It should help to better understand which policies will work for financial development, because political instability has causes, cures, and effects quite distinct from those of many of the key institutions most studied in the past decade as explaining financial backwardness.)
- Person Page
Course Development
General Management: Processes and Action (GMPA) focuses on implementation and the way that general managers get things done. Typically, they work through processes—sequences of tasks and activities that unfold over time, like strategic planning,... View Details
- 14 Jan 2014
- First Look
First Look: January 14
Redrawing the Lines: Did Political Incumbents Influence Electoral Redistricting in the World's Largest Democracy? By: Iyer, Lakshmi, and Maya Reddy Abstract—In 2008, the boundaries of national and state electoral constituencies in India were redrawn for the first View Details
Keywords: Sean Silverthorne
- 02 Apr 2018
- Blog Post
Event Planning for Recruiting Success – Part 2
the limited time they have available with your firm. If you are planning a dinner or reception that is open to all interested students, please let us know and we can advertise your event on our recruiting... View Details
Keywords: All Industries
- 21 Aug 2000
- Research & Ideas
Inside the OR: Disrupted Routines and New Technologies
adaptation in this specific setting combined with a look at the broader implications that new technologies have for management at a time when the competitive imperative of innovation is leaving virtually no business untouched. The model... View Details
Keywords: by Hilah Geer
- 01 Dec 2023
- News
Action Plan: Life Study
Above: photo by Beth Perkins “There’s an artistic spark in everybody,” says Ted Hartley (MMP 4, 1956). “If you can get rid of that left-brain inner critic, you can explore what will open up in the right-brain side in all of us.” Hartley came to painting a little over a... View Details
Keywords: Julia Hanna
- Web
Frequently Asked Questions - Crossover Into Business
the program? We do not, no. Your league may be willing to reimburse you for those expenses – we will reach out to you with more information upon admission into the program. I am a professional athlete. How much time and effort am I... View Details
- Web
The U.S. Job Search for International Students - MBA
Blog Blog MBA Voices Filter Results Arrow Down Arrow Up Read posts from Author Alumni Author Career and Professional Development Staff Author HBS Community Author HBS Faculty Author MBA Admissions Author MBA Students Topics Topics 1st Year (RC) 2+2 Program 2nd Year... View Details
- 01 Jun 2024
- News
Alumni Achievement Awards 2024
“It’s important for US business leaders to respect the countries where they do business, by appreciating their language and culture. In high school, I learned Spanish; in college, I learned Arabic; and at HBS, I found a tutor to teach me... View Details
- 15 Mar 2017
- Blog Post
An Average Day at HBS
Italian food in the North End), and sporting events. Try to make a list of what you want to see and do in the city before school and stick to it. Socializing: use the weekend to spend some time with your new... View Details
- 30 Aug 2023
- Blog Post
I’m From the South and Going Back: Why HBS Was the Best School for Me
House (with hashbrowns covered and capped obviously), and the merits of the word "y'all" as the most efficient method of addressing a group of people. I've said "this case reminds me of my time in the paper products supply chain" more... View Details
- 18 Jan 2022
- Research & Ideas
How Eliminating Non-Competes Could Reshape Tech
Harvard Business School says. As part of a sweeping executive order aimed at promoting competition in the American economy, US President Joe Biden specifically called out non-compete agreements as hurtful to innovation and workers. Issued... View Details
- 14 Aug 2006
- HBS Case
On Managing with Bobby Knight and “Coach K”
"Is it better to be loved or feared?" Machiavelli asked. At Harvard Business School, Professor Scott Snook uses this classic quote to help students become more effective leaders. Using two of the... View Details
- 22 Aug 2005
- Research & Ideas
Restoring a Global Economy, 1950–1980
industries. Europe and Japan had to spend the immediate postwar decade undergoing extensive reconstruction, heavily dependent on official aid from the United States, yet over time Europe and Japan closed the technological and productivity... View Details
Keywords: by Geoffrey Jones
- 18 Jan 2016
- Research & Ideas
Hazard Warning: The Unacceptable Cost of Toxic Workers
replacing one toxic worker, which is almost double the figure a company gains from hiring a “superstar.” A superstar in the top 1 percent of performers adds $5,303 in increased performance to a company’s profit, Minor’s paper Toxic Workers shows. “Every View Details
Keywords: by Roberta Holland
- Web
Interviews - Recruiting
that: Notify students of their selection status. Remind students to accept or decline an interview invitation. Send selected candidates their time slots and locations. Still have questions? Contact us. Full-Time Interviews, around class... View Details
- Web
Photography and Print Advertising - The High Art of Photographic Advertising - Baker Library | Bloomberg Center
HBS Quick Links MBA Executive Education Doctoral Programs Faculty and Research Alumni HBS Publishing Site Index HBS Home Contact Us Map/Directions Photography and Print Advertising Gilbert B. Seehausen. For Lady Esther Face Powder, ca.... View Details
- 14 May 2013
- Blog Post
MBAxAmerica Update: Week 6, New Orleans
our hosts from Idea Village introduce us to the city’s history and charm. Idea Village is an organization dedicated to identifying, supporting, and retaining entrepreneurial talent in New Orleans and has played a major role in New... View Details
Keywords: Entrepreneurship
- Research Summary
Mastering Strategy Execution
By: Robert Simons
Professor Robert Simons’ research encompasses three areas of management accountability that are the foundation for successful strategy execution: organization design, performance measurement and control, and risk management. In addition, Simons is interested in the... View Details
- 04 Apr 2023
- Blog Post
African American Student Union Spotlight on Tech
managing multiple stakeholders by listening to their needs and seeking optimal solutions to complex problems. At HBS, I use my ability to understand stakeholder needs and solve problems inside and outside the classroom. When analyzing... View Details