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  • All HBS Web  (6,935)
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  • All HBS Web  (6,935)
    • People  (13)
    • News  (1,863)
    • Research  (3,816)
    • Events  (26)
    • Multimedia  (69)
  • Faculty Publications  (2,203)
← Page 47 of 6,935 Results →
  • 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
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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.)
  • 16 Nov 2009
  • Research & Ideas

The Times Captures History of American Business

coincided with the creation of the modern corporation, the mass market, and America's economic preeminence. Given this vast sweep of time, Koehn's narrations—in a series of... View Details
Keywords: by Martha Lagace; Journalism & News
  • 27 Aug 2013
  • Working Paper Summaries

The Impact of Patent Wars on Firm Strategy: Evidence from the Global Smartphone Market

Keywords: by Yongwook Paik & Feng Zhu; Legal Services
  • 11 Mar 2009
  • HBS Case

The Energy Politics of Russia vs. Ukraine

neighboring countries had had similar problems with Ukraine, the shutoff was a PR disaster for Gazprom, which had enjoyed a long-standing reputation as a reliable supplier of natural gas, through pipelines... View Details
Keywords: by Garry Emmons; Energy; Utilities
  • 21 Feb 2013
  • Working Paper Summaries

Developing the Guts of a GUT (Grand Unified Theory): Elite Commitment and Inclusive Growth

Keywords: by Lant Pritchett & Eric D. Werker
  • 03 May 2011
  • Working Paper Summaries

Big BRICs, Weak Foundations: The Beginning of Public Elementary Education in Brazil, Russia, India, and China, 1880-1930

Keywords: by Latika Chaudhary, Aldo Musacchio, Steven Nafziger & Se Yan
  • 02 May 2008
  • What Do You Think?

What is the Future of State Capitalism?

state's sovereign fund investors) when his competitor is able to arrange to have state aid or investment provided or withheld in large quantities to a potential customer's country of View Details
Keywords: by Jim Heskett
  • June 1988
  • Case

Decontrol of Fertilizer Prices in Pakistan

By: Louis T. Wells Jr.
Keywords: Business and Government Relations; Developing Countries and Economies; Price; Pakistan
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Wells, Louis T., Jr. "Decontrol of Fertilizer Prices in Pakistan." Harvard Business School Case 388-087, June 1988.
  • 09 Jun 2017
  • News

Curating the Cuisine of Southwest China

will travel to this part of the country which I'm most passionate about and develop a trip around this region. And the theme of it is something very, very dear to my heart.... View Details
  • 05 May 2003
  • Research & Ideas

Sharing the Responsibility of Corporate Governance

these few men, proud, arrogant, and blind, drove the country to financial ruin." Like the individuals convicted of insider trading in the 1980s, some of today's business... View Details
Keywords: by Carla Tishler
  • 20 Nov 2014
  • Working Paper Summaries

Entrepreneurship and Business Groups: An Evolutionary Perspective on the Growth of the Koç Group in Turkey

Keywords: by Asli M. Coplan & Geoffrey Jones
  • 01 Oct 1998
  • News

Dinh Thi Hoa: Up from the Ashes of War

Today, 25 years later, Hoa is still living in Hanoi and doing her part to help her impoverished country establish a modern, productive economy. As managing director of Galaxy Company, a successful consulting... View Details
Keywords: Dun Gifford, Jr. (MBA 1992)
  • 2023
  • Working Paper

Procedural Burden and Patterns in the Monetization of Regulatory Benefits Across the Federal Regulatory State

By: Elliot Stoller
When do federal agencies provide monetized estimates of regulatory benefits during the regulatory development and review process? Using an original dataset with information on nearly all major rules and their respective regulatory impact assessments between... View Details
Keywords: Governing Rules, Regulations, and Reforms; Policy; Government and Politics; Equality and Inequality
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Stoller, Elliot. "Procedural Burden and Patterns in the Monetization of Regulatory Benefits Across the Federal Regulatory State." Harvard Business School Working Paper, No. 23-068, May 2023.
  • Web

Terms of Use | HBS Online

with the Agreements and all applicable local, state, national and international laws, rules and regulations, including privacy and copyright laws, any laws regarding the transmission of technical data exported from your View Details
  • 01 Jun 2003
  • News

Portraits from the Class of 2003

Chirag Shah “A single, impoverished mother, only 15 years old, gave birth to the first baby I delivered.” In the Middle of Med School at Yale: came to HBS Inspiration for Becoming a Physician: doctors who attended to his brother’s gunshot... View Details
Keywords: Health, Social Assistance
  • 01 Mar 2015
  • News

Case Study: The Speed of Light

states across the country and in some cases abroad (Canada, the Caribbean, Europe). Expansion to markets like California—which has five times the solar capacity of New Jersey—is potentially very lucrative.... View Details
Keywords: Electric Power Generation, Transmission, Distribution; Utilities
  • 24 Mar 2002
  • Research & Ideas

The Trick of Balancing Business and Government

Asked which institutions must be in place in order for African countries to grow, experts on a panel at the Africa Business Conference had no shortage of suggestions. One panelist, representing the... View Details
Keywords: by Martha Lagace
  • 01 Jun 2003
  • News

Portraits from the Class of 2003

Number of Countries Visited: 55 Best Job: assisting refugees in Côte d'Ivoire Founding Member: University of South Carolina's women's soccer team Speaks: French, Spanish,... View Details
Keywords: Health, Social Assistance
  • 01 Jun 2005
  • News

Profiles from the Class of 2005

as a prospective student in 2002, it was her first trip to the United States. “I love the freedom of expression in America, that you can be who you are without hesitation,” says Mlotok. “It isn’t an easy decision for me to return to... View Details
Keywords: Roger Thompson; Julia Hanna; James E. Aisner; Graduate profiles; Government; Transportation Equipment Manufacturing; Manufacturing
  • 16 Apr 2001
  • Research & Ideas

Making the Most of Government Upheaval

Selecting a group of fourteen firms of various sizes from three industries (energy, steel, and food/beverages) in four countries (Argentina, Brazil, Chile, and Mexico), the two... View Details
Keywords: by Nancy O. Perry
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