Curse of Democracy: Evidence from the 21st Century

Yusuke Narita () and Ayumi Sudo

Abstract: Democracy is widely believed to contribute to economic growth and public health in the 20th and earlier centuries. We find that this conventional wisdom is reversed in this century, i.e., democracy has persistent negative impacts on GDP growth during 2001-2020. This finding emerges from five different instrumental variable strategies. Our analysis suggests that democracies cause slower growth through less investment and trade. For 2020, democracy is also found to cause more deaths from Covid-19.

Date: 2021-04, Revised 2021-09
New Economics Papers: this item is included in nep-cna and nep-pol
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Working Paper: Curse of Democracy: Evidence from the 21st Century (2021)
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