Learning the wealth of nations / Francisco J. Buera, Alexander Monge-Naranjo, Giorgio E. Primiceri.

By: Buera, Francisco J. (Francisco Javier)Contributor(s): Monge-Naranjo, Alexander | National Bureau of Economic Research | Primiceri, Giorgio E, 1974-Material type: TextTextSeries: Working paper series (National Bureau of Economic Research) ; no. 14595.Publication details: Cambridge, Mass. : National Bureau of Economic Research, 2008Description: 47 p. : ill. ; 22 cmSubject(s): Commercial policy -- Econometric models | Commercial policy -- History | Free tradeLOC classification: HB1 | .N38 no. 14595Online resources: Click here to access online Summary: 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.
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Research Papers HB1.N38 no. 14595 (Browse shelf (Opens below)) 1 Available 0013116412

Includes bibliographical references (p. 45-47).

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.

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