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Learning the Wealth of Nations / Francisco J. Buera, Alexander Monge-Naranjo, Giorgio E. Primiceri.
- Format:
- Book
- Author/Creator:
- Buera, Francisco J.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w14595.
- NBER working paper series no. w14595
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2008.
- 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.
- Notes:
- Print version record
- December 2008.
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