Who values democracy?
This paper examines the conventional view that redistribution is central to the democratization process using data from stock markets. Consistent with this view, democratizations have a large, negative impact on asset valuations driven by a rise in redistribution risk. Across 90 countries over 200 years, risk premia are substantially elevated— similar in magnitude to financial […] The post Who values democracy? appeared first on Marginal REVOLUTION. CommentsIn reply to Bill Allen. Pretty easi...
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Marginal Revolution (United States) | Sep 01, 2026
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