Corresponding author: Markus Brückner, National University of Singapore, Faculty of Arts & Social Sciences, AS2 Level 6, 1 Arts Link, Singapore 117570, Singapore. Email: email@example.com.
Commodity Windfalls, Democracy and External Debt*
Article first published online: 9 MAR 2012
© 2012 The Author(s). The Economic Journal © 2012 Royal Economic Society
The Economic Journal
Volume 122, Issue 561, pages 848–866, June 2012
How to Cite
Arezki, R. and Brückner, M. (2012), Commodity Windfalls, Democracy and External Debt. The Economic Journal, 122: 848–866. doi: 10.1111/j.1468-0297.2012.02508.x
We thank Ning Fu for excellent research assistance, three anonymous referees, the editor Wouter Den Haan and Bertrand Candelon, Jiandong Ju, Gian Maria Milesi-Ferretti as well as participants at the INFINITI and Tsinghua-Columbia conference on international finance for helpful comments and suggestions. We also thank Ali Alichi for sharing his dataset on external debt default. Brückner gratefully acknowledges the financial support of the Spanish Ministry of Science and Technology provided by CICYTECO2008-04997. The views in this article are those of the authors alone and do not necessarily represent those of the IMF or IMF policy.
- Issue published online: 1 JUN 2012
- Article first published online: 9 MAR 2012
- Accepted manuscript online: 16 JAN 2012 09:56AM EST
- Submitted: 12 November 2010 , Accepted: 10 September 2011
Table S1. Excluding Potential Outliers.
Table S2. Excluding Polity Switching Countries.
Table S3. Sample Split Based on Time-Varying Polity Scores.
Table S4. Alternative Democracy Indicators.
Table S5. Test of Difference Post-1990 Period.
Table S6. Robustness to Cross-Country Differences in GDP Per Capita.
Table S7. Robustness to Cross-Country Differences in Corruption and the Rule of Law.
Table S8. Effects of Corruption in Autocracies and Democracies.
Table S9. Control for Time-Varying Political Variables.
Table S10. Control for Changes in an Import Price Index.
Table S11. GFS Government Expenditures Response.
Table S12. GFS Fiscal Surplus Response.
Table S13. Control for Second Lag of External Debt.
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