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dc.contributor.authorKeefer, Philip
dc.contributor.authorKnack, Stephen
dc.date.accessioned2019-09-25T15:26:07Z
dc.date.available2019-09-25T15:26:07Z
dc.date.created2017-12-29 00:10
dc.date.issued2014-08-01
dc.identifieroai:openknowledge.worldbank.org:10986/19227
dc.identifierhttp://hdl.handle.net/10986/19227
dc.identifier.urihttp://hdl.handle.net/20.500.12424/337199
dc.description.abstractThe literature argues that the presence
 of multiple veto players (government decisionmakers) with
 polarized interests increases the credibility of sovereign
 commitments, but reduces the ability of governments to
 adjust policies in the event of exogenous shocks that
 jeopardize their ability to honor their commitments. In the
 case of sovereign lending, if the first effect prevails,
 countries would be regarded as more creditworthy; if the
 second, less. The authors address two issues. First, using
 measures of country creditworthiness, they ask whether the
 net effect of multiple veto players is positive or negative.
 Second, though, the authors go beyond the existing
 literature to argue that the net effect of multiple veto
 players depends on the nature of social polarization in a
 country. In particular, they argue that political
 competition is fundamentally different in countries
 exhibiting ethnic polarization than in countries polarized
 according to income or wealth. The evidence supports the
 prediction that multiple veto players matter more when
 countries are more ethnically polarized, but less when
 income inequality is greater.
dc.languageEnglish
dc.languageen_US
dc.language.isoeng
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofPolicy Research Working Paper;No. 2920
dc.rightsCC BY 3.0 IGO
dc.subjectPOLITICAL ENVIRONMENT
dc.subjectINCOME INEQUALITY DATA
dc.subjectECONOMIC POLICY
dc.subjectETHNIC CONFLICT
dc.subjectINCOME LEVELS
dc.subjectCRISES
dc.subjectINSTITUTIONAL ENVIRONMENT
dc.subjectINSTITUTIONAL ARRANGEMENTS
dc.subjectPOLARIZATION MEASURES
dc.subjectWEALTH
dc.subjectNEGATIVE COEFFICIENT
dc.subjectETHNIC GROUPS
dc.subjectDISCOUNT RATES
dc.subjectREGRESSION ANALYSIS
dc.subjectETHNIC POLARIZATION
dc.subjectTERMS OF TRADE
dc.subjectPOLITICAL ECONOMY
dc.subjectDEPENDENT VARIABLE
dc.subjectDEBT
dc.subjectSOCIOECONOMIC CONDITIONS
dc.subjectMORAL HAZARD
dc.subjectNEGATIVE RELATIONSHIP
dc.subjectPROPERTY RIGHTS
dc.subjectCOLLECTIVE ACTION
dc.subjectLORENZ CURVE
dc.subjectETHNIC GROUP
dc.subjectEXOGENOUS CHANGES
dc.subjectMEASUREMENT ERROR
dc.subjectGINI COEFFICIENT
dc.subjectECONOMIC POLICIES
dc.subjectMEAN VALUE
dc.subjectINEQUALITY DATA
dc.subjectPOLITICAL SCIENCE LITERATURE
dc.subjectGOVERNMENT DECISION MAKING
dc.subjectDEVELOPING COUNTRIES
dc.subjectSOCIAL ISOLATION
dc.subjectPOLICY RESEARCH
dc.subjectHIGH INFLATION
dc.subjectMEDIAN VOTERS
dc.subjectPOLITICAL FREEDOMS
dc.subjectECONOMIC GROWTH
dc.subjectAGGREGATE INCOME
dc.subjectOIL
dc.subjectALTERNATIVE POLICIES
dc.subjectINCOME LEVEL
dc.subjectDISTRIBUTION OF INCOME
dc.subjectECONOMIC OUTCOMES
dc.subjectETHNIC HOMOGENEITY
dc.subjectPOLITICAL SCIENCE
dc.subjectCOUNTRY COVERAGE
dc.subjectCREDITWORTHINESS
dc.subjectDEMOCRATIC INSTITUTIONS
dc.subjectETHNIC DIVISIONS
dc.subjectCOMPETITIVENESS
dc.subjectAGRICULTURE
dc.subjectPOLICY DECISIONS
dc.subjectPARLIAMENT
dc.subjectDEMOCRACY
dc.subjectENFORCEABILITY
dc.subjectINCOME INEQUALITY
dc.subjectINCOME GROUPS
dc.subjectDEFICIT SPENDING
dc.subjectLAND OWNERSHIP
dc.subjectNEGATIVE EFFECT
dc.subjectPOLITICAL CONFLICT
dc.subjectGDP
dc.subjectINCOME GROWTH
dc.subjectINCOME PER CAPITA
dc.subjectECONOMIC EXCHANGE
dc.subjectABSOLUTE VALUE
dc.subjectCOEFFICIENT ESTIMATES
dc.subjectINVESTMENT CLIMATE
dc.subjectINCOME
dc.subjectPRIME MINISTER
dc.subjectMEDIAN VOTER
dc.subjectEMPIRICAL WORK
dc.subjectEXTERNAL SHOCKS
dc.subjectPOLITICAL PARTIES
dc.subjectASSET INEQUALITY
dc.subjectINEQUALITY MEASURES
dc.subjectLINK BETWEEN INEQUALITY AND GROWTH
dc.subjectENDOGENOUS VARIABLES
dc.subjectGOVERNMENT DECISION-MAKING
dc.subjectINEQUALITY VARIABLES
dc.subjectINTEREST RATES
dc.subjectLINGUISTIC FRACTIONALIZATION
dc.subjectLINGUISTIC GROUP
dc.subjectPOLICY MAKING
dc.subjectECONOMIC PERFORMANCE
dc.subjectGOVERNMENT COMMITMENTS
dc.subjectSOCIAL BEHAVIOR
dc.subjectPOLITICAL SYSTEMS
dc.subjectSIGNIFICANT NEGATIVE
dc.subjectINEQUALITY COEFFICIENT
dc.subjectFREEDOM HOUSE
dc.subjectWEALTH POLITICAL INSTITUTIONS
dc.subjectBUSINESS CYCLE
dc.subjectPOSITIVE EFFECT
dc.subjectLAND INEQUALITY
dc.subjectPER CAPITA INCOME
dc.subjectSOCIAL CONFLICTS
dc.subjectSOCIAL CONFLICT
dc.subjectINTEREST RATE
dc.subjectCIVIL LIBERTIES
dc.subjectNET EFFECT
dc.subjectEXOGENOUS SHOCKS
dc.subjectINSTITUTIONAL VARIABLES
dc.subjectPOLITICAL VIOLENCE
dc.subjectINEQUALITY OBSERVATIONS
dc.subjectSOCIAL POLARIZATION
dc.subjectINCOME TAXATION
dc.subjectVETO POWER
dc.subjectPOLITICAL CONDITIONS
dc.subjectREVERSE CAUSATION
dc.subjectPOLITICAL INSTITUTIONS
dc.subjectMONETARY POLICY
dc.subjectETHNIC FRACTIONALIZATION
dc.titleSocial Polarization, Social Institutions, and Country Creditworthiness
dc.typePublications & Research
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