Politics and Capital Market Reforms
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Examining the impact of political institutions on economic policy and development has been all the rage for the past decades. It has become a virtual truism among both political scientists and economists that political institutions or rules that shape the behaviour of political actors and the exercise of policy authority weigh heavily on the design and implementation of economic policy. Extensive research on the policy impact of institutions has given rise to novel theoretical approaches and generated important empirical insights. The historical-institutionalist, cultural-organisational and rational-choice models have now permeated the explanations of the consequences of various political institutions.1 Equally importantly, empirical analyses have highlighted the role of domestic institutional variations in shaping the incentives of policymakers to promote economic policies conducive to social welfare, and their ability to implement these policies in a consistent, coherent and efficient manner.2
KeywordsPolitical Party Political Institution Policy Process Political Regime Market Reform
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