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External Shocks and Labor Market Reforms in Autocracies and Democracies: Evidence from Oil Price Windfalls
This paper explores how oil price windfalls impact labor market regulation across 83 countries from 1970 to 2014.
Findings reveal that windfall gains lead to deregulation in autocracies but not democracies, while windfall losses trigger deregulation in democracies. The paper examines how democracies use windfall gains to boost spending, whereas autocracies may focus on rent extraction and increasing economic efficiency. Deregulation in democracies during losses aligns with the crisis-induced reform hypothesis, linked to twin deficits and heightened banking crisis risks.
Findings reveal that windfall gains lead to deregulation in autocracies but not democracies, while windfall losses trigger deregulation in democracies. The paper examines how democracies use windfall gains to boost spending, whereas autocracies may focus on rent extraction and increasing economic efficiency. Deregulation in democracies during losses aligns with the crisis-induced reform hypothesis, linked to twin deficits and heightened banking crisis risks.
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