The relationship between constitutional monarchy and economic growth

Ringvorlesung #5 aus der Reihe "New Frontiers in Law and Economics" von Prof. Dr. Hans-Bernd Schäfer

Based on a panel of thirty-seven countries for the period 1870-2018, we exploit the constitutional monarchy regimes as a source of variation in long-run economic growth. Our evidence suggests that economic growth explains the survival of constitutional monarchies rather than vice versa. Less wealthy constitutional monarchies were not able to generate sufficient economic growth, eventually collapsed after the wars, transitioned to the republican form of government, and eventually outperformed their comparable control group of monarchies.
Learn more in Ass. Prof. Dr. Rok Spruk's (University of Ljubljana, Department of Economics – Laibach, Slowenia) lecture.