Abstract and Keywords
The outbreak of the uprisings in many Arab countries and the ensuing collapse of the old authoritarian regimes in some of them raised expectations that the end of dictatorship and the advent of democratic regimes could bring economic benefits. The transition in the North African countries has been particularly difficult and contentious compared to other experiences in the developing world. A few countries may be able to reap some benefits in the long run if they achieve a successful transition to democracy. A democratic regime tends to reduce the amplitude of booms and busts and produce a more predictable economic environment which supports investment and growth However, the main gains from democratic transitions are the indirect ones. But achieving these gains is likely to take time, well beyond that needed for achieving political stability.
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