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US State constitutional entrenchment and default in the 19th century

Author

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  • Dove, John A.
  • Young, Andrew T.

Abstract

Constitutional scholars emphasize the importance of an enduring, stable constitutional order, which North and Weingast (1989) argue is consistent with credible commitments to sustainable fiscal policies. However, this view is controversial and has received little empirical study. We use 19th-century US state-level data to estimate relationships between constitutional design and the likelihood of a government default. Results indicate that more entrenched and less specific constitutions are associated with a lower likelihood of default.

Suggested Citation

  • Dove, John A. & Young, Andrew T., 2019. "US State constitutional entrenchment and default in the 19th century," Journal of Institutional Economics, Cambridge University Press, vol. 15(6), pages 963-982, December.
    • Handle: RePEc:cup:jinsec:v:15:y:2019:i:6:p:963-982_3
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    Cited by:

    1. Kawika Pierson & Jon C. Thompson & Fred Thompson, 2022. "Accounting for the State Fixed Effect for Municipal Cash Reserves: The Role of Financial and Institutional Variables," Public Finance Review, , vol. 50(2), pages 169-205, March.
    2. Tarabar, Danko & Young, Andrew T., 2021. "What constitutes a constitutional amendment culture?," European Journal of Political Economy, Elsevier, vol. 66(C).
    3. Pavlik, Jamie Bologna & Jahan, Israt & Young, Andrew T., 2023. "Do longer constitutions corrupt?," European Journal of Political Economy, Elsevier, vol. 77(C).
    4. Andrew T. Young, 2019. "How Austrians can contribute to constitutional political economy (and why they should)," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(4), pages 281-293, December.
    5. Justin T. Callais & Andrew T. Young, 2024. "Revolutionary Constitutions: are they revolutionary in terms of constitutional design?," Public Choice, Springer, vol. 200(3), pages 423-455, September.
    6. Justin Callais & Andrew T. Young, 2022. "Does rigidity matter? Constitutional entrenchment and growth," European Journal of Law and Economics, Springer, vol. 53(1), pages 27-62, February.
    7. Ryan H Murphy, 2022. "The constitution of ambiguity: The effects of constitutions on economic freedom," Economic Affairs, Wiley Blackwell, vol. 42(2), pages 240-258, June.
    8. Justin Callais & Andrew T. Young, 2021. "Does constitutional entrenchment matter for economic freedom?," Contemporary Economic Policy, Western Economic Association International, vol. 39(4), pages 808-830, October.

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