本文運用追蹤資料分量迴歸模型檢視民主與經濟成長的關係，由於民主化對經濟成長的影響隨經濟成長的高低而不同，因此分量迴歸可捕捉此異質性的效果。我們的研究證實，民主化對一國經濟成長的影響可正可負，取決於該國經濟成長率的高低。當一國處於低經濟成長時期，民主化對該國經濟成長有顯著正向效果，但當一國處於高經濟成長階段，民主化的效果明顯減弱，亦即經濟成長率愈低，實施民主化將有促進經濟成長的好處。本文的實證結果意味，當一國正經歷低迷的經濟成長環境下，民主化有助於刺激該國經濟，並達成經濟成長;但當一國的經濟成長已在較高的水準時，民主制度無助於經濟成長。

This paper revisits the relationship between democracy and economic growth using a quantile regression method based on dynamic panel data. It explores the heterogeneous effects of democratization on economic growth when the effects depend on growth rates. Our evidence suggests that democracy can foster or hinder growth, depending on a country’s growth rate. The effects of democracy on growth are positive and strong in countries with low growth rates, and weak in countries with high growth rates. The results imply that the lower the growth rate is, the more democracy is beneficial. We conclude that democracy fosters economic growth when countries are experiencing low or moderate growth. When countries have already experienced high growth, democracy is not conducive to economic growth.