Political Business Cycles and Russian Elections, or the Manipulations of Chudar
AbstractPolitical business cycle theories tend to focus on one policy instrument or macroeconomic lever at a time. Efforts to find empirical evidence of opportunistic business cycles have turned up rather meager results. We suggest that these facts may be related. If ways of manipulating the economy to win votes are thought of as substitutes, with changing relative costs, one would expect rational policy makers to switch between them in different periods as costs change. We illustrate this argument with a discussion of Russia. In Russia, four nationwide votes have been held since 1993. We deduce the set of policies that a rational, behind-the-scenes strategist--the "Chudar" of the title--would recommend to an incumbent who believes the voters to vote retrospectively. We show that the expectations are born out closely in the actual macroeconomic data.
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Bibliographic InfoPaper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-39.
Length: 31 pages
Date of creation: Feb 1999
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This paper has been announced in the following NEP Reports:
- NEP-ALL-1999-07-28 (All new papers)
- NEP-CDM-1999-07-28 (Collective Decision-Making)
- NEP-POL-1999-07-28 (Positive Political Economics)
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- Asad Alam & Mamta Murthi & Ruslan Yemtsov & Edmundo Murrugarra & Nora Dudwick & Ellen Hamilton & Erwin Tiongson, 2005. "Growth, Poverty and Inequality : Eastern Europe and the Former Soviet Union," World Bank Publications, The World Bank, number 7287, March.
- World Bank, 2003. "The Russian Labor Market : Moving from Crisis to Recovery," World Bank Publications, The World Bank, number 15007, March.
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