Fiscal conservatism in a new democracy: "Sophisticated" versus "naïve" voters
We use data from gubernatorial elections in Brazil to test the electoral reactions of "sophisticated" and "naïve" voters to fiscal surpluses. Our results complement Brender and Drazen [Brender, Adi, and Drazen, A., (2005b), "How do budget deficits and economic growth affect reelection prospects? Evidence from a large cross-section of countries", NBER Working Paper 11862, National Bureau of Economic Research, Cambridge, Massachusetts]: we find no evidence of fiscal illusion while, in some cases, a fiscal surplus may actually increase the probability of reelection.
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- Alberto Alesina & Roberto Perotti & José Tavares, 1998. "The Political Economy of Fiscal Adjustments," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 197-266.
- Brender, Adi, 2003. "The effect of fiscal performance on local government election results in Israel: 1989-1998," Journal of Public Economics, Elsevier, vol. 87(9-10), pages 2187-2205, September.
- Alesina, Alberto Francesco & Perotti, Roberto & Tavares, Jose, 1998. "The Political Economy of Fiscal Adjustments," Scholarly Articles 12553724, Harvard University Department of Economics.
- William D. Nordhaus, 1975. "The Political Business Cycle," Review of Economic Studies, Oxford University Press, vol. 42(2), pages 169-190.
- Linda Gonçalves Veiga & Francisco José Veiga, 2006.
"Does Opportunism Pay Off?,"
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5/2006, NIPE - Universidade do Minho.
- Sam Peltzman, 1992. "Voters as Fiscal Conservatives," The Quarterly Journal of Economics, Oxford University Press, vol. 107(2), pages 327-361.
- Brender, Adi & Drazen, Allan, 2005.
"Political budget cycles in new versus established democracies,"
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Elsevier, vol. 52(7), pages 1271-1295, October.
- Adi Brender & Allan Drazen, 2004. "Political Budget Cycles in New versus Established Democracies," NBER Working Papers 10539, National Bureau of Economic Research, Inc.
- Adi Brender & Allan Drazen, 2005. "How Do Budget Deficits and Economic Growth Affect Reelection Prospects? Evidence from a Large Cross-Section of Countries," NBER Working Papers 11862, National Bureau of Economic Research, Inc.
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