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Economic insecurity and political stability: a case for growth-targeting systemic vote

Author

Listed:
  • Konstantinos Matakos
  • Dimitrios Xefteris

Abstract

In this paper, we focus on the years before the Great Recession (1960–2007) and, after addressing possible issues of endogeneity, we study the effects of economic fluctuations on political stability. We find that when the economy is not in turmoil, there is a strong positive relationship between unemployment (i.e the major macroeconomic determinant of economic insecurity) and electoral support for systemic parties (i.e. parties with a serious aspiration to governing). That is, democratic politics respond to increasing economic insecurity by enhancing the prospects of political stability and, consequently, economic prosperity and growth.

Suggested Citation

  • Konstantinos Matakos & Dimitrios Xefteris, 2020. "Economic insecurity and political stability: a case for growth-targeting systemic vote," Oxford Economic Papers, Oxford University Press, vol. 72(3), pages 829-862.
    • Handle: RePEc:oup:oxecpp:v:72:y:2020:i:3:p:829-862.
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    File URL: http://hdl.handle.net/10.1093/oep/gpz048
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    Citations

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    Cited by:

    1. Yann Algan & Sergei Guriev & Elias Papaioannou & Evgenia Passari, 2017. "The European Trust Crisis and the Rise of Populism," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 48(2 (Fall)), pages 309-400.
    2. repec:hal:spmain:info:hdl:2441/1divsbu8t888r9vqektjbmlqoa is not listed on IDEAS
    3. Chrysanthou, Georgios Marios & Guilló, María Dolores, 2021. "Identifying the Economic Determinants of Individual Voting Behaviour in UK General Elections," QM&ET Working Papers 21-2, University of Alicante, D. Quantitative Methods and Economic Theory.
    4. repec:hal:spmain:info:hdl:2441/2i9jel1usb85nr2j7tejsaldfu is not listed on IDEAS

    More about this item

    JEL classification:

    • C26 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Instrumental Variables (IV) Estimation
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • O42 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Monetary Growth Models

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