| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10884 |
| DP10884 Going to Extremes: Politics after Financial Crises, 1870-2014 | |
| Moritz Schularick; Christoph Trebesch; Manuel Funke | |
| 发表日期 | 2015-10-18 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Partisan conflict and policy uncertainty are frequently invoked as factors contributing to slow post-crisis recoveries. Recent events in Europe provide ample evidence that the political aftershocks of financial crises can be severe. In this paper we study the political fall-out from systemic financial crises over the past 140 years. We construct a new long-run dataset covering 20 advanced economies and more than 800 general elections. Our key finding is that policy uncertainty rises strongly after financial crises as government majorities shrink and polarization rises. After a crisis, voters seem to be particularly attracted to the political rhetoric of the extreme right, which often attributes blame to minorities or foreigners. On average, far-right parties increase their vote share by 30% after a financial crisis. Importantly, we do not observe similar political dynamics in normal recessions or after severe macroeconomic shocks that are not financial in nature. |
| 主题 | Economic History ; Monetary Economics and Fluctuations |
| 关键词 | Financial crises Economic voting Polarization Policy uncertainty |
| URL | https://cepr.org/publications/dp10884 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539714 |
| 推荐引用方式 GB/T 7714 | Moritz Schularick,Christoph Trebesch,Manuel Funke. DP10884 Going to Extremes: Politics after Financial Crises, 1870-2014. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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