We show that politicians facing a binding term limit are more likely to engage in financial de-liberalisation than those facing re-election, but only in the wake of a financial crisis. In particular, they implement policies that tend to favour incumbent financial institutions over the general...

Purpose Is there a secret recipe for economic growth? Design/methodology/approach No, there is no recipe, but we can extrapolate some pieces of advice from Adam Smith. Findings An economy can leave behind its "dull" stagnant state and grow when its markets expand, when the productivity of its...

Pressure groups may use bribes, violence, or a combination of both to bend politics to their will, and the choice between these methods of influence can vary depending on the type of institutional regime. We empirically investigate the dynamics of bribes and violence around elections in...

This paper explores whether professional macroeconomic forecasters manipulate their forecasts to influence voting outcomes. We model a referendum in which a voter chooses between two policies. The voter relies on a forecaster to learn about the macroeconomic consequences of the policies. The...