Aidt, Toke; Asatryan, Zareh; Badalyan, Lusine; … - 2015
increase in the growth rate of M1 during election months of about one tenth of a standard deviation. A similar effect can … neither be detected in established OECD democracies nor in the months leading up to the election. The effect is larger in … democracies with many poor and uneducated voters, and in Sub-Saharan Africa and in East-Asia and the Pacific. We show that the …